Bolo.me, a China-based e-commerce platform that uses live video streaming to market products, has closed a $30 series B round backed by internet company Baidu, China Money Network reported yesterday.
Private equity firm LB Investment, venture capital firm Chengwei Ventures and other, undisclosed backers also participated in the round, as did VC firm Share Capital Partners, according to Tech in Asia.
Founded in February 2015, Bolo.me combines online shopping with video streaming technology. Consumers can watch both recorded and interactive live streams where presenters showcase products and answer questions submitted by viewers through a live chat.
Baidu’s investment is part of a deal to incorporate Bolo.me’s offering into the platform of its search engine-based offering. Bolo.me has now reportedly secured a total of $43m in capital since it was founded and is valued at $200m, according to local media reports.