Social communication platform YY has led a $70m series D round for China-based social meeting platform Tantan, China Money Network reported today, citing local media reports.
Tantan has created a mobile app that works similarly to Tinder, allowing users to swipe their phone screens when deciding whether to meet people that are located locally. It has 13 million registered users, of which 2.5 million are daily active users.
YY’s investment could theoretically lead to strategic partnerships between the companies focusing on user referrals and monetisation. YY generates much of its revenue through a virtual currency that can be used to reward its users.
The company has now raised $120m since it was founded in 2014, securing $32m in a May 2016 series C round featuring DST Global, LB Investment and Vision Plus Capital.
Vision Plus and Bertelsmann Asia Investments, a subsidiary of media group Bertelsmann, provided Tantan’s initial funding, investing $5m in early 2015.
LB Investment, GX Capital, DCM Ventures and Kleiner Perkins Caufield & Byers supplied $13m in series B capital for the company later the same year.
– Image courtesy of Tantan