Owner of #Chinese News Aggregator #Toutiao Seeks $10 Billion Valuation – #Tech #Innovation

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Parent company Bytedance is aiming to buck a trend of slowdown in start-up invesment.The owner of Toutiao, a popular news aggregation app in China, is seeking a valuation of more than $10 billion, bucking a trend of slowing investment in the start-up industry, the Wall Street Journal reports.The app’s parent company, Beijing Bytedance Technology, seeks to raise about $1 billion in its latest round, according to the Journal. The fresh valuation marks rapid progress for the company, which was worth only $500 million in 2014.It also indicates an uptick in start-up backing; venture capital investment in the industry fell 14% to $24.1 billion globally in the third quarter, the Journal reports, the lowest for that quarter since 2014.

Source: Owner of Chinese News Aggregator Toutiao Seeks $10 Billion Valuation

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