Cayman Islands-registered video streaming platform Live.me raised $60m in funding on Friday from investors including its parent, China-based internet company Cheetah Mobile.
Evolution Media China, the Asia-focused investment arm of corporate-backed joint venture Evolution Media Partners, and venture capital firms Matrix Partners China, Gobi Partners, Welight Capital and IDG Capital also contributed.
Cheetah Mobile held a 90% stake in Live.me before the deal, which has now been reduced to 70% of the spinout’s share total.
Founded in 2016, Live.me has developed a mobile app that enables users to broadcast live video that is overlaid with augmented reality stickers. Viewers can purchase digital gifts such as emoji to show their appreciation to broadcasters.
The money will go towards R&D and further overseas development of the platform, which has so far proven most popular in the US. The company also aims to partner financial services firms to further grow its community, though details have not been clarified.
Evolution Media Partners is a joint venture between film producer Participant Media, growth equity fund TPG Growth and Evolution Media Capital, itself backed by talent agency Creative Artists Agency.