Your answer must be Uber, but alas it’s no longer the most valuable startup in 2018, it is not even a US company. You must be very surprised to know that it’s a Chinese company called Bytedance (parent of music video app TikTok). Yes! You heard it right.

According to Bloomberg & Forbes, the company has completed a $3 billion investment that values the company at $75 billion adding the round would put ByteDance’s valuation at $78 billion. Which is ahead of Uber’s most recent $72 billion valuations, although the giant next year would have a valuation of up to $120 billion.

How did it happen?

Bytedance raised $3 billion of funding from Softbank and other major investors making it the world’s biggest privately backed startup.

What makes it special? 

• Bytedance owns one of the most successful social media apps of the decade. Started in 2016 in China as Douyin, the karaoke video app allows users to share 15-sec videos of themselves lip-syncing, cooking, dancing or just being silly.
• 500 million TikTok’s global monthly users in July 2018.
• 52 minutes average time a user spends on the app daily.
• 40% Tiktok users are outside China.

Who’s worried?

Facebook, for sure. The Silicon Valley giant is building a competitor to TikTok called Lasso.

Who’s the main Bytedancer?

35-year-old Zhang Yiming who founded the startup in 2012. Holds a degree in software engineering from Nankal University. Worked at Microsoft.

Tip: If you have an idea just like Uber or Bytedance and need someone to build it for you? Let us help you. Wabodyrms IT Solutions is the most ideal & reliable partner to turn your dreams into reality.

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– Written by Roshan Koshy   Digital Marketing Specialists at Wabodryms IT Solutions.