Startup firm raises $500 mil­lion

China Daily (USA) - - BUSINESS -, a startup which runs one of the most pop­u­lar video livestream­ing plat­forms in China, an­nounced it had raised $500 mil­lion in a newround of fund­ing on Mon­day. Weibo Corp, the Chi­nese coun­ter­part of Twit­ter Inc, Shang­hai Media Group, or SMG, and its in­vest­ment fund and other or­ga­ni­za­tions par­tic­i­pated in the in­vest­ment. Af­ter the fund­ing, the com­pany will in­vest 1 bil­lion yuan ($145 mil­lion) in short videos, in a move to sup­port Chi­nese mo­bile video creators.

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