Yixia Tech, the Beijing developer behind Chinese video blogging app Miao Pai, has raised $200 million in Series D funding from microblogging platform Weibo, Sequoia Capital, YG Entertainment, and other investors at a valuation of $1 billion.
Miao Pai, which lets users shoot, edit, and share 10 second videos, launched in late 2013 with help from Sina Weibo (the company spun off its microblogging service as Weibo before filing for an initial public offering in 2014). Before Tencent’s messaging app WeChat took off, Weibo was China’s dominant social media platform, and it is still one of the biggest and most influential, with 222 million monthly active users.
Weibo plans to partner with Yixia Tech on two new projects. The first is a new video product that will launch soon and the second is a $100 million fund for Miao Pai video contributors that will focus on traffic growth, co-branding, and advertising revenue share.
Yixia Tech’s other investors include Kleiner Perkins Caufield & Byers, Redpoint Ventures, and StarVC, which participated in a $50 million Series C round in 2014.