Panda TV Valuation, Funding & Investors

Panda TV is valued at $360M as of September 2016.

Last Panda TV valuation

$360M

Series A · Sep 2016

Last Panda TV funding round

$145M

Series B · May 2017

Cumulative funding Panda TV raised

$243M

across 2 funding rounds

Key investors in Panda TV

  • ZhenFund
  • Working Capital
  • Hanfor (Beijing) Capital Management
  • Bright Stone
  • LeCloud

Panda TV Overview

About Panda TV

Panda TV was a Shanghai-based online video streaming platform founded in 2015 that focused on live broadcasting of video games and esports content, letting users stream and watch live gameplay. Backed by investors including LeCloud and Qihoo 360, it grew rapidly to claim over 80 million monthly active users and 150,000 active presenters at its peak. The platform ceased operations around 2019 after failing to secure further financing amid intense competition in China's live-streaming market.


Founded

2015

HQ

ChinaChina

Website

panda.tv

Status

Privately held

Customer focus

B2C

Revenue model

Advertising

Valuation

$360M (Sep 2016)

Panda TV Valuation

Panda TV is currently valued at $360M, based on its Series A in September 2016.

The $97M round was led by LeCloud, with participation from ZhenFund.

Panda TV valuation by funding round

Panda TV valuation by funding round
DateStageValuation
Sep 2016Series A$360M

Panda TV Funding History

Panda TV has raised a total of $243M across 2 funding rounds.

Panda TV's first fundraising round was a $97M Series A in September 2016. The most recent completed round was a $145M Series B in May 2017.

Panda TV funding rounds

Panda TV funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2017Series BWorking Capital; Hanfor (Beijing) Capital Management; Bright Stone$145M-Panda TV was a China-based online video streaming platform founded in 2015 in Shanghai, specializing in live broadcasting of video games and eSports content. It enabled users to stream and watch live video, competing in the live streaming market backed by entities like LeCloud (a LeEco subsidiary) and Qihoo 360. The company raised multiple funding rounds prior to its shutdown. It secured approximately $3.2M in seed funding before launch, followed by a $54M Series A in 2016 led by LeCloud taking a 15% stake with other investors, and an undisclosed stake purchase by Qihoo 360. The specific Series B round in May 2017 raised $140M, led by Industrial Securities with participation from Bright Stone Investment Management, Hanfor (Beijing) Capital Management, and Lighthouse Capital Group (noted as Working Capital or similar in some references). Total disclosed funding reached $194M across rounds, including later investors like Zhongji Investment Holding and Woken Asset Management. Panda TV struggled post-2017, failing to secure further financing from five potential investors over two years. The company announced potential bankruptcy and ceased operations around 2019, posting a farewell image of its panda mascot, as reported by Sina News and esports outlets. COO Juyuan Zhang cited funding failures in an internal letter. Panda TV marked a notable failure in the Chinese live streaming and eSports sector amid intense competition.
Sep 2016Series ALeCloud (lead); ZhenFund$97M$360MPanda TV (熊猫直播), founded in July 2015 by Wang Sicong, son of Chinese billionaire Wang Jianlin, operated as a Shanghai-based live-streaming platform focused on e-sports and online entertainment, positioning itself to compete in the cash-intensive streaming sector with high costs for tournament rights, anchor salaries, and CDN fees. The company claimed over 80 million monthly active users and 150,000 active presenters by mid-2016. It progressed through early funding: an angel round of several million RMB in November 2015, followed by eight-digit RMB Series A and A+ rounds. Later in July 2017, Panda TV eyed a CNY3.6 billion (US$529 million) pre-IPO valuation via a fund, with post-IPO at CNY4.8 billion (US$706 million), but this was unrelated to the 2016 round. The platform aimed to expand into pan-entertainment but faced intense competition in China's live-streaming market dominated by deep-pocketed players like Tencent-backed Douyu.

Who has invested in Panda TV?

5 investors have backed Panda TV across its funding rounds, including ZhenFund, Working Capital, Hanfor (Beijing) Capital Management, Bright Stone and LeCloud.

Lead investors include LeCloud.


Panda TV Investors

Investors in Panda TV by funding rounds participated
InvestorHQRoundsRoleFirst check
ZhenFundChinaBeijing1ParticipantSep 2016
Working CapitalUnited StatesSan Francisco, CA1ParticipantMay 2017
Hanfor (Beijing) Capital ManagementChinaBeijing1ParticipantMay 2017

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Panda TV Competitors

Panda TV competitors include listed companies like Wirtualna Polska and WildBrain, and private ones like iQiyi Sports, Brut, Afraflix.com and Pocket FM.

Public and private companies comparable to Panda TV
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
iQiyi SportsChinaBeijingPrivate--$486M-
BrutFranceParisPrivate--$261M-
Afraflix.comCanadaTorontoPrivate--$226M-
Pocket FMIndiaIndiaPrivate$150M-$750M5.0x
Wirtualna PolskaPolandPolandPublicly listed$585M$102M$472M1.3x
WildBrainCanadaCanadaPublicly listed$375M$26M$245M1.0x

Panda TV Public Comps

Panda TV is still privately-owned, but its public comps include TVZone Media, m-up holdings, Sohu, Future plc, Value Line, Sichuan Newsnet Media, Cairo Communication, Xunlei, SOOP and So-Young.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TVZone Media$51M$6M7.3x-61.6x-
m-up holdings$204M$33M1.3x1.3x8.3x-
Sohu$584M($54M)----
Future plc$993M$254M0.8x0.9x3.2x3.4x
Value Line$33M$29M8.5x-10.0x-
Sichuan Newsnet Media$46M$14M7.0x-22.5x-
Cairo Communication$1.2B$192M0.7x0.7x4.4x4.1x
Xunlei$460M$28M0.2x-3.3x-

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Common questions about Panda TV

When was Panda TV founded?Panda TV was founded in 2015.
Where is Panda TV headquartered?Panda TV is headquartered in China.
Is Panda TV publicly listed?No, Panda TV is a private, VC-backed company.
What is Panda TV's valuation?Panda TV was last valued at $360M in its Series A in September 2016.
How much funding has Panda TV raised?Panda TV has raised $243M across 2 funding rounds.
What was Panda TV's last funding round?Panda TV's last funding round was a $145M Series B in May 2017.
Who are Panda TV's investors?Panda TV's investors include ZhenFund, Working Capital, Hanfor (Beijing) Capital Management, Bright Stone and LeCloud.
Which companies are comparable to Panda TV?Companies comparable to Panda TV include iQiyi Sports, Brut, Afraflix.com, Pocket FM, Wirtualna Polska and WildBrain.

See companies similar to Panda TV

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