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…
