Chinese Tinder clone Tantan raises $70 million US
27 Jun 2017
The popular Chinese dating app Tantan, which claims over 60 million users, secured $70 million U.S. in fresh capital in a series D funding round led by video social network YY and Genesis Capital, with participation from SAIF China and Zhongwei Fund.
Atlanta-based Genesis Capital has been making inroads into China over the past year. Back in May, it participated in the series B funding round for Baidu and Tencent-backed “Uber for trucks” unicorn, Huochebang.
Zhongwei Fund is a healthcare-focused investment fund.
Tantan indicated that the investment would kick-start its attempts to start charging for its services, with the introduction of a monthly, fee-based VIP user option. The company gave no indications that the push for monetization would include a move into the kind of live-streaming technology that YY is well-known for.
“There’s no promise or plan to do that [i.e. live-streaming]. But, if at some point we are interested, [YY] has the tech stack and experience,” Tantan CEO Wang Yu told TechCrunch in an interview.
“One part is, because we [Tartan and YY] both believe the dating market is a huge opportunity in China right now, especially since Momo is moving away from it,” Wang added.
Momo Inc., which began as a dating app, is currently moving in the same direction as many companies in China, where entertainment, online broadcasting, and live-streaming have become en vogue as of late.
This new funding takes Tantan to $120 million U.S. raised from investors to date, according to Crunchbase. It had previously raised $32 million in a Series C round that was led by DST Global in May 2016.