AAA Yixia screens Weibo for $200m series D

Yixia screens Weibo for $200m series D

Social media company Weibo Corp has led a $200m series D round for Yixia Technology, the China-based company behind mobile video app MiaoPai, China Money Network reported yesterday.

Investors in the round, according to a post on Yixia’s Weibo account, also included entertainment and fashion producer YG Entertainment and US-based venture capital firm Sequoia Capital. Yixia raised the cash at a $1bn valuation.

MiaoPai is an app that enables users to create, edit, and share 10-second videos. It was launched in 2013 with about $1.6m of funding from Weibo, than under the umbrella of online media company Sina Weibo, with Morningside Ventures and Redpoint Ventures contributing undisclosed amounts the same year.

Yixia also runs Xiaokaxiu, an app that allows users to upload short clips accompanies by music, and is set to collaborate with Weibo on a $100m fund that will support mobile video and entertainment startups or, according to TechCrunch, selected MiaoPai contributors, in brand building, advertisement and traffic growth.

The round took Yixia’s overall funding to more than $275m, including $25m from a September 2013 series B round led by online media company Sina Weibo that also included Morningside and Redpoint.

Sina, which spun out Weibo in March 2014, and Redpoint returned for a $50m series C round led by Kleiner Perkins Caufield & Byers that included Star VC in September the same year.

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