Gay app Blued taps into pink economy

Blued, China's most popular gay social-networking app, said on Wednesday it has completed Series C and C+ rounds of financing, and netted several hundred millions of yuan in those two rounds, without disclosing details.

Its valuation has reached more than $300 million, according to the company.

The news was announced in June, because it was declared LGBT Pride Month in the United States by President Obama.