ByteDance’s latest funding round will value the TikTok parent company at $180 billion, making it the most valuable VC-backed company in the world.
The round, led by Sequoia Capital and KKR, is close to wrapping up after reportedly raising $2 billion. It would be the most valuable financing round in the private market this year.
Skyrocketing Value: When Beijing-based ByteDance went through its last financing round in 2018 it was valued at $78 billion; earlier this year, that valuation rose to $140 billion.
The increase in ByteDance’s valuation comes amid its ongoing conflict with the U.S. government.
- July 31: President Donald Trump announces plans to ban TikTok from operating in the U.S., citing data concerns related to its Chinese origins
- Nov. 6: Oracle, Walmart and U.S.-based ByteDance investors announce plans to form a new entity that will manage the app’s U.S. user data
- Dec. 7: A federal judge blocks the Trump administration’s second attempt at a TikTok ban in the U.S.
TikTok will end 2020 as the year’s most-downloaded app, overtaking Facebook. As of August, there were 50 million daily U.S. users.