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Xiaomi Raises $1.1 Billion to Become the World's Most Valuable Startup
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29.12.2014
Uber who?
Xiaomi, the largest smartphone maker in China, confirmed Monday that it has raised $1.1 billion at a pre-money valuation of $45 billion, following weeks of reports about a massive upcoming funding round.
The valuation tops Uber, reportedly making Xiaomi the most valuable startup in the world, though to call either a startup at this point may be stretching the term somewhat.
"This is an affirmation of Xiaomi's stellar results in four years, and heralds a new phase for the company," Bin Lin, Xiaomi's cofounder and president, wrote in a Facebook post formally announcing the funding and valuation. "We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience."
Xiaomi, the largest smartphone maker in China, confirmed Monday that it has raised $1.1 billion at a pre-money valuation of $45 billion, following weeks of reports about a massive upcoming funding round.
The valuation tops Uber, reportedly making Xiaomi the most valuable startup in the world, though to call either a startup at this point may be stretching the term somewhat.
"This is an affirmation of Xiaomi's stellar results in four years, and heralds a new phase for the company," Bin Lin, Xiaomi's cofounder and president, wrote in a Facebook post formally announcing the funding and valuation. "We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience."
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