Miaopai Valuation, Funding & Investors

Miaopai is valued at $3B as of November 2016.

Last Miaopai valuation

$3B

Series E · Nov 2016

Last Miaopai funding round

$500M

Series E · Nov 2016

Cumulative funding Miaopai raised

$775M

across 4 funding rounds

Key investors in Miaopai

  • SINA Corporation
  • Redpoint
  • Weibo
  • HSG
  • Kleiner Perkins
  • Morningside

Miaopai Overview

About Miaopai

Miaopai is a Beijing-headquartered developer of mobile applications for short video sharing and editing. Its core app allows users to record, customize, and upload 15-second clips with filters, music, and effects, integrated with Sina Weibo for wider distribution. Acquired by Yixia Technology in 2015, Miaopai supports live streaming and community challenges. The platform originated from Xuanyixia Technology founded in 2011 by Chan Sheng and Han Kun, establishing a presence in China's social video market.


Founded

2011

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C

Revenue model

Advertising

Valuation

$3B (Nov 2016)

Miaopai Valuation

Miaopai is currently valued at $3B, based on its Series E in November 2016.

The $500M round was led by SINA Corporation and Weibo, with participation from Sailing Capital, iDreamSky Tech Holdings, Shanghai Media Group, Axiom Asia Private Capital and China Everbright.

Miaopai's valuation has grown 3.0x from $1B at its Series D in November 2015 to $3B in November 2016, across 2 priced rounds.

Miaopai valuation by funding round

Miaopai valuation by funding round
DateStageValuation
Nov 2016Series E$3B
Nov 2015Series D$1B

Miaopai Funding History

Miaopai has raised a total of $775M across 4 funding rounds.

Miaopai's first fundraising round was a $25M Series B in August 2013. The most recent completed round was a $500M Series E in November 2016.

Miaopai funding rounds

Miaopai funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2016Series ESINA Corporation (lead); Weibo (lead); Sailing Capital; iDreamSky Tech Holdings; Shanghai Media Group; Axiom Asia Private Capital; China Everbright$500M$3BYixia Tech, the parent company of short-form video platform Miaopai, raised $500 million in a Series E funding round in November 2016, with Weibo investing $120 million and other participants including Sina Corporation, Shanghai Media Group, and others matching the query investors. Miaopai, launched in 2013 under Sina, enables short video publishing and sharing similar to Vine, with added livestreaming features, and had grown its user base from 5 million to 70 million active users by late 2016, alongside apps like Xiaokaxiu and Yizhibo. The prior Series D round in November 2015 raised $200 million at a $1 billion valuation, led by Weibo with participation from Sequoia Capital and YG Entertainment. Yixia CEO Han Kun publicly displayed the $500 million round size at a press event. Weibo, which co-launched streaming with Miaopai and had invested cumulatively $190 million by this point, did not take revenue cuts from Miaopai or Yizhibo at the time. Miaopai generated over 1.5 million daily video uploads and up to 2.5 billion daily views, with 90% of traffic from Weibo users, contributing to key opinion leaders (KOLs) like Papi with 25 million followers. By late 2017, QuestMobile reported Miaopai at over 310 million active users, topping short video apps. The round occurred amid a boom in China's short video and live streaming market, boosting Weibo's performance in 2016.
Nov 2015Series DWeibo (lead); YG Entertainment; HSG$200M$1BYixia Technology, the Beijing-based developer of the short-video app Miaopai (also spelled MiaoPai), raised $200 million in a Series D funding round in late November 2015, led by Weibo with participation from Sequoia Capital, YG Entertainment, and others, at a post-money valuation of $1 billion. Miaopai, launched in 2013, allows users to create, edit, and share 10-second videos with features like filters, music, and text overlays, competing in China's burgeoning mobile video space. The round brought Yixia's total funding to over $275 million, following prior rounds including a $50 million Series C in September 2014 led by Kleiner Perkins Caufield & Byers with Sina, Redpoint Ventures, and StarVC, a $25 million Series B in 2013, and earlier angel and Series A investments from Morningside Ventures, Redpoint, and Weibo. As part of the deal, Weibo partnered with Yixia on a new video product and a $100 million fund to support Miaopai contributors in traffic growth, co-branding, and advertising revenue sharing. By late 2014, Miaopai had claimed over 20 million users and leveraged celebrity endorsements from figures like Li Bingbing, Huang Xiaoming, and Ren Quan via StarVC to boost branding and user acquisition. The app integrated with Weibo and QQ for login and sharing, positioning it as a Vine-like service in China amid rising short-video popularity before platforms like Douyin emerged. Yixia also operated Xiaokaxiu, another short-clip app with music accompaniment. The investment aligned with Weibo's strategy to bolster video content amid competition from Tencent's WeChat, with Weibo maintaining over 222 million monthly active users at the time.
Sep 2014Series CKleiner Perkins (lead); StarVC; Redpoint; Ren Quan Ventures; SINA Corporation$50M-Miaopai, developed by Yixia Technology, is a China-based short-video sharing app launched in 2013 that enables users to create, edit, and share 10-second videos, similar to Vine. It gained traction with over 20 million users by September 2014, attracting celebrities to boost branding and user growth. The app was backed early by Weibo (part of Sina), which provided initial funding, followed by Series A from Redpoint Ventures and $25 million Series B in 2013 from existing investors including Sina Weibo and Morningside Ventures. In September 2014, Miaopai raised $50 million in a Series C round led by Kleiner Perkins Caufield & Byers (KPCB), with participation from Sina, Redpoint Ventures, and StarVC (founded by Chinese celebrities Li Bingbing, Huang Xiaoming, and Ren Quan). KPCB partner Zhou Wei joined the board post-investment. Subsequently, Yixia Technology raised $200 million Series D in November 2015 led by Weibo at a $1 billion valuation, bringing total funding over $275 million. Investors included Sequoia Capital and YG Entertainment. Yixia also operates Xiaokaxiu for music-accompanied clips and partnered with Weibo on a $100 million fund for mobile video startups and MiaoPai contributors focused on branding, ads, and traffic.
Aug 2013Series BSINA Corporation (lead); Redpoint; Morningside$25M-Miaopai, operated by Beijing-based Xuan Yixia Technology (also known as Yixia Tech), is a mobile short-video sharing app similar to Vine, allowing users to shoot, edit, and share 10-second videos with features like filters, music, texts, and planned face-recognition. Launched in August 2013, it integrated with Weibo and QQ for login and promoted via hundreds of celebrities to build its user base, claiming over 20 million users by September 2014. The company raised angel funding from Morningside Ventures, Series A led by Redpoint Ventures, and a $25 million Series B round around August/September 2013 from existing investors including SINA Corporation (then tied to Sina Weibo), Morningside, and Redpoint. Subsequent rounds included a $50 million Series C in September 2014 led by Kleiner Perkins Caufield & Byers (KPCB) with Sina, Redpoint, and StarVC; a $200 million Series D in November 2015 led by Sina/Weibo with Sequoia Capital and YG Entertainment at a $1 billion valuation; and a $500 million Series E boosting valuation to $3 billion. Sina invested cumulatively around $190-225 million by later rounds. Later traction showed 70 million active users for Miaopai and Xiaokaxiu with 1.5 million daily uploads and 2.5 billion views by circa 2016.

