Midu, a China-based reading app backed by news aggregator Qutoutiao, is set to close a series C round sized at about $110m from undisclosed investors later this year.
Founded by Qutoutiao in 2018, Midu operates online literature platforms dubbed Midu Novels and Midu Novels Lite. Users can read literature of various genres including action, romance and travelogues on the apps for free with advertising or pay a subscription fee.
The company had almost 200,000 e-books and 200 million users in the fourth quarter of 2020, having logged a 142% increase in content comparing with the year before. It will use the funding to create more interactive and engaging content.
Qutoutiao had taken part in a $100m series B round in October 2019 led by venture capital and private equity firm CMC Capital and backed by Lighthouse Capital, which followed $14m in series A funding two months before from undisclosed backers.
