Tangdou, an app aimed at China’s so-called square dancers, has raised over $100 million in a new round of financing led by tech giant Tencent, industry outlet 36Kr reported Monday.
The platform’s latest funding round comes amid a declining market for such apps — catering to the mostly middle-aged and elderly practitioners of synchronized dancing in public squares and other areas, known as guangchang wu — due to the glut of competitors that have entered the fray since 2015, according to the report.
With over 5 million dance routines on offer, Tangdou promotes itself as “helping the elderly solve their loneliness and lack of validation and companionship.” 36Kr reports that since previous funding rounds, the app has tightened its grip on the square-dancing market by producing lifestyle content and organizing group activities in different neighborhoods.
(Image: IC)
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