Tencent leads 300 mln investment in NewsDog, an app for news and information content platform
Chinese multinational investment holding conglomerate Tencent Holdings Limited has recently invested in new projects. And it is supposed to in the blockchain technology sector. Their subsidiaries are specializing in various Internet-related services and products, entertainment, AI, and technology both in the country and internationally.
In the recent past, the conglomerate’s 50 million U.S. dollars (318.3 million yuan in the contract) conducted the C-round financing of the “NewsDog” app for application of sea. NewsDog is the first plan of CNN to launch an overseas blockchain project which focuses on the Indian market.
There are some intersections between the core personnel of the two projects, partner Beluga Finance learned from CNN’s official website. It was Tencent who led the financing for NewDog’s. Danhua Capital, Junlian Capital and Dotc United Group also followed the path.
The app was launched jointly by NewsDog and CNN. The version might support CNN’s own cryptocurrency.
It was in January, Beluga Whale Financial covered NewsDog and CNN Token (NewsDog and CNN Token: News Content Distribution of Blockchain Transformation). This is majorly concentrated on the use of blockchain to revolutionize the distribution of news.
In March 2016, NewsDog was pretty stable in India. Since the launch, it managed to be steady on Google play India News Top 5 until the year 2017. They have tried various methods based on optimization of algorithms and machine learning to improve products and deliverables by adding features and adding new products. They also incorporated features like UGC, video section, overseas replication of the domestic Sacrificial currency model, and cooperation with the blockchain project CNN at the beginning of 2018.
Consider the social media networking giant Facebook as an example, in the recent past Bcfocus reported about Facebook’s announcement of a blockchain division to respond to new trends. Facebook CEO, Mark Zuckerberg announced that Facebook is launching a new team dedicated to the blockchain. Messenger’s David Marcus is going to run it. Tencent might face a tough time due to the competition from Facebook blockchain team.
In the beginning, the company was a little reluctant to put money to work in India. But gradually Tencent came to the field to invest into the most popular India-based deals including WhatsApp challenger Hike, healthcare platform Practo, and music service Gaana. But this year they are planning to invest $5-15 million in promising startups.
With NewsDog, Tencent hopes to start on the News aggregator train that they failed to establish in China. This will be achieved by giving an opportunity for Bytedance to become a prominent Chinese consumer brand.
Image source: Shutterstock
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