SoftBank, Sequoia China invest $50m in selfie app developer Snow

Photo: Reuters

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.

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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.