China-based comic artwork platform Kuaikan Manhua has raised RMB250m ($36m) in a series C round that included news app provider Toutiao, China Money Network has reported.
Investment manager Tiantu Capital led the round, with participation from Sequoia Capital, GX Capital and Engage Capital. The deal values Kuaikan Manhua at $144m following the investment.
Founded in 2014, Kuaikan Manhua operates an online and mobile platform featuring comic artwork aimed at a young audience. The company claims to have 24.6 million monthly readers, who can follow the work of more than 500 artists through the service.
The company previously received $14m in a 2015 series B round, though the identities of the series B backers have not been named. Details of the company’s series A round have also not been revealed.
Neil Shen, founding managing partner at Sequoia Capital China, said: “China’s animation and comics content market is in the initial development stage. It is also an area that the Chinese government encourages.
“Kuaikan Manhua focuses on a niche market and has successfully established a leading position.”