Tantan, a China-based dating app developer that counts media group Bertelsmann as an investor, has closed a $32m series C round, China Money Network reported today.
The series C funding was provided by investment firm DST Global, private equity firm LB Investment and Vision Plus Capital.
Founded in 2014, Tantan has built a mobile dating app that operates similarly to Tinder, requiring users to upload photos and allowing them to begin chatting once they both ‘like’ each other.
Tantan claims 80% of the app’s 2.5 million active daily users are under 30 years old. It hopes to reach between seven and 10 million users by the end of 2016, at which point it will begin exploring monetisation of the service, a company spokesperson told TechNode.
“After this round of funding, we plan to continue focusing on [user] pain points, improving daily usage, and consolidating our position in the social application industry,” they said.
Bertelsmann’s local corporate venturing unit, Bertelsmann Asia Investments, and Vision Plus provided $5m in series A funding for Tantan in February 2015, before LB Investment, DCM, Kleiner Perkins Caufield & Byers and GX Capital added $13m in a series B round.