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Startups Funding Roundup – China (August 13 To August 19)

Aug 21, 2018 by Yun Nie
Startups Funding Roundup – China (August 13 To August 19)

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

A total of 119 investments took place during the period (details in table 1 below).

Following is a summary of the most highlighted investments in China between August 13 and August 19, 2018:

Must-Reads in Investments and Acquisitions

August 13:

Bus365, a travel ticket booking platform in China, raised an undisclosed amount in Series B funding round led by SBCVC. Participants include Alibaba Group, Springs Capital, Hongxin Tianshi Investment, and Guokai Kechuang. Details of how the company plans to use the proceeds were not available immediately.

Ximalaya FM, the largest online audio service platform in China, closed a CNY 4 billion (USD 580 million) financing round from investors including Tencent, Goldman Sachs, and General Atlantic. The company is reportedly using the funds to prepare for an initial public offering in 2019, Yicai Global, the English-language news arm of Yicai Media Group reported.

• Chinese co-working space Mydream+ announced that it has completed a USD 120 million Series C round led by Hillhouse Capital. Joy Capital, Ocean Link, K2VC and M31 Capital also participated in the round. The funds will be used for expanding its operation and in R&D to improve its smart office capabilities.

China Literature Limited, a leading online literature platform in China, declared that it has entered into a definitive agreement with New Classics Media (NCM) and Tencent Holdings Ltd. The deal will allow China Literature Limited to acquire 100% of NCM’s stake from Tencent and other stakeholders for CNY 15.5 billion (USD 2.3 billion).

China Resources Double-Crane Pharmaceutical Co., Ltd. confirmed that it has acquired Hunan Xiangzhong Pharmaceutical Co. Ltd. for CNY 13 million (USD 1.9 million). The firm now holds 85.65% equity of Xiangzhong Pharmaceutical.

August 14:FunNow, an instant booking app for entertainment and leisure services raised a USD 5 million Series A round led by Alibaba Entrepreneur Fund. Other investors included CDIB, Darwin Venture, and Accuvest. The capital will be used to expand into Southeast Asia and Japan. • China’s co-working unicorn Ucommune (formerly known as UrWork) announced its USD 43.7 million funding round from Prosperity Holdings and RK Properties. The funds will help its Southeast Asia expansion plans and upgrade its office spaces.

August 15: • The Chinese matcha brand Guancha closed an undisclosed amount of money in its Series A round of financing led by Shunwei Capital. Meridian Capital China and other investors also participated in the round. Details of the investment were not revealed by the company.

Huazhu Group Limited, a leading multi-brand hotel group in China, announced that its subsidiary Huazhu Hotel Management Co. Ltd. has entered into a share transfer agreement with Beijing Tsingpu Travel Culture Development Co. Ltd. and Suzhou Tiancheng Jiaqi Tourism Industry Investment LLP - two shareholders of Blossom Hill Hotel Investment Management Co. Ltd. to acquire 71.2% of Blossom Hill’s shares for CNY 462.9 million (USD 67.5 million).

• The Beijing-based tech startup Redcore secured CNY 250 million (USD 36.2 million) in Series C funding from Chengxing capital, Fortune Capital, and IDG Capital. Redcore decided to use the capital to promote a self-developed browser, according to NCBC.

August 16:Ping An Health Internet, one of Ping An Good Doctor’s operating entities, acquired 63.16% of Wanjia Medical's shares from Ping An Financial Technology. The transaction price was CNY 980 million (USD 142.8 million).

August 17:Tstudy, a Chinese edutech secured an undisclosed amount in Series C+ round from Tencent. Details of the funding were not disclosed.

• The Internet-based overseas services provider Hainabian Technology Co. Ltd. confirmed that it has raised an undisclosed amount in Series B round from Chinese travel service provider Details of the investment were not revealed.

August 18: • The blockchain data storage startup Lambda received an undisclosed quantum of investment from bitcoin mining giant Bitmain. Details of the investment were not immediately available.

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

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