Beijing-based Visual China Group (VCG) has fully acquired 500px, a photo-sharing site that counts Flickr and Getty among its competitors. Meanwhile, crowdfunding service platform Modian has raised $16 million in funding led by Sina Weibo.
Visual China Group fully acquires 500px
Financial details of the deal were not disclosed. However, the Canadian start-up news website BetaKit reported that VCG paid just $17 million for the acquisition.
VCG, a visual-content licensing and visual data technology company, was the lead investor in 500px in 2015, and entered a joint venture to expand 500px’s reach into China, launching 500px.me. Other investors in 500px include Andreessen Horowitz, ff Venture Capital, and Harrison Metal.
“By joining forces with VCG, we’ll be able to consistently deliver more innovative features to help you amplify your personal brand, connect with millions of like-minded creatives, and inspire you to improve your skill set as a photographer, as well as reward your talent and creativity with new incentives,” said 500px in a blog post.
The Toronto-based photo-sharing site has raised over $22 million till date, as per Crunchbase data.
Modian raises $16m led by Sina Weibo
The platform focuses on creative cultural industries such as games, animation and cartoon.
Launched by Sina Corporation on 14 August 2009, Sina Weibo, often referred to as Weibo, is a Chinese microblogging website. It claims to incorporate the major features of social media channels like Twitter, YouTube, and Instagram.