Alibaba and Tencent contributed to a late-stage round reportedly valuing the social commerce platform developer at up to $20bn.

China-based social commerce app developer Xiaohongshu has raised $500m from investors including internet group Tencent and e-commerce firm Alibaba, Reuters reported yesterday, citing a source familiar with the matter.

Singaporean government-owned investment firm Temasek also participated in the round together with venture capital firm Genesis Capital and investment management firm Tiantu Capital Management at a valuation of up to $20bn.

Xiaohongshu operates an online platform that allows users to share images, videos and stories which can help to leverage online…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.