China-based social video streaming platform Baobao has secured RMB100m ($15m) in series B+ funding from investors including internet group Tencent, China Money Network reported yesterday.
Venture capital funds Shunwei Capital and Meridian Capital China also participated in the round, as did VC firm GGV Capital.
Baobao has built a platform that enables users to watch, share or broadcast live video streams while posting feedback, conducting private chat or exchanging gifts with each other. It reportedly has more than 400,000 daily active users, many of which are less than 25 years old.
The round comes after Baobao raised ‘several million dollars’ in series A funding in 2015. It has not disclosed details of its initial series B round.