China’s Bytedance to raise $3 billion

China’s Bytedance to raise $3 billion

China’s Beijing Bytedance Technology Co., said it is looking at raising about $3 billion.

People with the knowledge of the matter said the funding round will see its valuation soar to as high as $75 billion.

Bytedanc is the owner of China’s leading news aggregator Jinri Toutiao.

According to the Wall Street Journal, Bytedance was seeking a $10 billion valuation in a late 2016 funding round, sources familiar with the fundraising said at the time.

The medium reported that About a year ago, the firm was raising at least $2 billion at a valuation of over $20 billion.

The valuation exceeded $30 billion earlier this year and as its new video streaming apps such as TikTok gained user traffic, secondary market trading of its shares would value the firm at over $50 billion or $60 billion at times, according to sources familiar with the trades.

Bytedance started from news aggregator Jinri Toutiao, or “Today’s Headlines” in Chinese, which uses algorithms and artificial intelligence to select news, online books, videos and other content for readers, with the bulk of its revenue coming from advertising.