China-based video app maker MiaoPai has secured $50m in a series C round which included online media company Sina Corp, China Money Network has reported.
Kleiner Perkins Caufield & Byers led the round, with participation from fellow venture capital firms Redpoint Ventures and StarVC.
MiaoPai’s offering is similar to the one provided by US-based Vine, allowing users to create 10-second videos and share them on social media sites. The app claims to havemore than 20 million users.
The company raised angel funding from Morningside Ventures shortly after being launched in 2013, while Redpoint funded a subsequent series A round.
MiaoPai raised $25m in a September 2013 series B round, which was led by Sina, and which also featured Redpoint Ventures and Morningside. MiaoPai was previously known as Xuanyixia, before electing to focus on the MiaoPai side of its business.