Mobile platform company, Qutoutiao completed US$100 million in Series B financing for its online literature subsidiary, Midu.
Qutoutiao (NASDAQ:QTT), a leading mobile content company based in China announced the completion of US$100 million in financing together with CMC Capital in China. The funding is slated for its online literature subsidiary, Midu to further expand its platform to reach ten million daily active users (DAUs) by year-end.
As quoted in the press release:
Mr. Peter Li, Partner of CMC, commented: “With its pioneering free-to-read model and dedicated execution capability, Midu has emerged as a leading player in the competitive online literature market with strong growth momentum. We are excited about the tremendous market opportunities in the online literature market and optimistic about Midu’s future.”
“We are happy to see the completion of the transaction and we are confident in Midu’s long-term growth potential.” said Mr. Eric Siliang Tan, Chairman and CEO of Qutoutiao, “Midu continues to play a crucial part in Qutoutiao’s overall content platform strategy. We have a clear roadmap ahead for Midu, and our objectives of reaching more than ten million DAUs by the end of the year and becoming the largest online literature platform in China by 2020 remain unchanged.”