​China’s RedNote sees valuation soar with backing from GSR Ventures BloombergSouth China Morning Post

RedNote’s valuation surged to US$26 billion in recent market transactions via a major fund, an unusually fast ascent that underscores how the Chinese social media phenomenon is making headway against TikTok in the US.
The start-up’s price tag emerged through a document from a GSR Ventures Management vehicle that showed shares of the fund changing hands. RedNote comprises 91 per cent of the GSR fund’s assets, according to the internal document reviewed by Bloomberg News. The portfolio’s stated… RedNote’s valuation surged to US$26 billion in recent market transactions via a major fund, an unusually fast ascent that underscores how the Chinese social media phenomenon is making headway against TikTok in the US.
The start-up’s price tag emerged through a document from a GSR Ventures Management vehicle that showed shares of the fund changing hands. RedNote comprises 91 per cent of the GSR fund’s assets, according to the internal document reviewed by Bloomberg News. The portfolio’s stated…  Read More  South China Morning Post

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