China-based online reading platform Zongheng Literature has raised RMB800m ($116m) in a funding round co-led by entertainment group Perfect World, China Money Network wrote today citing local media reports.
Venture capital firm Sequoia Capital China co-led the round, while the Shengjing Fund and Share Capital also participated.
Established in 2008, Zongheng Literature operates an online reading platform that counts more than 100,000 works. The company was first owned by Perfect World, acquired by internet company Baidu for RMB191.5m in 2013 and repurchased by Perfect World for RMB1bn in 2016.
Baidu retained a 20% in Zhongheng following the 2016 transaction.
Zheng Qingsheng, a partner at Sequoia, said: “Good content is always a rare resource in the market. We believe literature has great growth potential going forward.
“Zongheng Literature has a great management team and a solid shareholder structure. Sequoia will support the development of this type of startup, which has the potential to be a leader in a particular market.”