Chinese personalized news app Toutiao, backed by Sequoia Capital, Weibo and SIG China, has acquired U.S.-based video sharing platform Flipagram to expand its video content and grow its U.S. market presence.
No financial details of the deal were disclosed. But the Los Angeles-based Flipagram last raised US$70 million in 2015 at a valuation of between US$300 million and US$400 million, and started to look for a buyer last summer.
Previous media reports indicated that getting that valuation would be a great outcome, but the company lacked leverage because of poorer operational fundamentals than expected.
"We have been striving to enhance the efficiency of information communication. We hope the state-of-the-art technology of Toutiao will bring someth...
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