Pocket FM Seeks New Funding, Targets $120 Million Investment
Tencent-Backed Pocket FM Revives Plans to Raise $100 Million-$120 Million
Chinese audio platform Pocket FM has announced plans to raise additional capital, aiming to secure $100 million-$120 million at a valuation of $1.5 billion-$2 billion. This move marks a second attempt by the company to secure funding, following a previous attempt nine months ago that ultimately failed to close due to investor concerns.
According to sources, the decision to revive the fundraising efforts comes after the company addressed investor concerns over its financial performance. Pocket FM has been working to improve its profitability and gain traction in the competitive audio streaming market.
| Previous Attempt | Current Attempt |
|---|---|
| Valuation: $1.5 billion-$2 billion | Valuation: $1.5 billion-$2 billion |
| Fundraising Target: Not disclosed | Fundraising Target: $100 million-$120 million |
| Outcome: Failed to close | Outcome: Ongoing |
The involvement of Tencent, a leading Chinese technology conglomerate, is expected to provide a boost to Pocket FM's fundraising efforts. The company's ability to secure fresh capital at a significant valuation will be closely watched by industry observers and investors.
Investor Takeaway
Investors should be cautious of backing loss-making businesses.
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