Gay Chinese app Blued has raised $30m in funding from venture capital firm DCM.
In a post on their Weibo blog, Blued said this transaction values the app at $300m.
Speaking to local journalists, CEO Geng Le said: “In 16 months, Blued has completed three rounds of financing and our valuation far exceeds that of some heterosexual social products.
“Our development can make more people to see the value of the gay internet, as well as the diversity and progress of Chinese society.”
Blued is said to have 15m users, 3m who are overseas and 20% log in every day.
Earlier in the year, Blued raised $1.6m of series A funding from Crystal Stream.
When the deal was announced in February, Blued said they had 3m users, meaning its popularity has exploded over the year.
The funding will be used on global and national expansion, with the Blued CEO estimating there are 70m gay people in China.
David Chao, founding partner of DCM, said, “Worldwide, gay social apps have shown strong demand and broad development space.”
“As China’s first domestic first gay dating app, future internationalization mean a broader space for development. DCM, as a global investment organization, can bring Blued international resources and help. Blued team’s in-depth understanding of gay users was an important reason that attracted DCM.”