The round was led by Shanghai Media Group (SMG) joined by Mango Cultural and Creative Industry Private Equity Fund (Mango Cultural and Creative Industry) and CICC Jiatai Fund.
The financing valued NetEase Cloud Music at around RMB 8 billion (approx. USD 1.16 billion).
Launched in April, 2013 and led by Zhu Yiwen, CEO, NetEase Cloud Music is a platform for over 300 million people to discover and share music.
The capital raised will be mainly used for enhancing the user experience of the NetEase Cloud Music products, increasing investment on content, developing a patent system and establishing a solution for the upstream and downstream music to provide users with quality music.