Canadian messaging app Kik raised an amount of $50 million from Tencent (China’s biggest internet company, maker of WeChat).
The latest round of funding values the company at $1 billion. By partnering with Tencent, Kik plans to innovate and bring in new things onto its platform to compete with other applications in the same segment.
Since its launch in 2010, the app has around 240 million users, as reported by Business Insider. Kik’s CEO, Ted Livingston, talking about the funding said, “Today, there are only five other companies in the world that see the future like we do: Tencent, Line, Facebook, Snapchat, and Telegram. One of them owns the largest internet market in the world. We couldn’t be more excited to partner with them as we run this race.”