SmartNews announced on Wednesday that it has raised US$230 million in a Series F round. This brings the company’s total amount raised to date to over US$400 million, and its valuation up to US$2 billion, the highest for a single news app, securing its “double unicorn” status. This follows the close of their previous series E round announced 22 months ago.
Participating investors in this round include Princeville Capital and Woodline Partners from the US, JIC Venture Growth Investments, Green Co-Invest Investment, and Yamauchi No.10 Family Office (by Nintendo founder’s family) from Japan in addition to existing investors like ACA Investments and SMBC Venture Capital.
According to AppAnnie’s monthly average usage of mobile apps for iOS and Android in the U.S., SmartNews ranked first with 4.7 hours, followed by FlipBoard (4.5 hours) in the second as well as Google News (2.9 hours) and Apple News (0.8 hours). Futhermore, the number of monthly active users has doubled since 2019 (as of 2019, the total number of users in the US and Japan was 20 million).
SmartNews plans to use the additional funding to double its headcount in the U.S. (currently 500 staffers globally) and add engineers and leaders, especially in Silicon Valley, New York, and San Francisco. The company will also expand its dashboard on the COVID-19 vaccine and its “News From All Sides” feature which gives users easy access to a wide range of political views.
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