HONG KONG (Reuters) – Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least $2 billion at a valuation of over $20 billion in its latest funding round, people familiar with the matter told Reuters.
The fundraising comes after the startup raised $1 billion at a $11 billion valuation towards the end of 2016, according to two of the people.
U.S.-based private equity firm General Atlantic is among potential new investors and could be leading the round, one of them said.
Toutiao didn’t immediately respond to Reuters requests for comment. General Atlantic declined to comment.
The sources declined to be identified as the talks were not public.
Reporting by Kane Wu; Editing by Muralikumar Anantharaman