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.
The round was led by Zeus Entertainment (002354). The round converted Avazu Inc., previously completely owned by Zeus Entertainment, into a wholly owned subsidiary company of DotC United Group.
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.
Established in 2015, DotC United Group is dedicated to global development, operation and commercial monetization of mobile applications, including input applications, system security applications, network security applications and entertainment applications.
So far, the company has launched several products in overseas market, including “Swift WiFi”, “Flash Keyboard”, and “SUPO Cleaner”. By the end of March 2017, DotC United Group’s operational applications gained 450 million users worldwide.
In July 2016, the company raised RMB300m in Series A round of financing led by Banyan Capital, Chengwei Capital, Morningside Venture Capital, Bertelsmann Asia Investments, and Lightspeed.