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Almost bootstrapped ad tech startup sells at 'unicorn' valuation

SILICON VALLEY — AppLovin, a three-year-old Palo Alto ad tech startup that raised just a few million in angel funding, on Monday told employees that it has sold a majority stake in the business at a reported valuation of about $1.42 billion. CEO Adam Foroughi said in his note to staff that the sale of a majority stake to Chinese private equity firm Orient Hontai Capital came after he began visiting that country earlier this year.
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