China-based comic reading app developer Kuaikan Manhua has pulled in $240m in a series F round backed by internet company Tencent and app marketplace One Store.
CCB International, a subsidiary of China Construction Bank Corporation, and Coatue Management also featured in the round. It valued the company at $1.25bn, a source told Bloomberg, pushing the company into unicorn status.
Founded in 2014, Kuiakan Manhua is a digital library for comics onto which artists can upload original work and make it available it to paying users. Over fiscal year 2020, the firm reportedly saw an increase of 27% in revenue and 43% in gross profit.
Tencent first invested in August 2019 when it pumped $125m into the company to upgrade its artificial intelligence and big data technologies.
Kuaikan Manhua raised $177m in a series D led by Coatue Management in December 2017, which included Xianghe Capital and China Media Capital.
In January 2017, the firm raked in $36m from news service Toutiao, Sequoia Capital, Engage Capital and GX Capital.
Jaehwan Lee, chief executive of One Store, said: “I am very happy that One Store has the opportunity to invest in China’s largest comics platform Kuaikan. We are highly optimistic about the fast-growing Chinese comics.
“One Store is South Korea’s largest local application store and has a strong channel advantage.
“Through this cooperation, we look forward to introducing rich, high-quality comic content to Korea, and at the same time developing films, games and other products based on this, and working together to expand into the global market.”
