Kuaikan Secures $240 Million in Funding, Setting Single-Round Record for Comics Industry
On August 23, Kuaikan, the largest comics platform in China, announced the completion of a $240 million financing deal, with investors including CCB International, One Store, Tencent, Coatue and Tiantu Capital. This is the company’s largest single round of financing so far, which has once again set a new record in terms of financing amount for the comics industry.
Meanwhile, Chen Anni, founder and CEO of Kuaikan, released the app’s latest user data in an internal email. The platform currently has over 340 million total users – 90%-94% of whom hail from Generation Z – and nearly 50 million monthly active users, setting a record high.
With the completion of this round of financing, the company has launched its “Double Billion” program to support content creation. As part of the initiative, the firm will invest 1 billion yuan ($154 million) to support original comic businesses over the next three years, and will invest another 1 billion yuan in the production of comic series with various partners. At the same time, it also aims to provide programs to train community users and help them to become mature creators.
Kuaikan, established in 2014, is the top comics platform in China, with more active users than thesum of the second to sixth in the market, and with a market share of over 50%. Its comic business has already achieved profitability and its total revenue has maintained an annual growth of more than 50%.
On August 5 this year, “Kuaikan Manhua” was officially upgraded to “Kuaikan,” and the firm also announced the creation of a “Super New Generation Z” community. This group refers to a generation born after 2000 and younger than Generation Z. They are not only happy to enjoy existing products, but also willing to create.