Selfie app developer Snow China, the Chinese affiliate of South Korean firm Snow Corp, has secured a $50 million investment from Sequoia Capital China and SoftBank Group, according to a TechCrunch report.
With this investment, Sequoia China and SoftBank have acquired a 20 per cent stake in Snow’s China business, the report added.
Snow is an app that offers filters, stickers, augmented reality, and other features for selfies that users can then share on social networks. The app allows users to beautify their photos or add stickers before posting them online.
Users can also take videos of a maximum duration of 10 seconds and send them as messages that erase themselves in 48 hours. On its Google Play store page, Snow said its app is used by over 200 million people around the world.
The report said Snow plans to use the funds to develop its augmented reality and facial recognition technologies as well as build more partnerships and localize its service in China.
In 2016, TechCrunch reported that Facebook made an unsuccessful bid to acquire Snow, which was then considered a Snapchat clone. Snow was launch in 2015.