LinkSure Literature, the online reading platform under LinkSure Network, has finalized its Series A round of funding, with investors led by Hopu Fund. After the financing, the valuation of the company has reached $1 billion, making it a new unicorn amid this year’s “capital winter”.
Founded in July 2017, LinkSure Literature focuses on providing varieties of online literature from wuxia literature, urban life to fantasy stories. One month into its operation, it acquired another big online literature website called Zhulang. Later, LinkSure Literature launched integrated reading apps including LinkSure reading and LinkSure Free Reading. The free reading app specializes in using online commercials to replace the traditional VIP “pay-to-read” business model. It set a precedent in online literature, with other mobile content apps like Qutoutiao following suit.
According to reporters, the company has issued an internal notice saying that it has completed this round of financing by the end of August. Recent daily active users (DAU) has more than doubled compared with that of August. The rapid growth is largely attributable to its free reading model. LinkSure Free Literature, which was launched in August, has achieved monthly active users (MAU) of over 10 million in just two months. According to the data website Analysys International, the app ranked first in the App Top 1000 list of September 2018, in terms of the growth rate of MAU. WIFI Master Key, the major product of the parent company LinkSure Network, has also largely contributed to 40% of the streams.
Featured photo credit to nationalreading.org.cn