China news start-up valued at $20bn
- Author:Ella Cai
- Release on:2017-08-14
One of the fastest growing start-ups in the world is five year-old Chinese news aggregator Toutiao which has grown its valuation 40x in three years.
In a 2014 funding round it was valued at $500 million, last year it raised $1 billion at a valuation of $11 billion and now it is reported by Reuters to be about to raise $2 billion at a valuation of $20 billion.
Sequoia is one of the backers. The founder is 34 year-old Zhang Yiming.
Toutiao uses AI techniques tom customise content for its 175 million user. It competes with similar services from TenCent and Baidu,
The name Toutiao means ‘headlines’.
In a 2014 funding round it was valued at $500 million, last year it raised $1 billion at a valuation of $11 billion and now it is reported by Reuters to be about to raise $2 billion at a valuation of $20 billion.
Sequoia is one of the backers. The founder is 34 year-old Zhang Yiming.
Toutiao uses AI techniques tom customise content for its 175 million user. It competes with similar services from TenCent and Baidu,
The name Toutiao means ‘headlines’.
