Kaolo FM, a China-based audio programming network owned by broadcaster AutoRadio, has raised RMB170m ($26m) from a consortium featuring conglomerate Legend’s corporate venturing subsidiary Legend Capital, China Money Network reported today.
Kaolo FM operates an audio content platform with shows covering a range of topics, such as cars, news, finance and entertainment. Listeners can access the content through mobile apps and smart devices.
The company primarily targets audiences between the ages of 20 to 50 and claims it has 160 million users. It will use the money to launch an advertising platform.
Liu Zehui, managing director of Legend Capital, said: “We admire the ability of Kaola FM’s team to create content for users to listen to while driving or doing other chores. We believe their growth is likely to explode based on their competitive advantage.”