Chinese brokerage firm Industrial Securities Co. has led a RMB1 billion (US$140 million) series B round in Panda TV, a live streaming platform launched by Wang Sicong, the son of China's richest man, Dalian Wanda Group chairman Wang Jianlin.
A number of RMB funds including Bright Stone Investment Management, a subsidiary of Bright Stone Innovation Investment Group Co. Ltd, Hanfor Capital Management Co., Ltd., and Lighthouse Capital Group also participated in the round.
The investment comes one day after Panda TV's competitor Huajia, backed by Qihoo 360 Technology Co. Ltd. and other investors, raised a RMB100 million (US$14 million) round from live social video platform Tian Ge Interactive Holdings Ltd.
Chinese companies often engage in "competitive fundraising," announcing larger financing rounds shortly after competitors announce capital raising in order to look financially stronger.
Officially launched in 2015, Panda TV currently has 80 million monthly active users and 150,000 active hosts. It expanded quickly as chief executive officer Wang Sicong invited his celebrity friends to do live shows and interact with fans on the platform. Panda TV is also prominent in live online gaming video streaming and popular with eSports fans in China.
It was ranked as the third largest interactive live video app behind YY Inc. and Douyu in the first half of 2016, according to Chinese data firm iResearch.
The company previously raised a RMB650 million (US$94 million) funding round in September 2016, led by Le Cloud, LeEco's cloud computing unit, at a RMB2.4 billion (US$360 million) valuation. Later in December, Qihoo 360 acquired an undisclosed stake in Panda TV.
It plans to use the latest proceeds to build its content ecosystem and expand its team. The start-up said it aims to keep its leading position in the video games streaming sector, and expand its entertainment, outdoors and sports content.