DotC United Raises $350m in Series B Funding
Summary
DotC United Group, a Shangai, China-based company dedicated to global development, operation and commercial monetization of mobile applications, raised $350m in Series B funding.Under the terms of the agreement, Zeus Entertainment (002354) agreed on the price of RMB2.215 billion to sell a 100% stock share of Avazu Inc., as investment to DotC United Group.After the completion of the round, Zeus Entertainment (002354) holds a 30.58% share in DotC United Group, which turns the company into the second largest shareholder of DotC United Group.In the meantime, the original shareholder Shi Yi being the actual controller of DotC United Group remains unchanged.By the end of March 2017, DotC United Group’s operational applications gained 450 million users worldwide.