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Triller Inc is working with investment bank Farvahar Partners in discussing a merger with special purpose acquisition companies that would help it go public and capitalize on TikTok’s woes.
Thre US-based Triller is also in discussions with investors about a private fundraising round, led by investment bank UBS Group AG, in which the Los Angeles-based company is seeking to raise around $250 million, the sources said.
Triller has so far secured around $100 million in that round at a $1.25 billion valuation, according to the sources. It is deliberating whether to proceed with the private fundraising or opt for the deal with a SPAC, one of the sources added.
Launched in 2015, Triller only has a fraction of the 100 million TikTok users have in the US but is hoping that the uncertainty over its rival’s future will drive more users to its platform.
Triller claimed earlier this year that it had 65 million active users on its short video app. Its celebrity users include Alicia Keys, Cardi B, and Eminem.
The company's and its financial backers include Kendrick Lamar and The Weeknd.
Triller sued TikTok in July for infringing its patent for stitching music videos together with a single audio track.
In August, Triller announced it had partnered with investment firm Centricus Asset Management Ltd in a bid for TikTok.
TikTok is widely popular with teenagers in the US, and major American companies, such as Procter & Gamble Co, Chipotle Mexican Grill Inc., and Danone intend to keep advertising with TikTok.
