ByteDance, the owner of popular video app TikTok, is seeking to do a round of fundraising at a valuation of $180 billion. The New York Post is reporting that the company is discussing a round of funding with existing investors including Sequoia Capital and General Atlantic. ByteDance is reportedly looking to raise $2 billion.
According to the Post, this round of funding is not a pre-IPO round as the company is not sure what they plan to list on an open market. The Post states “ByteDance has not yet decided on whether to obtain a standalone public listing for Douyin, the Chinese version of TikTok, or list some of its Chinese operations including Douyin and news aggregator Jinri Toutiao as a package in Hong Kong or Shanghai.”
ByteDance has seen their valuation double in the past two years. In 2018, ByteDance did a round of funding at a $78 Billion and earlier this year, ByteDance was valued at $140 billion.