The social media company has scored a huge exit from news app Toutiao, exiting as part of a series D round that valued it at $11bn, 22 times the valuation at which Sina invested in 2014.
Social media company Sina has exited China-based personalised news app developer Toutiao as part of a $1bn series D round that valued it at $11bn, 36kr reported on Friday.
The round was co-led by venture capital firm Sequoia Capital and CCB International, a subsidiary of government-controlled financial services firm China Construction Bank. Additional participants were not disclosed.
Founded in 2012, Toutiao operates a mobile app that recommends news stories to users according to their personal preferences. It had 175 million…
