Chinese media startup Toutiao has acquired augmented reality-based selfie app Faceu for $300 million, as part of its bid to expand its business scope, according to a report by China Money Network.
The deal follows two recent major investments by Toutiao’s parent company ByteDance, which signals the company’s intent to further broaden its presence. In early November, it invested $50 million in Live.me, a popular live streaming platform among young adults in the U.S., before announcing its acquisition of China’s lip-syncing video app Musical.ly a few days later.
