Xiaohongshu (RedNote) funding rounds & valuation history
Xiaohongshu, the Shanghai lifestyle and social commerce app known in English as RedNote, from its 2018 round to the 2026 IPO reports. Xiaohongshu rarely confirms its funding, so most figures come from Caixin, the South China Morning Post, Bloomberg, the Financial Times and Reuters, each labelled as reported.
Round history
Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.
| Date | Status | Round | Amount | Lead / buyer | Valuation | Val. ÷ run-rate | Source |
|---|---|---|---|---|---|---|---|
IPO talk |
Hong Kong IPO preparations (reported)Bloomberg reported plans to file confidentially in Hong Kong by the end of June 2026. Xiaohongshu told Reuters that reports it had confidentially filed in late June were not true (The Standard, 28 Jul 2026). No public filing found as of 13 Nov 2026. |
Not stated |
—Not disclosed |
Not setBloomberg: timing, size and valuation still to be decided |
—Not disclosedTalks-stage or discussed figure; no multiple |
||
Tender |
Secondary transactionSecondary-market trade, not a company funding round. |
Not stated |
—Not disclosed |
$31BBloomberg: valuation “surged last September to US$31 billion in a secondary-market transaction” |
—Not disclosedTender price, not a new round; no multiple |
||
Tender |
Sale of existing sharesTechNode: DST Global invested “in a recent sale of existing shares to current and new investors”. Secondary, no new primary capital. |
Not stated |
DST Global and other current and new investors |
$17BFinancial Times, as reported by TechNode |
—Not disclosedTender price, not a new round; no multiple |
||
Closed round |
Funding roundSource conflict on valuation, shown as a range. Caixin says the round closed in October 2021 and was Temasek’s first investment; Xiaohongshu declined to comment. No step-up: the 2018 figure is a lower bound. |
$500M |
Temasek, Tencent |
$18B–$20B (reported)Caixin (multiple sources): about $18B; SCMP (one source): $20B |
—Not disclosedNo run-rate stated in the announcement |
||
Closed round |
Funding roundDescribed by Caixin as Xiaohongshu’s last known round before 2021. |
About $300M |
Not stated in the sources read |
Over $3BCaixin: “a valuation of more than $3 billion”; lower bound |
—Not disclosedNo run-rate stated in the announcement |
Valuation at each closed round
Reported closed rounds only; the 2018 bar is a lower bound and the 2021 bar shows the upper reported figure ($20B). Secondaries are not plotted.
Sources: Caixin Global; South China Morning Post. US$ billions, linear scale.
Timeline
Each round and share sale, oldest first.
- Jun 2018 · Closed
About $300M raised at over $3B (Caixin).
- Oct 2021 · Closed
$500M led by Temasek and Tencent at a reported $18B–$20B.
- 11 Jul 2024 · Secondary
Sale of existing shares, including to DST Global, at $17B.
- Sep 2025 · Secondary
Secondary-market trade at $31B (Bloomberg).
- 15 Jun 2026 · IPO talk
Bloomberg: preparing a confidential Hong Kong IPO filing; the company later denied having filed.
Cite this dataset
Free to quote with a link back. Copy this citation:
Xiaohongshu (RedNote) Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/xiaohongshu/
Download the data
The same 5 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.
- File
xiaohongshu-rounds.csv(UTF-8, comma-separated)- Stable URL
https://growthnavigatefunding.net/wp-content/uploads/2026/11/xiaohongshu-rounds.csv- Columns
id,date,date_precision,status,transaction_type,round,amount_usd_low,amount_usd_high,lead_or_buyer,co_leads,valuation_usd_low,valuation_usd_high,valuation_basis,valuation_to_run_rate_multiple,multiple_bound,multiple_basis,step_up_vs_prior_closed,price_per_share_usd_low,price_per_share_usd_high,shares,source,source_url,other_source_urls,notes,last_updated- Updated
- (IST)
Methodology & status definitions
How each row is labelled and calculated.
Closed round
A primary round announced by the company or confirmed in the press, bringing new money to the company.
Tender
A sale of existing shares (employee tender, secondary or buyback). It brings no new primary capital, so it is Status, not the last-closed valuation; no step-up or multiple.
IPO talk
Reported IPO preparations or talks. Not a filing and not priced.
Valuation ÷ run-rate
Post-money valuation ÷ the run-rate the company stated in that announcement (GNF calc.). Where the run-rate is “crossed” or “over” a figure, the multiple is shown as “under X×”. No row qualifies here unless shown, so no multiple is invented.
What is not a separate row
Rounds before 2018 (including Tencent’s earlier investment), fund-level secondary marks such as GSR Ventures’ portfolio valuations, and unconfirmed late-2025 secondary figures.
Updates & corrections
This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.
Changelog
- : Dataset first compiled (batch 2, not yet published).
Sources
- Bloomberg via Yahoo Finance: Xiaohongshu said to ready Hong Kong IPO filing this month, 15 Jun 2026
- The Standard: Xiaohongshu’s Hong Kong IPO plans face scrutiny after complaint about corporate structure, 28 Jul 2026
- TechNode: Xiaohongshu gets funding from former Facebook investor DST Global, 12 Jul 2024
- Business of Fashion: Worldview: China’s Xiaohongshu Reaches $17 Billion Valuation, Jul 2024
- Caixin Global: Chinese Social Media App Xiaohongshu Wins $18 Billion Valuation, 10 Nov 2021
- South China Morning Post: Xiaohongshu raises US$500 million as IPO plans hit roadblock…, Nov 2021