Chinese gay dating app Blued has received $30 million in series B funding from Beijing-based venture capitalist firm DCM-Doll Capital Management.

The transaction puts the value of Blued at approximately $300 million, the company said on its Sina Weibo microblog.

That kind of investment is a big sign of confidence among the app's financial backers, particularly considering that it only received $1.6 million in its series A round of funding from Crystal Stream, according to Asia Venture Capital Journal.

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The Series B round is often much more difficult to get than the first round, because the startup will first have to reach certain targets and milestones before investors are willing to put up more money. The app's developers wouldn't have revceived that kind of funding if it hadn't met certain goals the investors had established, although details of those targets are unknown.

Blued has attracted more than 15 million users, including 3 million from outside of China, since its launch. The company said that the new cash injection will be used for hiring and product upgrades. According to the app's founder, China has as many as 70 million gay people.

Most of Blued's users are in China's largest cities Beijing, Shanghai, and Guangzhou, and an increasing proportion of them are Millennials, according to Tech in Asia.

TagsChinese gay dating app, Blued, DCM, Doll Capital Management, $30 million, series B funding