Panda TV, a China-based video streaming platform backed by cloud computing firm LeCloud, has raised RMB1bn ($140m) in a series B round led by brokerage firm Industrial Securities, China Money Network reported yesterday.
Bright Stone Investment Management, Hanfor Capital Management and Lighthouse Capital Group also supplied cash for the round.
Panda TV has set up an online platform that enables users to broadcast live video shows. The company claims to have 80 million monthly active users and 150,000 active show hosts.
The platform is also used for live online game streaming and is a popular choice for e-sports streaming in China.
The series B funding will go toward building out the platform’s ecosystem and driving recruitment. The company is particularly keen on strengthening its market position in live game streaming and boosting its entertainment, outdoors and sports content.
LeCloud, a subsidiary of internet group LeEco, led a $54m series A round for Panda TV in September 2016 that included unnamed additional investors, reportedly obtaining a 15% stake in the company.
Internet security company Qihoo 360 subsequently purchased an undisclosed stake in Panda TV in December 2016 for an undisclosed sum. Panda TV had previously received RMB20m in seed capital from undisclosed backers in July 2015 at the time of its launch.