Chinese Video App Miaopai Receives $200 Million Funding

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The Chinese video app Miaopai, which has been dubbed the Chinese version of Vine, has received 200 million US dollars' worth of funding. Investors include the hugely popular Chinese social network Weibo, its parent company Sina, the venture capital firm Sequoia Capital, and YG Entertainment. The investment takes Miaopai's total value to over 1 billion US dollars. Miaopai has 5 million daily active users who watch a combined total of 510 million videos every day. Around 1 million videos are uploaded to the platform every day. It is thought the investment will help fund a project between Miaopai and Weibo to create a Periscope-like live streaming functionality. Miaopai's biggest competitor in the Chinese video app space is Tencent-owned Weishi. Vine is blocked in the country. 

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