Baidu-backed Zongheng Literature has received more cash from Perfect World in a funding round that reportedly brought in $116m.
China-based online reading platform Zongheng Literature has raised RMB800m ($116m) in a funding round co-led by entertainment group Perfect World, China Money Network wrote today citing local media reports.
Venture capital firm Sequoia Capital China co-led the round, while the Shengjing Fund and Share Capital also participated.
Established in 2008, Zongheng Literature operates an online reading platform that counts more than 100,000 works. The company was first owned by Perfect World, acquired by internet company Baidu for RMB191.5m in 2013…
