36Kr Media, a China-based online news portal backed by streaming service Baidu Video and advertising agency Focus Media Information Technology, is planning to float in the US, DealStreetAsia reported yesterday, citing people familiar with the matter.
The company is hoping to raise at least $100m in its initial public offering and could go public as soon as this year, though details – including the market where 36Kr Media may float – could change. Liu Chengcheng, CEO of 36Kr Media’s parent company 36Kr, told DealStreetAsia there is currently no timeline in place.
36Kr Media is an online technology and venture capital news destination that was spun out of technology group 36Kr in 2016. The platform, the oldest business among 36Kr’s spinoffs, also organises industry events and had published 50,000 articles by the end of 2017, according to its website.
36Kr Media has only disclosed one funding round to date, a $45.4m series A closed in 2017 with the backing of Baidu Video and Focus Media.
The series A round was co-led by VC firm Gobi Partners and investment firm China Prosperity Capital, and included Hangzhou Finance Investment, an investment firm owned by the municipal government of Hangzhou.
36Kr itself was founded in 2011 and has been an active corporate venturer since late 2017, confirming the size of its investment fund to be $144m in October 2018. Its subsidiaries also include co-working spaces provider Kr Space and a data analytics platform.
