(Yicai Global) March 23 -- Kuaishou, an app for sharing photos and videos, announced that it raised USD350 million in a new round of financing led by Chinese Internet giant Tencent Holdings Ltd. [HKG:0700], the Tencent Science Channel (Tech.qq.com) reported today.
Yixiao Science and Technology Development Co., which developed Kuaishou, did not say if its existing shareholders, including search engine giant Baidu Inc. [NASDAQ:BIDU], participated.
The Beijing-based developer launched Kuaishou, which initially offered GIF animation production tools, in 2011. The app segued into a short video making platform in November 2012. It launched a live broadcasting function last year.
Kuaishou has over 400 million users, its official data shows. The number of daily active users on the app surpassed 50 million this year, and more than 5 million videos are uploaded on it daily. The fact that many users are from small cities and rural areas attracted the media's attention.
Kuaishou has denied reports that it would list in the US in the second half of this year. The company said that it is still at the stage of private financing, and its main objectives are to enhance its product and to serve more users.
The app previously completed three rounds of financing, receiving investments from MorningSide Ventures, Sequoia Capital, Baidu, China Media Capital and others groups.
The funds raised in the recent round will be used to make improvements and carry out technological research and development. Kuaishou will deepen its cooperation with Tencent and Baidu in areas including tech and service to upgrade users' all-around experience.