TECHNODE – Aug 9 – China's top dating app Tantan announced on June that it has raised a $70M worth in a Series D, summing up its total accumulated fund to $120M. Tantan works through the location base service mechanism and matches users with a person that has been to the same place. On July 2015, Tantan's DAU was reportedly 250k, and today, Tantan's DAU reached ~6M. In the process of closing Series D investment, many investors wanted to join the round, and Tantan's financing round was oversubscribed by too much demand. To maintain the proportion of the founding team's shares, South Korea's renowned VC fund LB Investment sold some of their existing shares to two investors and achieved a partial exit.
by Eva Yoo
See full article at Technode
Summarized by the Courtland Brooks team