Social media music company Smule has raised $54 million in a financing round led by Chinese technology giant Tencent Holdings Ltd, which it will use to fuel international growth, the company said on Monday.
The deal will help San Francisco-based Smule expand its foothold in Asia and puts it on course for an initial public offering that could come as soon as within the next year and a half. Only a third of its users are in North America.
“We’ve seen significant growth in Southeast Asia in the past few years,” said Smule Chief Executive Jeffrey Smith. “(The region) is very important to the future of the internet, and we want to leverage some of the work that Tencent has done in China.”
Read Article: Reuters