Kuaikan Manhua, a China-based comic artwork platform backed by mobile news platform Toutiao, has secured $177m in a series D round led by asset manager Coatue Management, China Money Network reported on Friday.
The round also included venture capital firms China Media Capital and Xianghe Capital.
Founded in 2014, Kuaikan Manhua has developed an online platform for comic artists to share original work. The service is primarily geared towards a millennial audience and currently counts almost 10 million daily active users, out of a registered user base of 130 million.
Kuaikan Manhua plans on using the capital to better support artists on the platformand produce more high-quality content, as it seeks to develop an upstream link with industry and help bolster the domestic comic art sector.
Toutiao contributed to the company’s $36m series C round in January 2017, which was led by investment management firm Tiantu Capital and backed by Sequoia Capital, GX Capital and Engage Capital.
Undisclosed investors had supplied $14m in series B funding for Kuaikan Manhua in 2015, while details of its series A round remain undisclosed.