Chinese live-streaming app YY leads $272mn funding in Singapore’s Bigo
Singapore-based livestreaming company Bigo has raised $272mn in its series D funding round. The round was led by YY, China’s largest vide-streaming app my revenue.
The company, which launched its Bigo Live app in 2016, began in Southeast Asia but now has 20 offices across the world and is popular in countries like Saudi Arabia, Pakistan and New Zealand.
Singapore’s FUSION secures $12.3bn in assets for blockchain platform
Japan’s Binance establishes $1bn blockchain fund
Tencent-backed Meituan-Dianping buys Mobike for $3.4bn
YY’s founder and CEO David Li is also said to have invested privately in Bigo. Following the funding round, YY, which made $1.6bn revenue last year, is now the largest shareholder in Bigo. It already held a 27.8% stake in the company since investing in 2014.
According to Tech in Asia, Bigo has launched a research centre for the technology in Singapore which it hopes to staff with 100 AI experts and engineers.
According to Deal Street, Bigo Live held its series C round in March 2017 and saw investment from Ping An Overseas holdings as well as YY. This round left the company valued at $400mn.
- How healthy is East Asia’s technology startup culture?Leadership & Strategy
- Regional roundup: The bustling startup scene across SEALeadership & Strategy
- Regional Roundup: Southeast Asia’s internet economyLeadership & Strategy
- Yili retains top spot in Asian dairy, announces investment plans for Southeast AsiaLeadership & Strategy