Miaopai, a short-video sharing app Weibo invested in, announced that it raked in US$50 million of Series C financing led by KPCB with participation of Sina, Redpoint Ventures and StarVC. After this funding, Zhou Wei, KPCB partner who is also the investor of JD, will join Miaopai’s board of directors.
Miaopai, formerly known as Xuanyixia before it launched in-depth cooperation with Weibo last year, has raised angel investment from Morningside Ventures, millions of dollars in Series A funding led by Redpoint Ventures and US$25 million in Series B from existing investors last year.
As a Vine-like service, Miaopai allows users to shoot up to ten seconds of video, and then edit or add frames to the video clips before sharing them to friends. In addition to one-click editing function for different themes, Miaopai lets you experiment with filters, music, texts, etc. The face-recognition and 3D virtual background functionalities will be added in future updates. The app now supports Weibo and QQ account login.
Miaopai claimed more than 20 million users as of present. To promote the service, the company has invited hundreds of celebrities to use Miaopai since its launch in August last year. One investor of this round StarVC is founded by three Chinese A-liters of Li Bingbing, Huang Xiaoming and Ren Quan. The backing of celebrities is expected to improve the branding and attract more users for the company.
image credit: Miaopai