Hangzhou-based new media platform Ergeng told AllChinaTech that they received over RMB 50 million (USD 7.7 million) in Series A financing from Shenzhen Stone VC and ZhenFund. This round of funding has increased the company’s valuation ten-fold from when the platform was first launched last year.
Ergeng attracted several million fans shortly after it launched in April 2015. The platform produces three to four-minute videos related to urban life and unique personal experiences.
Ergeng has claimed that its videos have attracted 700 million page views by working with major video websites including Tencent, Sohu and iQIYI, and mobile clients including Sina Weibo, Jiemian and NetEase news.
“We plan to make more than 2000 videos this year. Besides a series of documentaries on broad culture and social topics, the videos will touch on finance, travel, sports, cars, etc.,” said Li Ming, CEO of the platform.
Li said that the company has benefited from employing top talent from industries including media and film. More than that, the platform has established partnerships domestically and overseas from Beijing and Shanghai to London and Los Angeles.
In the first half of 2016, according to Li, the platform will set up four regional companies across China, with business services covering major cities including Beijing, Shanghai, Guangzhou and Chengdu.
“We plan to establish a new media video coalition that will help push forward the whole industry,” Li said.
(Photos provided by Ergeng)