Monica from the Manus Development Team Secures New Financing Round, Spearheaded by Tencent
Monica Receives New Investment with Tencent’s Support
Monica, the company behind the popular product Manus, has secured a new round of financing led by the tech giant Tencent. This investment marks an important milestone for Monica as it continues to grow its business.
Background on the Investment
Discussions regarding the investment between Monica and Tencent began last year. After several negotiations, they successfully finalized the deal. This marks Tencent’s second collaboration with Monica’s founder, Xiao Hong. Their first joint project, Weiban Assistant, also received funding from Tencent, showcasing a strong partnership between these entities.
Acquisition Offer from ByteDance
In a noteworthy development, ByteDance, the parent company of TikTok, reportedly expressed interest in acquiring Monica for around $30 million in 2024. However, negotiations broke down when Monica felt that the proposed price did not reflect the company’s true value. This incident highlights the increasing interest in tech startups and their potential worth, particularly in the rapidly growing market for internet celebrities and related products.
Company Structure and Ownership
Monica is linked to Beijing Red Butterfly Technology Co., Ltd., which was established in July 2023 with Feng Qionghua serving as the legal representative. It is fully owned by Butterfly Effect (Hong Kong) Limited. Additionally, Monica operates through Beijing Butterfly Effect Technology Co., Ltd., founded in April 2022. This company is jointly owned by Feng Qionghua and Xue Fengying.
Interestingly, Xiao Hong, who is a key figure at Monica, withdrew from the company’s shareholder list in March 2023. This indicates a shift in the ownership or management structure of the company, which can often impact strategic directions and business decisions.
In a related note, Xiao Hong previously played a role at Wuhan Nightingale Technology Co., Ltd. but stepped away from that venture in December 2024. This history suggests a dynamic environment for Xiao as he navigates partnerships and investments in the tech sphere.
Funding History and Previous Investors
Monica’s funding journey has been impressive, comprising four rounds of financing to date. Apart from Tencent, other notable investors include ZhenFund and Mininglamp Technology. This diverse investment base highlights the confidence investors have in Monica’s potential for growth and its relevance in the market.
Conclusion
In summary, the latest investment from Tencent underscores the strong relationship between the two companies and opens new opportunities for Monica as it develops its product lineup. The failed acquisition by ByteDance serves as a reminder of the competitive landscape in the tech industry. Amid these developments, Monica continues to position itself as a significant player in the market, further solidifying its place in the realm of internet celebrity products.
