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- Miaopai
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Nov 2016 | Series E | $3B |
| Nov 2015 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2016 | Series E | SINA Corporation (lead); Weibo (lead); Sailing Capital; iDreamSky Tech Holdings; Shanghai Media Group; Axiom Asia Private Capital; China Everbright | $500M | $3B | Yixia 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 2015 | Series D | Weibo (lead); YG Entertainment; HSG | $200M | $1B | Yixia 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 2014 | Series C | Kleiner 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 2013 | Series B | SINA 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Aug 2013 | ||
| 2 | Participant | Aug 2013 | ||
| 2 | Lead | Nov 2015 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Participant | Nov 2015 | ||
| 1 | Lead | Sep 2014 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Participant | Aug 2013 | ||
| 1 | Participant | Nov 2016 | ||
This data is available for Pro users. Sign up to see all 14 Miaopai investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialMiaopai Competitors
Miaopai competitors include listed companies like Life360, Strive and Grindr, and private ones like ByteDance, Strava and Kakao Japan.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $186B | - | $480B | 2.6x | ||
| Publicly listed | $489M | $32M | $3.3B | 5.0x | ||
| Publicly listed | $4M | ($21M) | $2.7B | 316.5x | ||
| Publicly listed | $440M | $145M | $2.7B | 6.0x | ||
| Private | $500M | - | $1.5B | 3.0x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $489M | $32M | 6.4x | 5.0x | 97.0x | 25.6x | |||
| $4M | ($21M) | 878.1x | 316.5x | (149.8x) | (64.9x) | |||
| $440M | $145M | 7.0x | 6.0x | 21.1x | 13.8x | |||
| $101M | ($78M) | 39.2x | 19.4x | (50.8x) | (70.5x) | |||
| $4M | ($723M) | 673.6x | - | (3.4x) | - | |||
| $575M | $137M | 3.0x | 2.6x | 12.5x | 9.6x | |||
| $2.1B | $160M | 1.2x | 1.1x | 16.3x | 11.2x | |||
| $1B | $154M | 1.3x | 1.1x | 8.6x | 6.0x | |||
This data is available for Pro users. Sign up to see all Miaopai competitors and their valuation data. Start Free Trial | ||||||||
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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