China’s Online Literature Platform MiDu Reader Raised ￥100 million in a Series B Round Funding Led by CMC

China’s online literature platform MiDu Reader raised ￥100 million in series B round funding led by CMC. This round of financing will be used for content construction, author ecological integration and market promotion.

Founded in 2018, MiDu Reader is a platform under Qutoutiao Inc. (NDAQ: QTT) that provides online literature reading services through a free + advertising model. At the end of December 2018, MiDu Reader’ daily active users exceeded 5 million, ranking third in China’s online literature reading industry.