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The three-year-old service, which clocked 25.5 million daily active users on average in September, is free to use, but makes money via a membership subscription and, as of the second half of 2013, it also sells dital content.

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Momo isn’t being particular specific about how it will use the capital raised.

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This year’s been notable for Chinese tech IPOs in the U. Alibaba, close rival and Weibo — China’s Twitter equivalent — have listed on North American soil, but there’s another incoming. The service’s particular strength is location and it allows users to connect with others based on their proximity to each other, the idea being that you can find people who are in the same pub, club, party etc.

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It intends to invest in research and development to improve product, sales and marketing to increase its userbase and widen the number of developers on its games platform, and to potentially make acquisitions. One thing to note may be China’s current crackdown on messaging apps.Momo, A Flirting App With 180M Users, Is Latest

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