Beijing-based Kuaidian, a content platform that hosts alternative novels and drama videos, has raised almost USD 100 million from investors led by Sequoia Capital China, and joined by earlier backers GGV Capital and Morningside Venture Capital, according to a post on GGV’s official WeChat account on Tuesday.
Kuaidian, which was founded in 2017, features a highly interactive online community with novel readers and authors. Unlike traditional online novel platforms, users of the Kuaidian app can read pieces line by line, then click the phone screen for a new line to emerge—like checking a new message from a friend in an online chat—and leave comments, if they want.
In addition, users can also create their own novels or co-write with others, as well as play a role in a story and post the videos. The company has started rolling out visual dramas that are based on novels from the platform, one episode of which lasts for about one to five minutes.
Kuaidian, which has gained 5 million daily active users, will use the new funds to build its content ecosystem, improve its platform functions, and attract talent, according to GGV.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.