Qutoutiao’s literature platform subsidiary is raising series C financing and will use the cash to ramp up its content.
Midu, a China-based reading app backed by news aggregator Qutoutiao, is set to close a series C round sized at about $110m from undisclosed investors later this year.
Founded by Qutoutiao in 2018, Midu operates online literature platforms dubbed Midu Novels and Midu Novels Lite. Users can read literature of various genres including action, romance and travelogues on the apps for free with advertising or pay a subscription fee.
The company had almost 200,000 e-books and 200 million users in…
