(Yicai Global) April 16 -- Pear Video, a short video platform operated by Beijing Weiran Network Technology Co. completed series A financing, raising CNY617 million (USD99 million). China’s leading internet firms Tencent Holdings Ltd. and Baidu Inc. invested in this round.
The company will use the new funds to enhance its short video content production network and further improve business model, media service platform Newrank reported today, citing a statement from the company.
Launched in November 2016, Pear Video has now become China's leading information short video platform. It runs 1,500 short videos each day, receiving more than 1 billion daily video play clicks.
Pear Video’s founding team mainly comes from state-run news site The Paper which operates under Shanghai United Media Group. Pear Video's founder Qiu Bing was the chief executive officer of The Paper before resigning in 2016. Former editor-in-chief of The Paper, Li Xin, and others also joined the team later.
Prior to this round of financing, Pear Video received CNY500 million from China’s state-backed investment firm China Media Capital, and CNY167 million from People.cn Co. in pre-A round of funding.
Editor: Mevlut Katik