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- Kuaikan Manhua
Kuaikan Manhua Revenue, Valuation, Funding & Investors
Kuaikan Manhua is valued at $1.3B as of August 2021, a 25.0x multiple on its last reported $50M revenue.
Last Kuaikan Manhua valuation
$1.3B
Series F · Aug 2021
Last Kuaikan Manhua funding round
$240M
Series F · Aug 2021
Kuaikan Manhua revenue
$50M
Series F · Aug 2021
Key investors in Kuaikan Manhua
Tencent
Coatue
Sequoia Capital
Tiantu Capital
CMC Capital Group
Xianghe Capital
About Kuaikan Manhua
Kuaikan Manhua is a Shanghai-based online comics platform founded in 2014 targeting young readers with original digital artwork. It hosts thousands of titles in romance, action, and slice-of-life genres via app and website at www.kuaikanmanhua.com. Backed by Tencent, it dominates China's comic market and fosters creator communities.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$50M (Aug 2021)
Valuation
$1.3B (Aug 2021)
Kuaikan Manhua Valuation
Kuaikan Manhua is currently valued at $1.3B, based on its Series F in August 2021.
The $240M round included CCB International, Tencent, One Store and Coatue.
Kuaikan Manhua's valuation has grown 8.6x from $145M at its Series C in January 2017 to $1.3B in August 2021, across 2 priced rounds.
Kuaikan Manhua valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2021 | Series F | $1.3B | 25.0x |
| Jan 2017 | Series C | $145M | - |
Kuaikan Manhua Revenue
Kuaikan Manhua's latest recorded revenue is $50M, as of its Series F in August 2021. At a $1.3B valuation, that implies a 25.0x revenue multiple.
Kuaikan Manhua revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $50M | $1.3B | 25.0x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Kuaikan Manhua Funding History
Kuaikan Manhua has raised a total of $594M across 5 funding rounds.
Kuaikan Manhua's first fundraising round was a $16M Series B in January 2015. The most recent completed round was a $240M Series F in August 2021.
Kuaikan Manhua funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series F | CCB International; Tencent; One Store; Coatue | $240M | $1.3B | Kuaikan Manhua is a leading Chinese digital comics platform founded in 2014, offering original online comic art through its app and website, with over 340 million registered users and 50 million monthly active users as of August 2021. It holds more than 50% market share in China's online comics industry and ranked first among comic apps with about 29 million MAUs in February 2021. The platform has turned profitable in its comics business and achieved over 50% year-over-year revenue growth in recent years, according to CEO Chen An’ni. On August 23, 2021, Kuaikan Manhua raised $240 million in its Series F funding round, the largest single-round deal in China's comics industry, at a post-money valuation of $1.25 billion, achieving unicorn status. Investors included new participants CCB International and One Store (investing ~$34.4M for ~3% stake per reports), alongside existing backers Tencent, Coatue Management, and Tiantu Capital. One report cited a RMB 8 billion (~$1.23B) post-round market value. Proceeds will support a RMB 2 billion (~$310M) investment in its content ecosystem, including RMB 1 billion each for subsidizing authors, producing animated adaptations, videos, and plays based on comics over the next three years. The company plans accelerated overseas expansion into Japan, South Korea, Southeast Asia, and beyond, leveraging partnerships with over 70 platforms in nearly 200 countries across 12 languages to generate revenue and grow its audience. Kuaikan operates in a growing global webcomics market projected to reach $11.12B by 2028 at a 6.1% CAGR, driven by internet penetration and comic popularity. It competes in China's intensifying online entertainment sector, with prior investments from Tencent ($125M in 2019), ByteDance, and Sequoia Capital China, positioning it as the top domestic player amid international benchmarks like Kakao's $510M Tapas acquisition. |
