Chinese mobile Internet security company Cheetah Mobile announced that its live show subsidiary Live.me Inc signed a USD60 million fund raising agreement.
Cheetah Mobile currently holds a 90% stake in Live.me.
Investors in this round that closed on April 28, 2017 include Matrix Partners China, Evolution Media China, Gobi Partners, IDG Capital, Welight Capital, and Cheetah Mobile. On the completion of the transaction, Cheetah Mobile will directly hold about 70% shares of Live.me and continue to be the controlling shareholder.
Live.me was launched in the U.S. in April 2016 and is now one of the many social networking products used among American young people. After its U.S. launch, Live.me returned to Asia and is providing services in Taiwan, Japan, and Indonesia.