Months after the funding rumor, NetEase Cloud Music, the music and radio arm of Chinese internet portal NetEase, announced that it has completed an A round worth RMB 750 million (approx. US$ 108 million). The round puts the company’s valuation at RMB 8 billion, boosting the company to unicorn status four years after its launch in 2013.

Chinese media conglomerate Shanghai Media Group (SMG) led the strategic investment, joined by Mango Cultural and Creative Industry Private Equity Fund, a fund established by Mango Media under the flagship of Hunan Broadcasting System, and CICC Jiatai Fund, the investment unit of China International Finance Company Limited.

The capital raised in this round will be mainly used for enhancing the user experience of the NetEase Cloud Music products, increasing investment on content, developing a healthy patent system and establishing a solution for the upstream and downstream music to provide the users with abundant resources of high quality music, introduced Zhu Yiwen, CEO of NetEase Cloud Music.

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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.