<article>China’s Midu Novels, a subsidiary of Nasdaq-listed entertainment content platform Qutoutiao, has secured as much as $110 million in its Series C round, per an announcement.
The names of the investors were not disclosed.</article>

China’s Midu Novels, a subsidiary of Nasdaq-listed entertainment content platform Qutoutiao, has secured as much as $110 million in its Series C round, per an announcement.
The names of the investors were not disclosed.
Midu closed its Series B round in October 2019 at $100 million from CMC Capital and investment bank Lighthouse Capital.
The fresh round of funding comes in at a time when the demand for online entertainment content is picking up with consumers increasingly accepting the digital wave. The market size of China’s net literature is expected to reach 45 billion yuan ($7 billion) by the end of 2022, according to China’s internet data research company iResearch.
With the latest vehicle, Midu will continue to develop original content in more interactive and entertaining formats.
Launched by Qutoutiao in May 2018, Midu Novel’s internet literature covers topics such as martial arts, non-fiction, travel, and love story. As of September 2020, the platform had registered nearly 200,000 e-books and 200 million users.
In the fourth quarter last year, Midu claims to have recorded a 142.04% growth in original content from a year-ago period.
Midu’s parent company Qutoutiao uses AI algorithms to generate fun and entertaining articles and videos for China’s netizens. Its net revenue in 2020 stood at 5.285 billion yuan ($816 million), a decrease of 5.1% from 5.570 billion yuan ($861 million) in 2019.
Going forward, Qutoutiao expects to generate up to 1.3 billion yuan ($201 million) in earnings in the first quarter of 2021.
Qutoutiao has been backed by a string of marquee investors such as Alibaba, Tencent Investment, Shunwei Capital, Redpoint China Ventures, and Harvest Investment, among others.

Midu closed its Series B round in October 2019 at $100 million from CMC Capital and investment bank Lighthouse Capital.

Nasdaq-listed Qutoutiao’s Midu raises $110m in Series C round

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