This website requires JavaScript.

Startups Funding Roundup – China (September 3 to September 9)

Sep 11, 2018 by Yun Nie
Startups Funding Roundup – China (September 3 to September 9)

‘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 75 investments took place between September 3 and 9, a slight decrease compared to the figure of 82 between August 27 and September 2 (details in charts below).

Following is a summary of the most highlighted investments in China during the period.

Must-Reads in Investments and Acquisitions:

September 3:

  1. China’s leading co-working space provider Ucommune (优客工场), formerly known as UrWork, announced the acquisition of a majority stake in DAGA Architects (大观建筑), a service-oriented interior design firm based in Beijing. The amount of the acquisition was not revealed immediately.

  2. Souche (大搜车), a pre-owned car trading platform in China, raised USD 578 million in a Series F round led by Primavera Capital(春华资本) and Morningside Venture Capital (晨兴资本领投). Other investors include Alibaba Group (阿里巴巴), Dreamfly Capital (昊翔资本), Lingfeng Capital (领沨资本), ClearVue Partners (锴明投资), and etc. The company’s valuation after this round was almost USD 3 billion. The fresh funds will support its technology development and expand its leasing program.

September 4:

  1. Beijing-based medical cosmetology platform SoYoung (新氧) announced that it has secured a USD 70 million series E round at unicorn valuation led by private equity firm Orchid Asia Group (兰馨亚洲投资集团). New investors BOC International Holdings Limited (中银国际控股有限公司) and Russia-China Investment Fund (中俄投资基金), as well as existing investor Matrix Partners China (经纬中国) also participated. Proceeds of the round will be used for service upgrades, exploration and incubation of new businesses.

September 5:

  1. Chinese online video platform Baidu Video (百度视频) received USD 100 million in Series B funding round led by its parent company Baidu (百度), the country’s search engine giant. Participants include Yintai Group (银泰集团), Jadex Capital (晶凯资本),Gfund Management (国金基金), and etc. Baidu Video plans to use the proceeds to produce original video service, attach advanced technology, such as artificial intelligence, and upgrade the platform’s video services.

  2. Chinese online educational platform Kaochong (考虫) announced that it has raised a USD 55 million series D round led by Hillhouse Capital (高瓴资本), and followed by Tencent (腾讯) and Matrix Partners China. The company did not disclose how it intends to use the funds.

  3. The online sports broadcasting platform iQiyi Sports (爱奇艺体育), a joint venture between iQiyi and Super Sports Media, announced that it has completed a Series A financing round from China Sports Capital (中国健腾体育产业基金), Yao Capital (曜为资本), IDG Capital (IDG资本), and Huiying Financial Service (汇盈金融), securing a total of CNY 850 million (USD 124.2 million) in investment. After completion of the round, the estimated valuation of iQiyi Sports reached CNY 3.35 billion (USD 489.5 million). The company said it will use the proceeds to support the growth of its sports arm and invest more resources into its sports content, IP, and services.

September 6:

  1. Miss Fresh (每日优鲜), the four-year-old fresh produce e-commerce startup in China, secured a USD 450 million Series D round co-led by Goldman Sachs Investment Partners (高盛), Tencent, Jeneration Capital Management (时代资本), and Davis Selected Adviser. Chinese venture capital fund Poly Capital (保利资本) also engaged as a strategic investor in the round. Other investors include Tiger Global Management, Sofina, Glade Brook Capital, and etc. MissFresh plans to use the proceeds to expand the company’s supply chain and develop cold chain logistics, a process of storing and transporting in a temperature-controlled environment.

  2. Shenzhen-based mobile phone recycling firm Huishoubao (回收宝) has raised an undisclosed amount in the first tranche of a Series C financing round from Alibaba. Huishoubao plans to use the proceeds in technology investment, aftermarket layout, and organizational capacity building.

  3. Cloud Lock (云锁), a Chinese provider of server security hardening solutions, announced that it has received CNY 800 million (USD 116.9 million) in a corporate round from Qihoo 360 (奇虎 360), an integrated group that provide Internet and mobile security products, online advertising, and Internet value-added services. Details of how the firm intends to use the funds were not available.

September 7:

  1. The Chinese intelligent translation production platform (译马网) secured undisclosed series A round from Baidu and New Tranx Information Technology (新译科技). Baidu is the lead investor. Details of the round were not released by the company.

  2. China’s garment rental startup Yi23 or YCloset (衣二三) announced a new funding round on September 7, led by the strategic investor Alibaba. The amount of funding was not disclosed immediately. The proceeds of the round will be used for expanding the development teams, upgrading the recommendation algorithm system, and continuing to build an intelligent operation centre.

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

Follow Yun Nie