Report: Chinese video service Kuaishou to raise US$1bn in funding

Tencent-backed Chinese live-video service, Kuaishou, is reportedly close to securing US$1 billion in funding in a round that will value the business at around US$18 billion.

According to Reuters, the live-video startup – which has been compared to services like Instagram and Periscope – has attracted venture capital from firms including Sequoia Capital China, and is expected to close the round in the coming weeks.

The report said that Kuaishou, which translates as ‘fast hand’ is also considering an initial public offering in Hong Kong as soon as the second half of this year.

Bloomberg reported earlier this month that Kuaishou is looking to raise funds at about a US$17 billion valuation, almost six times its valuation after its previous funding round last March.