ByteDance Backs Dubai Startup Building Logistics Chain to China

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TikTok parent ByteDance Ltd. has invested in Dubai-based iMile Delivery LLC as part of the first major fundraising by the courier startup that services Chinese online vendors, according to people familiar with the matter.

The company’s series A financing round, one of the Middle East’s largest by a female founder to date, raised $40 million and valued iMile at $350 million, according to a statement. ByteDance committed around $10 million at a lower valuation, the people said, asking not to be named because the information isn’t public.

–  Bloomberg

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