Chinese news reading app Toutiao secured US$ 1 billion in a series D round financing at the end of 2016 from investors including returning backer Sequoia Capital and CCB International, the investment arm of China Construction Bank, local media is reporting (in Chinese).

The Flipboard-like news aggregator app has developed rapidly since its establishment in 2012. The current round was reportedly received at a whopping 11 billion USD market valuation, more than 20 times higher than the 500 million USD valuation it got when receiving 100 million USD C round more than two years ago.

Interestingly, the news added that Liu Zhen, SVP of Toutiao, is behind the deal. Liu Zhen, a cousin of Didi Chuxing’s president Liu Qing, previously worked as SVP of Uber China to oversee corporate strategy. She joined Toutiao in October 2016 after the Didi and Uber China merger.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.