SINGAPORE - 06/05/2018 (PRESS RELEASE JET)
BIGO announces that it has completed its Series D financing round as of this evening with YY Inc. (NASDAQ:YY) ("YY" or the "Company"), a leading live streaming social media platform in China, further investing US$272 million in the series D preferred shares as the lead investor. YY is an existing shareholder of BIGO and has become its largest shareholder after the series D financing. In addition, YY has obtained a right, exercisable after the first anniversary of the closing date, to purchase additional Bigo shares at the then fair market price to exceed 50.1% of the voting power in BIGO. Together with YY, other investors also participated in the series D financing, including Mr. David Xueling Li, Chairman and acting CEO of YY, who invested in Bigo using his personal funds.
BIGO is a fast-growing global video-based social media platform. Headquartered in Singapore, BIGO owns BIGO LIVE, a leading global live streaming platform, recently just launched Cube TV a mobile gaming live streaming platform focused on mobile gaming, Like, a short form video editing and sharing platform. BIGO has created a video-based online community for global young generation users of over 200 million registered users. It has established footprints with a strong presence in emerging markets such as South-Eastern Asia, Southern Asia and the Middle East, with over more than 20 local offices globally, paving the way for further global expansion.
CEO David Li, founded BIGO LIVE inMarch 2016 and headquartered inSingapore. BIGO LIVE is a mobile Internet company focused on live streaming technology and platform services. And is committed to build a leading global social video broadcast community. BIGO LIVE has over 200 million users globally in over 20 countries and regions and is currently the market leader in the industry.It is also the fastest growing live platform.
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