Deals
Tencent-led Funding Said to Value Video App at $3 Billion
- Baidu-backed startup raises $350 million in funding round
- Kuaishou runs video platform similar to Instagram, Periscope
Tencent Boosts Spending on Payments and Content
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Tencent Holdings Ltd.’s investment in Chinese video streaming service Kuaishou values the startup at about $3 billion, people with knowledge of the matter said.
Kuaishou, whose platform is popular with rural communities and migrant workers, has raised $350 million in a funding round, the company said Thursday in an emailed statement. The investment comes ahead of a potential initial public offering of Baidu Inc.-backed Kuaishou, said the people, who asked not to identified because the information is private.