Bytedance is poised to overtake Uber and Didi Chuxing

Bytedance, which operates news and video-sharing apps in China and the west, is poised to overtake more established tech companies such as Uber and Didi Chuxing as it raises money at a valuation of up to $75 billion. A mix of first-time investors, such as SoftBank, and long-term holders General Atlantic, KKR and Sequoia are among the groups in talks to be part of Bytedance’s final funding round before an initial public offering as early as next year… Bytedance is seeking $3 billion in new money. The six-year-old Chinese start-up uses algorithms to serve readers personalised news streams in its hugely popular Jinri Toutiao app. It also owns the video-sharing apps Douyin, for the Chinese market, and TikTok, for overseas… If successful, the fundraising round would make Bytedance one of the most valuable start-ups in the world and almost double its valuation from its last round in 2017… Founded in 2012 by software engineer Zhang Yiming, Bytedance has staked its growth on artificial intelligence-powered apps that tailor user feeds containing news, music and videos of everything from cuddly cats to make-up tutorials. The group has also amassed a wealth of data from TikTok’s now 500 million users…

Emily Feng, Henny Sender and Louise Lucas