Bytedance, the Chinese company which owns short video app Douyin (TikTok) and news app Jinri Toutiao, has been valued as the world’s largest internet startup.
The valuation follows a funding round which attracted investors such as Softbank Group, KKR & Co., General Atlantic and Primavera Capital Group and is reported to have raised $3bn.
According to media reports, the company is now valued at $75bn, which makes it more valuable that Uber, which is currently valued at $72bn. The valuation makes it the largest for a private start-up.
Bytedance plans to use the investment to continue to drive its growth globally as well as to expand into new business areas.
Bytedance owns the hugely popular Chinese news app Jinri Toutiao, which attracts more than 200 million users and recently announced plans to launch an e-commerce app to take on Chinese giants Alibaba and JD.com.
Bytedance also owns the short video app Douyin, which is known as TikTok outside of China. The short video app was downloaded 45.8 million times in the first quarter of 2018 and topped the Apple App Store’s global non-game download chart, pushing YouTube and What’s App to second and third place, respectively.