| Aug 2019 | Series E | Tencent (lead) | $125M | - | Kuaikan Manhua is a China-based mobile platform founded in 2014, serving as an online comic art repository and marketplace where artists upload original works that users can pay for and view via the app. By August 2019, it had over 200 million registered users and 40 million monthly active users, with 50% born after 2000, benefiting from the rise in online fan fiction and expanding into visual games, painting, and handwriting exhibitions. The platform positions itself as a 'comics supermarket,' generating original content, promoting writers, and organizing contests, amid a Chinese manhua market estimated at CNY 175 billion (USD 24.42 billion) in 2018, up 13.7% year-over-year. On August 27, 2019, Kuaikan Manhua raised $125 million in a strategic round from Tencent, marking Tencent's reinvestment as an existing backer and bringing total funding past $350 million. This followed a $177 million Series D in December 2017 led by Coatue Management, a $36 million Series C in January 2017 led by Tiantu Capital at a $144 million valuation with participation from Bytedance's Toutiao, Sequoia Capital, GX Capital, and Engage Capital, and earlier rounds including a 2012 Tencent investment and $14 million Series B. Funds from the 2019 round were allocated to upgrading AI and big data technologies, product development, headcount expansion, and leveraging Tencent's AI and animation industry connections. By 2021, Kuaikan raised $240 million in its largest-ever round for China's online comics industry, backed by Tencent, Coatue, Tiantu, newcomers CCB International and South Korea's One Store (investing ~RMB 223 million for ~3% stake), valuing the company at around RMB 8 billion post-round. Proceeds focused on content ecosystem growth, including RMB 2 billion in author subsidies and animated adaptations. CEO Chen An’ni noted the comics business had turned profitable with over 50% revenue growth in recent years, and in February 2021, it ranked first among comic apps with 29 million MAUs. Kuaikan leads China's competitive e-comics sector against players like Naver Webtoon. |
| Dec 2017 | Series D | Coatue (lead); Xianghe Capital; CMC Capital Group | $177M | - | Kuaikan Manhua, an original Chinese comic platform founded in 2014 under Kuaikan World (Beijing) Technology Co., completed a USD177 million Series D financing in early December 2017, led by Coatue Management with participation from China Media Capital (CMC Capital Group), Xiang He Capital, and others. The platform had previously raised nearly CNY400 million across three earlier rounds, including a CNY250 million Series C. At the time, it ranked as the top comic app in China with 130 million total users, mostly born after 1995, and over 30 million monthly active users. Proceeds were earmarked for building the comic upstream industry chain and cultivating authors, with plans to invest CNY500 million over three years starting in 2018 to develop an author service system, top content, and comic stars. China's animation market reached USD22.5 billion (CNY150 billion) in 2017, driven by comics as the primary reading format for younger generations. Kuaikan Manhua operated in a competitive e-comics sector, later becoming a leading digital content hub for Chinese comics readers. Subsequent rounds included $125 million from Tencent in 2019 and a $240 million Series F in August 2021 from investors like Tencent, Coatue, and others. By 2021, Kuaikan Manhua claimed its comics business had turned profitable with over 50% revenue growth in recent years and around 29 million monthly active users. The company has invested in content ecosystem expansion, including RMB2 billion for author subsidies and animated adaptations post-Series F. |
| Jan 2017 | Series C | Tiantu Capital (lead); Engage Capital; GX Capital; Sequoia Capital; Toutiao | $36M | $145M | Kuaikan Manhua is an online and mobile platform for original online comic artwork targeting young readers in China, founded in 2014 by Chen Anni. The platform distributes light comics optimized for fragmented reading, with users averaging about 40 minutes of daily usage according to company data. The Series C funding round of $36 million (250 million yuan) was led by Tiantu Capital and included participation from Sequoia Capital, GX Capital, Engage Capital, and Toutiao.com, completed in October 2016 and announced January 10, 2017. The round valued the Beijing-based company at approximately $1 billion. Proceeds were designated for cooperation with external content partners to build self-published content, supplementing the platform's original focus on light comics for the youth market. By the time of this round, the company had grown from 40 employees to over 100 people and moved to larger office space at Wangjing Soho. Kuaikan Manhua had previously raised 100 million yuan (approximately $14 million) in Series B funding in 2015, establishing itself as a leading platform in China's emerging digital comics market, which was government-encouraged as part of the country's animation and comics content industry development. |
| Jan 2015 | Series B | - | $16M | - | - |
Who has invested in Kuaikan Manhua?
11 investors have backed Kuaikan Manhua across its funding rounds, including Tencent, Coatue, Sequoia Capital, Tiantu Capital, CMC Capital Group and Xianghe Capital.
Lead investors include Tencent, Coatue and Tiantu Capital.
