ByteDance are looking to raise $2 billion in funding that would raise the TikTok parent’s valuation to an incredible $180 billion.
Beijing based ByteDance have had a tumultuous year that has seen their app TikTok reach astronomical levels of worldwide popularity but also found them in conflict with India and the U.S.. Despite the ban of their biggest asset in India and an ongoing conflict with Trump and the U.S., the company aren’t dissuaded from expanding.
New reports suggest that ByteDance are in discussions with a group of investors to raise a whopping $2 billion in funding. The terms for the funding round are open to change but are said to involve investors Sequoia.
ByteDance’s most recent valuation put them at $140 billion but this new funding could raise them to a value of $180 billion. Should they choose to advance with the round then it should be easy to find the investors, ByteDance are in a very strong position globally. TikTok and it’s Chinese equivalent – Douyin – are huge, not to mention their other popular apps like Resso.
Last year ByteDance generated $17 billion in revenue, that’s more than YouTube’s total ad-revenue. Yes, more than YouTube! Their social apps have made a huge influence and are only growing, even in spite of conflicts in certain territories.