Storm TV completed 200 million yuan in Series A financing and increased its valuation to 2 billion yuan

On August 8, Storm TV announced today that it had received A Series A financing of RMB 200 million. The investor was Ningbo Hangchen Investment Management Cooperative Enterprise. After the completion of this round of financing, Storm TV's valuation reached RMB 2 billion.

This successful financing is the first round of financing obtained by Storm TV within one year after its announcement of its establishment in July 2015, and set a new record for the growth rate of Internet TV financing and valuation, with its valuation quadrupling in one year.

The announcement issued by Storm Group shows that during the capital increase and share expansion of its controlling subsidiary Shenzhen Storm Commander Technology Co., Ltd.(hereinafter referred to as Storm TV), Ningbo Hangchen Investment Management Cooperative Enterprise (hereinafter referred to as Hangchen Investment) will increase its capital to Storm TV. RMB 200 million yuan, with a shareholding ratio of 10%. Among them, RMB 3.5088 million is included in the registered capital of Storm TV, and RMB 197 million is included in the capital reserve of Storm TV.

Liu Yaoping, CEO of Storm TV, said: "In just one year since its establishment, Storm TV has quickly released a number of innovative products, online and offline channel construction, diversified and rich content organization, business and team based on an innovative ecological model. The team has achieved rapid development. This successful financing will further enhance the strength of Storm TV, increase investment, and create newer and better home Internet service experiences and products for consumers."

The person in charge of Hangchen Investment, the investor in the Series A of Storm TV, said: "I am very happy to be able to participate in the financing of Storm TV this time and work hand in hand with Storm Group's global DT entertainment strategy. We very much recognize Storm Group's DT Entertainment ecological strategy and Storm TV's core team. Storm TV is a strategic platform-level business of Storm Group's DT Entertainment Strategy and also has resource support from listed companies. We believe that Storm TV will change the home Internet landscape in China."

According to public information, in July 2015, Storm Group announced that it would join forces with Rishun, Aofei Animation and Sannuo Digital to establish Storm TV. In December of that year, the first generation of Storm Super TV was officially released. In May 2016, Storm TV released the second-generation Storm Superbody TV, and released the world's first VR Superbody TV and a 40-inch Superbody TV priced at only 999 yuan.

Editor: yvette