(Yicai Global) Jan. 26 -- Short video platform Kuahou on the brink of closing a USD1 billion funding deal to make waves abroad with backing from internet titan Tencent Holdings Ltd.>
California-based Sequoia Capital, which led its last round, will also invest again, financial outlet Caijing Magazine reported yesterday. Beijing-based Yixiao Science and Technology Development Co., which runs Kuahou, also receiving consultation for a potential initial public offering and could lt in Hong Kong later th year.
Kuahou hopes to expand its presence overseas and has already tapped South Korea. It made the top 500 Google Play downloads in the country in October, and was number one in video editing applications.
The rapid re in value a result of an expanding user base. As of November, the company had more than 100 million daily active users and over 700 million regtered, up from 50 million and 400 million in March.
The new funds will take the company's value to USD18 billion, the report added. Its last funding round raed USD350 million in March to take its worth to USD3 billion.