Who has invested in Miaopai?

14 investors have backed Miaopai across its funding rounds, including SINA Corporation, Redpoint, Weibo, HSG, Kleiner Perkins and Morningside.

Lead investors include SINA Corporation, Weibo and Kleiner Perkins.


Miaopai Investors

Investors in Miaopai by funding rounds participated
InvestorHQRoundsRoleFirst check
SINA CorporationChinaBeijing3LeadAug 2013
RedpointUnited StatesSan Francisco, CA2ParticipantAug 2013
WeiboChinaBeijing2LeadNov 2015
StarVCChinaBeijing1ParticipantSep 2014
Ren Quan VenturesChinaBeijing1ParticipantSep 2014
YG EntertainmentSouth KoreaSeoul1ParticipantNov 2015
Kleiner PerkinsUnited StatesSan Francisco, CA1LeadSep 2014
Sailing CapitalHong KongHong Kong1ParticipantNov 2016
iDreamSky Tech HoldingsChinaChina1ParticipantNov 2016
Shanghai Media GroupChinaShanghai1ParticipantNov 2016
MorningsideUnited StatesBoston, MA1ParticipantAug 2013
Axiom Asia Private CapitalSingaporeSingapore1ParticipantNov 2016

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Miaopai Competitors

Miaopai competitors include listed companies like Life360, Strive and Grindr, and private ones like ByteDance, Strava and Kakao Japan.

Public and private companies comparable to Miaopai
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ByteDanceChinaBeijingPrivate$186B-$480B2.6x
Life360United StatesUnited StatesPublicly listed$489M$32M$3.3B5.0x
StriveUnited StatesUnited StatesPublicly listed$4M($21M)$2.7B316.5x
GrindrUnited StatesUnited StatesPublicly listed$440M$145M$2.7B6.0x
StravaUnited StatesSan Francisco, CAPrivate$500M-$1.5B3.0x
Kakao JapanJapanTokyoPrivate--$7.3B-

Miaopai Public Comps

Miaopai is still privately-owned, but its public comps include Life360, Strive, Grindr, RUM Group, Trump Media & Technology Group, Meitu, JOYY, Newborn Town, Opera and mixi.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Life360$489M$32M6.4x5.0x97.0x25.6x
Strive$4M($21M)878.1x316.5x(149.8x)(64.9x)
Grindr$440M$145M7.0x6.0x21.1x13.8x
RUM Group$101M($78M)39.2x19.4x(50.8x)(70.5x)
Trump Media & Technology Group$4M($723M)673.6x-(3.4x)-
Meitu$575M$137M3.0x2.6x12.5x9.6x
JOYY$2.1B$160M1.2x1.1x16.3x11.2x
Newborn Town$1B$154M1.3x1.1x8.6x6.0x

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Common questions about Miaopai

When was Miaopai founded?Miaopai was founded in 2011.
Where is Miaopai headquartered?Miaopai is headquartered in Beijing, China.
Is Miaopai publicly listed?No, Miaopai is a private, VC-backed company.
What is Miaopai's valuation?Miaopai was last valued at $3B in its Series E in November 2016.
How much funding has Miaopai raised?Miaopai has raised $775M across 4 funding rounds.
What was Miaopai's last funding round?Miaopai's last funding round was a $500M Series E in November 2016, led by SINA Corporation and Weibo.
Who are Miaopai's investors?Miaopai's investors include SINA Corporation, Redpoint, Weibo, StarVC, Ren Quan Ventures, YG Entertainment, Kleiner Perkins, Sailing Capital, iDreamSky Tech Holdings, Shanghai Media Group and 4 others.
Which companies are comparable to Miaopai?Companies comparable to Miaopai include ByteDance, Life360, Strive, Grindr, Strava and Kakao Japan.

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