Social network and period tracker mobile app Meet You has landed a RMB 1 billion ($151 million) funding round from a number of undisclosed investors, Chinese media reported.
The company is also in preparation of an initial public offering in the domestic stock exchange, abandoning its original plan to list in the US.
Reports say that proceeds from the funding round will be mostly used to allow existing US dollar investors to exist as the company dismantles its variable interest entity (VIE) structure. All existing investors – Matrix Partners China, K2VC, and Cathay Capital Private Equity – participated in the investment.
Meet You was founded in April 2013 as a female menstrual management tool, letting users record their period cycle. The app was first called “See You” before it was changed to “Meet You” in October 2013.
At the time of incorporation, the platform raised several million US dollars worth of series A funding from K2VC, and another $15 million series B from Matrix Partners China and K2VC in January 2014.
Five months later, it completed $35-million Series C round of financing from SIG, Matrix Partners China and K2VC, followed by tens of millions series D financing round from Cathay Capital PE and Matrix Partners China in December 2015.
In total, it has raised approximately $201 million in five rounds from six investors. Meet You now has 100 million users and 5 million daily active users as of the end of July 2015, with revenues mainly come from e-commerce and advertising.