Kuaikan Manhua Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Aug 2019 | ||
| 2 | Lead | Dec 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Dec 2017 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Dec 2017 | ||
This data is available for Pro users. Sign up to see all 11 Kuaikan Manhua investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by Kuaikan Manhua
Kuaikan Manhua has invested in 1 company to date.
Latest investment by Kuaikan Manhua was on November 5th 2018. Kuaikan Manhua invested in Lunar Eclipse in their $900K Series A round.
Latest Investments by Kuaikan Manhua
| Description | Lunar Eclipse is a media and entertainment company producing content for digital distribution. The firm develops podcasts, short-form videos, and live events centered on music, comedy, and lifestyle genres. Projects launch on YouTube, Spotify, and TikTok platforms targeting millennial and Gen Z audiences. |
| HQ Country | |
| HQ City | Chengdu |
| Deal Date | 5 Nov 2018 |
| Round | Series A |
| Raised | $900K |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Kuaikan Manhua investments and their VC round multiples. Start Free Trial | |
Kuaikan Manhua Competitors
Kuaikan Manhua competitors include listed companies like Saregama India and Kadokawa, and private ones like RIDI, Substack, NewsBreak and Pocket FM.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $157M | - | $1.3B | 8.3x | ||
| Private | $50M | - | $1.1B | 22.0x | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $100M | $36M | $979M | 8.6x | ||
| Private | $150M | - | $750M | 5.0x | ||
| Publicly listed | $1.8B | $136M | $3.5B | 1.6x |
Kuaikan Manhua Public Comps
Kuaikan Manhua is still privately-owned, but its public comps include SRMG, Inmyshow Digital, New Guomai Digital, Alma Media, Changjiang Publishing, Trustpilot Group, Webtoon, FuboTV, iQIYI and MNC Digital Entertainment.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $713M | ($10M) | 2.1x | 1.8x | (154.7x) | 29.4x | |||
| $582M | $22M | 2.0x | 1.9x | 54.7x | - | |||
| $271M | $8M | 4.0x | - | 131.5x | - | |||
| $377M | $110M | 3.8x | 3.7x | 13.1x | 11.6x | |||
| $1.1B | $154M | 0.8x | - | 5.5x | - | |||
| $261M | $27M | 4.3x | 3.8x | 42.0x | 22.6x | |||
| $1.4B | ($373M) | 0.6x | 0.6x | (2.4x) | 37.6x | |||
| $1.6B | ($122M) | 1.9x | 0.5x | (25.2x) | 23.6x | |||
This data is available for Pro users. Sign up to see all Kuaikan Manhua competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Kuaikan Manhua
| When was Kuaikan Manhua founded? | Kuaikan Manhua was founded in 2014. |
| Where is Kuaikan Manhua headquartered? | Kuaikan Manhua is headquartered in Beijing, China. |
| Is Kuaikan Manhua publicly listed? | No, Kuaikan Manhua is a private, VC-backed company. |
| What is Kuaikan Manhua's valuation? | Kuaikan Manhua was last valued at $1.3B in its Series F in August 2021. |
| How much funding has Kuaikan Manhua raised? | Kuaikan Manhua has raised $594M across 5 funding rounds. |
| What was Kuaikan Manhua's last funding round? | Kuaikan Manhua's last funding round was a $240M Series F in August 2021. |
| Who are Kuaikan Manhua's investors? | Kuaikan Manhua's investors include Tencent, Coatue, Engage Capital, Xianghe Capital, CCB International, GX Capital, One Store, Sequoia Capital, CMC Capital Group, Tiantu Capital and 1 other. |
| What is Kuaikan Manhua's revenue? | Kuaikan Manhua's latest recorded revenue is $50M (August 2021). |
| What is Kuaikan Manhua's revenue multiple? | Kuaikan Manhua's latest valuation implies a 25.0x revenue multiple ($1.3B valuation on $50M of revenue). |
| Which companies are comparable to Kuaikan Manhua? | Companies comparable to Kuaikan Manhua include RIDI, Substack, NewsBreak, Saregama India, Pocket FM and Kadokawa. |
| How many companies has Kuaikan Manhua invested in? | Kuaikan Manhua has invested in 1 company, including Lunar Eclipse. |
| What was Kuaikan Manhua's last investment? | In November 2018, Kuaikan Manhua invested in Lunar Eclipse's $900K Series A. |
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