China-based cybersecurity app provider Mobi Magic has raised $100m in a round co-led by internet and cybersecurity company Qihoo360 Technology and VC fund Frees Fund, China News Services has reported.
Mobi Magic, which was founded in 2013, develops security apps for the Android operating system which provide anti-virus protection, memory usage optimisation and cleaning. It had reportedly accumulated 300 million global users by the end of 2015.
Qihoo 360 and Li Wei Wang, deputy general manager at game developer Beijing Kunlun Tech, invested more than $80m in Mobi Magic in 2015, according to China Money Network.
Frees Fund was formed in August 2015 by Li Feng, formerly a partner at IDG Capital Partners, the Chinese venture capital affiliate of IT media firm International Data Group.