Jinri Toutiao (今日头条, literally translated as “today’s headlines”) is set to score $2 billion at a valuation of over $20 billion in a new round of funding, according to unnamed sources quoted by Reuters. The report stated that China’s leading news aggregation app may get a new investor to lead the round—US private equity firm General Atlantic. Both Toutiao and General Atlantic have yet to confirm the deal.

Toutiao may not be well known outside of China, but in the local market, it has been called the new BAT. The company experienced a rapid growth since its founding in 2012. At the end of 2016, Toutiao secured US$ 1 billion in a series D round financing from investors including Sequoia Capital and CCB International, the investment arm of China Construction Bank. The funding raised its current valuation to US$ 11 billion.

The company is currently expanding its reach with its own news feed app or by investing in similar news aggregation platforms. Toutiao has so far entered North America where it acquired Flipagram, as well as Brazil, India, Indonesia, and Japan.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.