Triller Secures $50M in Equity Funding Amid TikTok Uncertainty and Legal Challenges
Triller Group (NASDAQ: ILLR) has secured $50 million in equity funding from institutional investors, led by KCP Holdings at $2.20 per share, as TikTok faces potential U.S. restrictions. This development comes alongside new leadership changes and legal challenges for the video-sharing platform.
Hand holding phone displaying Triller app
The funding will support development of AI-driven tools, enhanced livestream capabilities, and improved video editing features. Notable backers include Conor McGregor, The Weeknd, Marshmello, and Lil Wayne. KCP Holdings founder Roger Kennedy will join Triller's board as part of the deal.
Recent company developments include:
- Public listing via SPAC merger
- Appointment of Wing-Fai Ng as CEO
- Hiring of former TikTok exec Sean Kim to lead the app
- Launch of TikTok video backup service in 2025
However, Triller faces significant challenges:
- Former board chair Robert Diamond's lawsuit claiming over $5 million in unpaid compensation
- Anthem Entertainment's copyright complaint
- Ongoing music licensing disputes with major labels
- $35 million+ promissory note dispute
CEO Wing-Fai Ng emphasizes that Triller's success isn't dependent on TikTok's fate, stating they're "not building our business around the failure of others." The company plans additional fundraising later this year to support continued growth and platform development.
US Capitol building with American flag
The platform currently offers some licensed music content, including tracks from Megan Thee Stallion, though licensing challenges persist. This funding round signals Triller's commitment to establishing itself as a major player in the short-form video market, regardless of TikTok's U.S. status.