Xiaoxiang Huyu, the China-based operator of an influencer marketing service for online gamers, has received RMB125m ($18.6m) in a series A-plus round that included internet company Tencent, China Money Network has reported.
The round was led by eSports professional Liu Mou and it increased the company’s valuation to more than $148m according to online news platform Lieyunwang, which cited Xiaoxiang Huyu founder and chief executive Dou Yuxiao.
Founded in 2017 and previously known as Shenzhen Baby Elephant Entertainment Culture Entertainment, Xiaoxiang Huyu runs an influencer agency focused on game livestreaming, eSports and hosting content from popular gamers.
The company will use the funding to expand its game content, enhance marketing and attract more gamers and thought leaders, with approximately $2.9m being put aside to hire new content production staff.
Tencent acquired a 10% stake in Xiaoxiang Huyu in April 2018, providing $4.8m in pre-series A funding. It went on to raise an undisclosed amount of series A financing in November but has not disclosed details of the round.