Chinese smartphone maker Xiaomi is now the world’s most valuable privately-funded startup.
Xiaomi, known as “China’s Apple,” is valued at over $46 billion as of Monday after it secured $1.1 billion in new investments, the Wall Street Journal reports. The valuation puts it ahead of all other venture capitalist-backed startups, including rideshare company Uber, which is valued at about $41 billion.
Back in 2011, Facebook was valued at $50 billion — more than Xiaomi — after a Goldman Sachs investment, but the social media company has since gone public, removing it from the privately-backed company category.
Xiaomi now has nearly three times the market capitalization of Lenovo Group, the world’s top PC maker, according to Reuters. Xiaomi, the third largest smartphone maker behind Samsung and Apple, has more than quadrupled its valuation since last year.
[WSJ]
- Here's Where All The Strongest Hurricanes Have Hit the U.S. in the Past 50 Years
- 2022 Time100 NEXT: TIME’s List Of Emerging Leaders Who Are Shaping the Future
- Industrial Farming Causes Climate Change. The ‘Slow Food’ Movement Wants to Stop It
- Here Are the 12 New Books You Should Read in October
- Artist Oliver Jeffers Wants to Paint the World Out of a Corner
- A Vibrant North Korean Community in London Finds Its Days Are Numbered
- COVID-19 Vaccines Can Make Periods Longer, Study Says
- Column: What Happened When My Entire Family Came Out
