Lazy Online, a China-based audiobook platform backed by corporates CyberAgent and Time Publishing And Media, has raised RMB100m ($14.2m) in a funding round led by private equity firm Co-Stone Capital, China Money Network has reported.
Investment firm Great Chiliocosm Capital also took part in the round according to information on Tianyancha, and it valued Lazy Online at $283m, the company told PEdaily.
Founded in 2012, Lazy Online has developed an online platform with more than 10 million daily users that provides more than 70,000 audiobooks as well as podcasts and online communication services.
The proceeds from the round will be used to expand the range of content of Lazy Online and bolster its copyright resources.
Publisher Time Publishing and Media took part in the company’s $28m series C round in June 2018, as did Fuhui Capital, according to China Money Network.
Lazy Online had sourced an undisclosed amount of funding in a series B round that included Tianhe Culture Industry Investment Fund in April 2018, having raised an undisclosed amount of series A funding from CyberAgent Ventures, a corporate venturing subsidiary of internet company CyberAgent, in 2012.