‘Startup Funding Roundup’, the weekly report prepared by The Passage team provides detailed information about venture capital financing, fundraising, investments and acquisitions in China.
Must-Reads in Investments and Acquisitions
- China’s two tech giants - Alibaba and Tencent - are expected to acquire WPP China, an advertising and business communication solution provider, for USD 2.5 billion. The negotiations were still in the early stages.
- Megvii Technology Limited, facial recognition system Face++ developer, reportedly raised at least USD 600 million in Series D funding round from investors including Alibaba Group Holding Ltd. and Boyu Capital, Bloomberg said. Megvii will use a significant proportion of the funding from this round to support retail initiatives, including applying its technology in unmanned stores.
- AIBUY, retail solutions provider raised USD 22.1 million in Series A round of financing from investors that included Focus Media, Tongcheng Tourism, Yanfu Group and others. Details of how the company plans to use the funds were not immediately available.
- Light Oxygen Technology, an IoT laundry service platform completed a USD 8.1 million Series A+ funding round jointly led by Haier Capital and 58.com. The funds will be used to strengthen the firm’s data systems, hire more talent employees, and accelerate the future business expansion, Chinese information platform PEdaily.cn reported.
- Online cake delivery service platform Bliss Cake secured USD 59 million in Series B round led by Huaxing New Economic Fund. Sohu reported that the company will further strengthen investment capacity expansion, new product development and brand promotion after the B round.
- En-trak, an energy management system and smart lighting solutions company announced that it had raised an undisclosed amount in a pre-Series A round co-led by Alibaba, Hong Kong Entrepreneurs Fund and CLP Innovation Ventures Ltd. The founder and CEO of En-trak Dr Vincent Chow said that the funding will be used to expand their sales team and operations in both Hong Kong and Singapore, according to its official website.
- in-driving.com, an automatic-driving technology development company, completed a USD 4.4 million Pre-A round with investment from the Chinese tech mammoth Baidu. Details of how the venture intends to use the funds has not been disclosed.
- BiUP, a Beijing-based currency exchange platform secured USD 10 million in the angel round from barbaric fund, Manzi Venture Capital, Node Capital, Mars Finance, LD Capital, Genesis Capital, and Creation Capital, according to CB Insights. BiUP did not reveal how they intend to use the funds.
- China’s largest co-working providerUrWorkannounced that it had reached a consensus with another shared office provider, Atwork, according to 36kr.com. The two firms plan to merge and form a joint venture partnership with each other in the future.
- Consumer medical beauty platform Igengmei secured USD 50 million in series D1 round from Xiamen-based technology company Meitu and Shenzhen-based FOFs DH Fund. According to a report in China Money Network, the venture will use this round of financing for AI technology research and development, team expansion, geographical and category expansion.