This is not a very big company, this is one of those huge multiple type valuations we've seen of the 'SoftBank' type.
Tencent also put $50M in Kit a while back at a sky high valuation.
I think this is really about a lot of excess Chinese owned US/EU currency looking for a place to park, and so valuations are still lofty in this way.
Tiger Global et. al. have said they are pulling back from the later stage huge buy ins and this is the opposite of that.
This is not a very big company, this is one of those huge multiple type valuations we've seen of the 'SoftBank' type.
Tencent also put $50M in Kit a while back at a sky high valuation.
I think this is really about a lot of excess Chinese owned US/EU currency looking for a place to park, and so valuations are still lofty in this way.
Tiger Global et. al. have said they are pulling back from the later stage huge buy ins and this is the opposite of that.