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Startups Funding Roundup – China (August 6 To August 12)

Aug 14, 2018 by Yun Nie
Startups Funding Roundup – China (August 6 To August 12)

‘Startup Funding Roundup’, the weekly report prepared by The Passage team provides detailed information about venture capital financing, fundraising, investments and acquisitions in China.

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Must-Reads in Investments and Acquisitions

August 6:

• Chinese healthcare firm Genedock secured CNY 50 million (USD 7.3 million) in Series B round from and array of investors that included Morningside Venture Capital, Shanghai Furong Investment, Beijing Genomics Institute (BGI), and Baidu Ventures (BV). Details of how Genedock intends to use the funds were not immediately available.

Xiaoju, an auto solutions platform owned by Chinese ride-hailing behemoth Didi Chuxing officially upgraded to Xiaoju Automobile Solutions Co. Meanwhile, Didi announced that it had invested USD 1 billion in Xiaoju in the latest funding round. Didi confirmed that the funds would be used to support “Xiaoju’s business in providing Didi drivers and the broader car-owner community with convenient, flexible, economical, and reliable one-stop auto services”, the news website TechCrunch reported.

August 7:

Weimob, a cloud-based commerce and marketing solutions provider raised USD 321 million in its pre-IPO round. Investors include Tencent Holdings, GuoHe Capital, and GIC. The funds will further support Weimob’s big data center.

Enflame Tech, a Chinese artificial intelligence (AI) startup engaging in neural network solutions secured CNY 340 million (USD 49.8 million) in pre-A round of financing from YIHE Capital, ZhenFund, Delta Capital, and Yunhe Capital. Details of how the funds would be used were not revealed.

IQiyi Sports, the sports arm of Chinese leading online video platform iQiyi announced that it received CNY 500 million (USD 73.1 million) in Series A round from IDG Capital and Huiying Borun. IDG Capital subscribed to a 13.33% stake in Xinai Sports, the operator of the iQiyi Sports platform, for CNY 400 million (USD 58.5 million), and Huiying Borun subscribed to 3.33% of Xinai Sports for CNY 100 million (USD 14.6 million). According to Chinese news platform Caixin, iQiyi will focus on sports-related content to increase its audience base.

Klook, a Hong Kong-based online activity booking platform, closed a USD 200 million Series D round, co-led by Sequoia Chinaand Boyu Capital. Other participants include TCV, Goldman Sachs, Matrix Partners, and OurCrowd. The funding will help to further solidify Klook’s merchant portfolio and provide travelers more activities and destinations across the world.

EasyStack, the leading open source cloud platform solution provider announced that it raised an undisclosed amount in Series C++ round of financing, through strategic investments led by JD.com. The funds will be used to support EasyStack’s products and marketing, develop cloud computing products, and build an ecosystem for enterprise solutions.

August 8:

• The Chinese Q&A platform Zhihu (or China’s Quora) confirmed that it raised USD 270 million in Series E funding from Tencent Holdings, Sunshine Insurance Group Co Ltd, Lighthouse Capital Group, Goldman Sachs, Capital Today, and Advantech Capital. Zhihu plans to use the money to boost artificial intelligence related technology and build a better content ecosystem.

August 9:

• The Chinese online grocery and delivery firm Dada-JD Daojia revealed that it secured USD 500 million strategic investment from Walmart and JD.com. The funds will support Dada-JD’s expansion of its network.

August 10:

• The Beijing-based media and entertainment startup BOLO raised CNY 100 million (USD 14.6 million) in Series B round from GGV Capital and Time Capital. Details of how the venture intends to use the funds were not available.

Xuanyu Tech, an AI and robotics startup based in Shenzhen, completed a Series A funding round. Participants included FutureCap, Baidu Ventures, Hillhouse Capital Group, and Crystal Stream Capital. Details of the funding round were not revealed.

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Yun Nie

Yun Nie is a New York-based tech reporter. She focuses on India-China financial market, global IT giants and technology-centric market trends. She can be reached at Yunnie@thepassage.cc.

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