Hupu.com carried out its Pre-IPO funding round worth CNY 1.26 billion.
Hupu (虎扑) received CNY 1.26 billion in its Pre-IPO funding round from ByteDance (字节跳动). Latest funding marks Hupu's largest financing since its founding in 2004.
Hupu started as basketball news and commentary platform in 2004 and has grown and developed over the past few years. Currently, its business covers sports contents, sports marketing and e-commerce platform
Hupu, yet again, filed for an IPO in March 2019. According to the application form, the platform has more than 30 million registered users.
The platform has attracted young and middle-aged males, who are enthusiastic and willing to pay for several types of sports products.
ByteDance has entered several other fields and enriched its strategic arrangement. Currently, the Chinese internet heavyweight operates in finance, education, e-commerce, social software and several other.
Thanks to its huge user base and comprehensive service ecosystem, ByteDance's avenue of revenue is massive and it is the most valued start-up, according to Reuters.
Notably, ByteDance has a comprehensive ecology of media products, including, among others, TopBuzz, News Republic, TikTok and BuzzVideo.
Investing in Hupu, ByteDance has further expanded its media empire.