China: Phoenix Capital, Tencent back DouyuTV’s $226m Series C round

Visual from company website

Phoenix Capital Asset Management, and Tencent Holdings Ltd have led a $226-million (RMB1.5 billion) Series C financing round in DouyuTV, a game and entertainment live broadcast platform in China.

Shenzhen Capital Group and National SME Development Fund also participated in the round, resulting in over RMB2 billion total capital raised by the startup this year, the China Money Network reported.

DouyuTV specializes in video game live broadcast, where users can share and watch how other players perform in popular video game series.

Also read: China: Bitauto leads $550m funding of Yixin Capital backed by Tencent, Baidu, JD

Founded in January 2014, DouyuTV claims to have 15 million daily active users and 200 million monthly active users, with a 70 per cent market share.

The Wuhan-based startup is planning to further cooperate with Tencent in copyright content sharing.

DouyuTV’s sports unit will be integrated into Qie Live, a broadcast platform under Tencent.

Also read: Discovery buys stake in China-based multichannel network VS Media

DouyuTV founder Chen Shaojie said the capital markets have been very optimistic about their future potential. “Our deep capital reserve will solidify our leading position to help drive growth of our business,” Shaojie said.

DouyuTV raised several million dollars in its series A funding from Sequoia Capital China in September 2014.

Last March, the startup raised $100 million in a series B financing round led by Tencent, with participation from Sequoia Capital China and Nanshan Capital.

Also read:

Tencent forms China venture with Hollywood talent agency WME-IMG, Sequoia Capital

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.