China’s Twitch-like game streaming platform Douyu TV announced on Monday that it had closed a Series C financing round of RMB1.5 billion (US$226 million) led by tech behemoth Tencent and Phoenix Capital.
AllChinaTech reported in March on its RMB670 million (US$101 million) Series B financing, in which Tencent invested RMB400 million (US$60.2 million). Sequoia Capital China and Nanshan Capital participated in its previous financing.
Founded in 2013 in the south-central Chinese city of Wuhan, Douyu TV is a live streaming platform for gamers. As of March, its daily active users average at around 15 million people. Its monthly active users is around 200 million, and peak concurrent sitewide viewers was four million, according to official company statements.
Douyu TV is a runner up in China’s live streaming market measured by download numbers, accounting for 14.9 per cent of all downloads, according to a report published by iResearch in June. Huya TV tops the ranking list, with its share of 22.4 per cent, after it received RMB 700 million (US$105 million) in 2015 from its parent company YY, a company which was listed on NASDAQ in 2012.
China’s mobile gaming industry saw a RMB29 billion (US$4.4 billion) revenue in the first half of 2016, according to third party data platform TalkingData. Six games among the ten most popular ones are produced by Tencent.
Tencent has been generous in gaming-related investment. Tencent spent about US$8 billion earlier last month acquiring a majority stake in Supercell, the developer of “Clash Royale”.