Singapore-based social video livestreaming platform Bigo Technology has completed a series C round led by insurance firm Ping An that valued it at $400m, Tech in Asia reported on Tuesday.
The size of the round has not been disclosed but Bigo said it has now raised $180m in funding since it was founded. China-based Ping An led the round through its Ping An Overseas Holdings asset management unit.
Founded in 2015, Bigo operates a livestreaming platform called Bigo Live that allows users to broadcast videos live to their followers. Users can also reward each other with digital gifts bought through the app which can later be converted back to cash.
The platform has attracted 70 million registered users, almost 30 million of which are monthly active users. Bigo also runs a service dubbed Bigo Calls, which enables users to make free local and international calls and send free texts.
Although Bigo is popular in Singapore, Indonesia, Malaysia, Thailand, Vietnam and the Philippines, it plans to expand overseas following its latest round, and will also spend money on research and development.
Bigo said in a statement: “To support its rapid growth, Bigo Live will continue to scout for great talents across nations and enable local expansions in Europe, United States, India, Russia, the Middle East and some other key countries.”
The company has not revealed details of its earlier funding but Tech in Asia reports its existing investors include social media company YY, Bertelsmann Asia Investments, which invests as a subsidiary of media group Bertelsmann, Morningstar Capital and Gao Rong Capital.