Tencent-backed comics app raises $240 million, turns unicorn

China’s biggest e-comics platform Kuaikan announced today that it has completed a new $240 million funding round which will help it grow its business and expand into other markets. 

CCB International, One Store, Tencent, Coatue and Tiantu Capital participated in the Series F round while Jupiter Capital served as the exclusive financial advisor, the company said in a statement.

A person familiar with the matter who wanted to remain anonymous told Bloomberg that the round brought the Beijing-based startup’s valuation up to $1.25 billion, turning it into a unicorn. 

Founded in 2014 by Anni Chen, Kuaikan is currently the largest e-comics platform in China with a market share of over 50% . In 2019, it received an investment of $150 million from China’s tech giant Tencent.

Chen announced in an internal email that the platform now has more than 50 million monthly active users and 340 million total users, 90% – 94% of which are Gen Z readers.

With the completion of the round, Kuaikan also officially launched the “Double Billion” initiative and announced that it will invest $154 million (¥ 1 billion) over the next three years to support comics creators, and another  $154 million (¥ 1 billion) to work with partners for comic series production.