In two separate funding deals in China, digital video streaming social media platform Baobao raised $15 million backed by Meridian Capital China, Tencent Holdings Ltd and other investors, while e-commerce platform Pinduoduo received $110 million financing from Banyan Capital, and New Horizon, the China Money Network reported.
Meridian Capital, Tencent close $15M Series B+ Round in live video streaming app Baobao
Baobao, a digital video streaming social media platform, secured $15 million (RMB100 million) in a series B+ round joined in by Meridian Capital China, Tencent Holdings Ltd, GGV Capital and Shunwei Capital.
Baobao claims to have 400,000 daily active users, mostly under 25 years old, of its mobile app that allows them to conduct or watch live video streaming, a hot mobile app trend in China.
Through the app users can interact with each other via commenting, gift offering and private chats.
Launched in 2014, Baobao raised several million USdollar in its series A round in 2015. Details of the startup’s series B round is unknown.
Banyan Capital, New Horizon complete $110M Series B Round in Pinduoduo
Banyan Capital, New Horizon Capital and Tencent Holdings Ltd have backed up e-commerce platform startup Pinduoduo by injecting $110 million in a series B round.
Based on third-party social media channels, Pinduoduo’s e-commerce platform allows users to participate in group buying deals with friends, mostly through Tencent’s Wechat app. It provides deals in various segments, from food, cosmetics to baby products.
For the last six months, the startup was able to attract large number of users via Wechat, as friend sharing allowed rapid user accumulation.
Pinduoduo was launched in September 2015 and now claims to record daily transaction volume of over RMB10 million and paid users of 20 million.