Blued closes US$100 million in Series D funding to support global expansion
BEIJING, March 12, 2018 /PRNewswire/ -- Blued, a social platform for gay communities worldwide, recently announced that it has closed US$100 million in Series D funding led by CDH. UG Capital participated in the round.
Blued is a China-based gay social network app. Users can check out profiles and updates of other users in their vicinity and send text and voice messages as well as photos or videos to other users of the network in whom they have an interest. Live broadcasts and games are also available via the app.
As of February 2018, Blued had closed a Series D funding round, the firm's seventh. The free app now counts 40 million registered users from over 193 countries and regions worldwide, with users outside of China accounting for 30 percent of the total. In addition to providing socializing services for gay communities, the firm actively participates in HIV/AIDS prevention and awareness efforts, and has successfully engaged in dozens of public welfare programs with many international organizations.
Blued CEO Geng Le said that, during 2017, the firm had experienced explosive growth in terms of live streaming, mobile marketing, games and healthcare education, spurred by its industry leadership and strong growth in international markets. Blued plans to use the new funding for upgrades and optimization of products and services, in a move to become a diversified platform engaged in vertical socializing, entertainment and healthcare education. The plan will focus on three strategic areas:
- Optimization of the users' socializing experience. Blued expects to see a continuation in the expansion of the user base, thanks to new social experience and entertainment scenarios that have become possible as a result of live streaming. The firm also plans to diversify the user experience by launching video and AI-based photo socializing features. The average number of monthly active users (MAU) is expected to reach new highs in tandem with an expected increase in associated revenue.
- Continued expansion outside of China. Already well established as a market leader in Southeast Asia, Blued will continue its expansion into Latin America, Europe and the US.
- Emphasis on prevention of HIV/AIDS and on contributions to social causes. Blued, previously a public interest organization, has been always committed to engaging in public welfare programs. The firm has cooperated with government authorities, social organizations and international groups to improve the public healthcare system, and to raise the awareness of and prevent AIDS and HIV-related diseases.
Mr. Geng explained that, on the heels of the new funding, Blued will continue exploring new technologies for the prevention and control of HIV/AIDS, while increasing investment in public welfare undertakings for prevention of the disease as well as engaging in other social causes, in a move to contribute to the harmonious development of China's economy, culture and society.
SOURCE Blued
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