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Bytedance fetches USD 4 bln in Pre-IPO round financing, company valuation reaches USD 75 bln
CKN
2018/10/23 03:17:11
1,826
China's Financial News, China News ,Bytedance

Oct 23, 2018 (China Knowledge) - The recent market reports suggest that Softbank <9984:TYO>, KKR <KKR:NYSE> and Primavera Capital Group have invested in Bytedance, helping the later raise USD 4 billion. Besides that, the company is preparing for its initial public offering (IPO), the next year.

In 2016 in a D-round of financing the company raised USD 1 billion, with a total valuation of USD 11 billion after the financing. Sequoia Capital China and CCB International were the investors at that time.

News about the company’s new round of financing are in circulation for almost two years but, so far, no such announcement has been made officially.

In the first half of this year, a number of media reports have revealed the new financing situation of Bytedance, and estimated the amount of this company to be valued at USD 30 billion to USD 50 billion. However, the other news reports suggest Bytedance's valuation has hit USD 75 billion, a big jump from the previous high.

If the news about Bytedance's valuation is true, the company will supersede Baidu's <BIDU.NASDAQ> USD 69 billion market capitalization, entering into the rank of China's internet giants.

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