One year after pocketing US$200 million to hit a billion-dollar valuation, the #startup behind China’s answer to Vine has swiped US$500 million, said its CEO today.
Han Kun, who runs the team behind Miaopai app, stood in front of a large screen with “$500,000,000” splashed across it in a giant font, pretty much repeating what he did at last November’s announcement, reported Sina Tech.
Miaopai now has 70 million daily active users, up from 5 million late last year. It handles 1.5 million new video uploads per day, with people watching 2.5 billion videos every 24 hours.
As is usually the case with Chinese apps, Miaopai does a lot more than its Western analog – including live streaming. That’s the hottest new trend in social media these days, as exemplified by the rise of Facebook Live. In China, dozens of live streaming apps have popped up to meet demand.
Miaopai now sees over 10 million live streams started each day.
The newest funding round comes from Weibo, China’s answer to Twitter and a long-time collaborator and previous investor in the startup. Shanghai Media Group, one of the nation’s largest TV and radio conglomerates, also contributed some of the cash.
Twitter last month said it would soon shut down Vine.