<article><a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Tencent+Holdings">Tencent Holdings</a> has invested in a $51-million latest round in <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Wattpad">Wattpad</a>, a Toronto-based multi-platform entertainment company, according to a company statement today.</article>

<a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Tencent+Holdings">Tencent Holdings</a> has invested in a $51-million latest round in <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Wattpad">Wattpad</a>, a Toronto-based multi-platform entertainment company, according to a company statement today.
Other investors in the round include Canadian venture capital <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=BDC">BDC</a>,<a style="color: #000080;" href="https://www.dealstreetasia.com/?s=+Kickstart+Ventures"> Kickstart Ventures</a>, Peterson Group and existing investor <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Raine">Raine</a>.
To date, Wattpad has raised $117.8 million from several investors. Its previous investors include OMERS Ventures, August Capital, Union Square Ventures, Golden Venture Partners, Khosla Ventures, AME Cloud Ventures, Northleaf Venture Catalyst Fund and Version One Ventures.
The companyt would use the funding to further invest in machine learning and interactive storytelling, expand its global entertainment footprint in television, film, digital media, and recruit talent.
&#8220;Entertainment is in a period of disruption, and how people find and experience stories is evolving,&#8221; said Wattpad’s CEO and co-founder Allen Lau. &#8220;With our global community of users, hundreds of millions of stories and data-driven approach to helping people and partners find great content, Wattpad is leading both sides of this equation.”
Wattpad boasts its community grew by more than 40 per cent last year and it currently has over 65 million people with over 400 million story uploads.
It said its investments in machine learning, deep learning and recurrent neural networks have enhanced its ability to discover stories for adaptation and content trends, which are used in the entertainment industry.
Last year, it launched Tap by Wattpad, offering interactive entertainment experiences that combine a chat-style format and multimedia innovations. To date, there have been more than 3 billion taps on over 300,000 stories.
Also read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/tencent-backed-video-site-kuaishou-seeks-1b-funding-at-17b-valuation-90400/">Tencent-backed video site Kuaishou seeks $1b funding at $17b valuation</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/tencent-sells-5-billion-bond-drawing-comparisons-alibaba-90137/">Tencent sells $5b bond, drawing comparisons to Alibaba</a>
&nbsp;
&nbsp;

Tencent Holdings has invested in a $51-million latest round in Wattpad, a Toronto-based multiplatform entertainment company.

Tencent joins $51m round of Canadian entertainment platform Wattpad

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Tencent joins $51m round of Canadian entertainment platform Wattpad

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief