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Source Illustration: Dom Guzman

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Kuaishou stock more than doubles after $5.4 billion IPO

Shares of China-based Kuaishou Technology, an online video platform and TikTok rival, more than doubled in first-day trading as the stock debuted in Hong Kong after raising $5.4 billion in its IPO.

Shares opened in Hong Kong on Friday at HK$338 (US$43.6) apiece, a 194 percent jump from its IPO price. The stock closed around HK$300 (US$38.70), a 160 percent gain, with a valuation of over $150 billion.

The offering follows a period of sharp growth for Tencent-backed Kuaishou. The company’s services in China had 305 million average daily active users in the nine months ended in September.

Joanna Glasner

New Funds

Frontline raises $84M for third seed fund: Frontline Ventures, a seed investor focused on European startups, raised €70 million (US$84M) for a third fund that will focus on B2B companies with plans to scale in North America.

Joanna Glasner

Enterprise Software

Infinitus lands $21.4M for healthcare automation: Infinitus, a startup developing voice robotic process automation tools for the healthcare industry has raised $21.4 million in a Series A round led by Kleiner Perkins and Coatue.

Joanna Glasner

Source: The Briefing: Kuaishou Soars After IPO, Frontline Raises $84M Seed Fund, And More