As Chinese people enjoyed comfortable trips back home during the Spring Festival (from January 28 to February 10), investors stepped up in the Chinese market. A total of 89 investments took place in China during the time, increasing by 62 compared to the week before.
Healthcare topped with 18 investments accounting for 20% of the entire funds. Software as a Service (SaaS) and hardware followed at 18% (16) and 15% (13) respectively (see detail in the chart below).
Most funding rounds remained in early stages. Series A came first (34), followed by strategic (18) and angel (14) investments.
Internet giants JD.com (京东), Tencent (腾讯) and Alibaba (阿里巴巴) participated in one, two and three investments respectively, while Baidu (百度) had a silent week. Let’s take a closer look at some of the vital financing rounds.
On January 28, China’s social trading platform StockViva (秒投) completed an undisclosed Series pre-A round from Alibaba Entrepreneurs Fund, a not-for-profit initiative launched by Alibaba Group that provides investment capital, strategic guidance and internship opportunities to entrepreneurs.
On January 29, Sandbox VR, a Hong Kong-based virtual reality (VR) startup, snagged USD 68 million in a Series A round of financing led by American venture capital firm Andreessen Horowitz, and joined by Floodgate Ventures, Stanford University, TriplePoint Capital, CRCM Ventures and Alibaba.
Sandbox VR plans to use the fresh capital to expand to new locations, including New York, Los Angeles, Austin and Chicago, and create different experiences for its gamers, according to Business Insider.
On January 31, Alibaba’s newly-consolidated local service unit Alibaba Local Services Company (阿里本地生活服务) secured USD 3 billion from Alibaba and SoftBank (软银中国), reported Chinese online news publisher itjuzi.com (IT桔子). The new affiliate was established in 2018 when Alibaba merged two of its food delivery services Ele.me (饿了么) and Koubei (口碑).
On February 1, Chinese intelligent vehicle company zhidaohulian.com (智道网联) closed a USD 120 million Series A funding round led by Tencent. JD.com, Bertelsmann Asia Investments (BAI), Yixin Group Ltd. (易鑫), Dark Horse Ventures (黑马基金) and other firms also participated in the deal.
The Internet of Vehicles (IoV) service provider said the proceeds of the round will be used to conduct research, develop smart on-board equipment and expand the usage of its hardware and software platforms.
On February 3, Chinese animation and comics development company Wind Fish (风鱼动漫) raised an undisclosed Series A round from Tencent, reported itjuzi.com. Details of how the venture intends to use the funds were not revealed.
Check out details in the following chart.