Social media company Weibo Corporation has invested $120m in Yixia Tech, the China-based owner of short-form video platform Miaopai, according to China Money Network, as part of a round reportedly sized at $500m.
The $500m amount was cited by Yixia chief executive Han Kun, who did so by standing in front of a huge screen displaying the amount at a press event, Tech in Asia reported today, adding that media company Shanghai Media Group also took part.
Miaopai is a short-form video publishing and sharing app that operates similarly to Vine, the US-based platform that as of July this year had 200 million monthly active users, but with added features including an increasingly popular livestreaming service.
The app has increased its user base from 5 million to 70 million from November 2015, when Yixia raised $200m in a Weibo-led series D round that valued it at $1bn. Entertainment and fashion group YG Entertainment and venture capital firm Sequoia Capital also took part in the series D round.
Weibo has backed the company since it was founded by its parent company Sina in early 2013, initially investing $1.6m before leading a $25m round in September 2013 that included Morningside Ventures and Redpoint Ventures.
Sina spun out Weibo in early 2014 but invested as part of a $50m series C round in September 2014 that was led by Kleiner Perkins Caufield & Byers and backed by Star VC.
Weibo, which co-launched the streaming service with Miapoai in May this year, has invested a total of $190m in the company, according to China Money Network. Yixia also operates another app, Xiaokaxiu, on which users publish short videos accompanied by music.