Tencent to invest $50 mln in storytelling platform Wattpad
Toronto storytelling app Wattpad will soon receive about $50 million (US$40 million) from an investment by China's Tencent Holdings, according to a report by the Globe and Mail. The investment will form part of a new US$50 million financing of Wattpad, to be finalized in the weeks ahead, the report said. The round, which will be backed by a mix of Canadian and U.S. venture capital firms, is expected to value the company at about US$400 million. Founded in 2006 by CEO Allen Lau and CPO Ivan Yuen, Wattpad operates a social platform that creates direct connections between readers and writers. In 2014, it raised US$46 million in a Series C financing led by OMERS Ventures .
19 October 2017•1 min read
