The digital media company is putting together a $1.44bn fund in which it will provide 20% of the capital, targeting state-owned vehicles for the rest.
China-headquartered digital media company Bytedance is looking to raise about RMB10bn ($1.44bn) for a corporate venture capital fund, The Information has reported, citing people familiar with the matter.
The company itself will provide RMB2bn of the capital while the remainder will be secured from external investors, in particular government-owned investment banks and funds, the sources said.
Bytedance’s two largest properties are news aggregation app Toutiao and TikTok, a short-form video sharing app with more than 500 million monthly active users.…
