China-based online media company Toutiao has raised $100m in a series C round led by venture capital firm Sequoia Capital that also featured Sina Weibo, China Money Network reported on Tuesday.
Launched in 2012, Toutiao provides an online news service through an app that can learn users’ preferences for news stories and provide them with content accordingly.
The company will use the proceeds from the round, which valued it at $500m, to develop its technology base, particularly with regard to its intelligent learning capabilities.
Toutiao previously secured undisclosed amounts in its series A and B rounds from SIG China, the China-based investment subsidiary of trading and technology company Susquehanna International Group, and DST Global founder Yuri Milner.