China-based music and film production company Yuehua Entertainment has raised RMB 300m ($48.9m) in a series B round from investors including advertising and marketing firm Gravity Media, China Money Network reported on Thursday.
CMC Capital, a private equity fund backed by the Chinese government and a host of corporates inlcuding Time Warner, WPP and Softbank, also participated in the round.
Yuehua is a music and television producer and distributor that also offers artists’ training and a platform for digital promotion. The majority of the new capital will be allocated to the production of 10 new films.
Yuehua previously raised an eight-figure renminbi amount of series A funding in 2012 from an undisclosed investor.