Game developer MetaApp has raised $100 million in a Series C round of financing led by SIG China, the local arm of the US trading and broking firm SIG. This marks the largest single financing in the industry in China, according to a company statement.
SIG China has invested in over 260 China companies such as Voice and radio services platform Ximalaya, film production and distribution major Bona Film Group, delivery startup FlashEx, among others.
The funding round also saw participation from new investor Sky9 Capital, an over $1.1 billion investment fund that invests in internet, deep tech, corporate service, and healthcare sectors.
Existing backer China Creation Ventures (CCV), which participated in MetaApp’s Series A and Series B rounds in 2018, made a follow-on investment in the latest round.
CCV, which nurtures startups in China’s TMT industry, secured the final close of its second US dollar-denominated fund at $300 million in October 2020. It plans to look at opportunities in the industrial internet, new generation technology, AI, digital healthcare, and new consumption sectors.
MetaApp will invest large parts of the latest proceeds to build a multi-person, real-time, and innovative internet community that enables netizens to experience a virtual world.
The startup was founded by serial entrepreneur Sen Hu, who sold his sports livestreaming platform Zhangyu Live to the Chinese online video streaming player LeTV for 300 million yuan ($46 million) in 2015. MetaApp is a developer of sandbox software and applications that aim to create an entertaining virtual space for all age groups.
With original gaming content at the core, MetaApp uses internet technology to create an interactive platform that connects game creators and players. Instead of downloading the game applications, game players can freely access creative games online. “In the next phase, MetaApp will target to strengthen our talent pool,” said Hu.
The Internet Society of China released a report in July last year stating that, in 2019, the number of Chinese internet users reached 1.3 billion, or 32.17% of the world’s users. The market size of the country’s digital economy touched 3.58 trillion yuan ($551 billion), the report added.