Bytedance Ltd. has closed $3 billion of funding from SoftBank Group Corp. and other major investors at a valuation of $75 billion, cementing its position as the world’s biggest privately backed startup, according to people familiar with the matter.
The deal, which Bloomberg News reported earlier also involves KKR & Co. and General Atlantic, represents a major infusion of cash that will quicken the Chinese media giant’s expansion beyond its home turf. SoftBank aimed to invest about $1.8 billion depending on the availability of secondary shares, one of the people said, declining to be named because the talks were confidential. The bulk of its investment would be in primary stock, the people added. And Bytedance remains in talks with other interested investors, which could offer more funds in future, the people said.
