Tencent isn't wasting any time getting on on the Chinese games livestreaming space after investing $632 million into Douyu.
China Money Network reports that Douyu, which also streams other entertainment media such as sports, was valued at $1.5 billion prior to the funding round.
The platform has 13 million active monthly users of its games streams. According to Deloitte, the company’s revenues have shot up 707.8 times over the past three years.
Douyu had previously raised as much as $158 million in a Series D funding round in November led by CMBI International Capital Corporation, and prior to that $226 million in a round led by Phoenix Capital Asset Management and Tencent in 2016.
The news of Tencent’s investment in Douyu comes just as it pumped $462 million into rival livestreaming service Huya, which looks set to launch an IPO in the US.