News Aggregation App SmartNews Reaches $1 Billion Valuation

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SmartNews, the Japanese news discovery app that has amassed 20 million subscribers in the U.S., has raised $28 million in its latest funding round, bringing the company’s valuation to $1.1 billion, executives tell Axios.

It’s notable that in today’s bleak news market where U.S. tech giants like Google and Facebook dominate most news referral traffic online, a Japanese-based firm has been able to gain traction.

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