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Alibaba invests USD 700 Mn in AsiaYo: Startup Funding Roundup – China (Dec 3 to 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.

Dec 12, 2018 by Yun Nie
Alibaba invests USD 700 Mn in AsiaYo: Startup Funding Roundup – China (Dec 3 to 9)

Last week (December 3 to 9), a total of 66 investments and acquisitions took place in China - 13 less than previous week.

Software as a service (SaaS) continued to dominate as 14 investments in the sector accounted for 21% of the entire funds raised last week (See details in Chart-1).


The majority of funding revolved around early stages - 24 Series A and 10 Angel (See details in Chart-2).


After two week’s silence, Baidu (百度), Alibaba (阿里巴巴), and Tencent (腾讯), partook in 1, 4, 1 funding rounds respectively.


On December 6, Chinese robotic startup Robot++ (史河科技) secured CNY 20 million (USD 2.9 million) in a pre- Series A round led by Baidu Ventures (百度风投), the financial arm of Chinese search engine giant Baidu. Other participants include Zhi Neng Dian Wang Venture Capital (智能电网投创) and existing investor Panda Capital (熊猫资本), reported (IT桔子), a Chinese tech news aggregator.

The deal valued Robot++ at CNY 120 million (USD 17.36 million). The company said the fresh funds will be used for product development and marketing.


On December 3, Chinese logistics firm Keking (凯京科技) closed a CNY 1 billion (USD 144 million) Series C funding round led by Alibaba’s Ant Financial (蚂蚁金服) and Centurium Capital (大钲资本), with participation from Sequoia Capital China (红杉资本中国基金), Tebon Securities (德邦证券), and Shanghai Tengyi Industrial (滕澜实业).

The round signals a strategic partnership between Alibaba and Keking. The proceeds will be used to build a platform for data, technology and financial services that caters to micro, small and medium companies and delivery drivers.

On the same day, Chinese cloud services management platform ZStack (上海云轴信息科技有限公司) secured CNY 100 million (USD 14.4 million) in Series B round, reported Shenzhen Capital Group (深创投) led the round with participation from venture capital firm New Alliance Group (联新资本) and existing investor Zizhu Xiaomiao Equity Investment Fund (小苗基金) and Alibaba’s e-commerce subsidiary Alibaba Cloud (阿里云).

The funds will be used to improve the production capability of cloud computing, develop core technologies and to construct a business ecosystem.

On December 4, Chinese Internet of Vehicles (IOV) developer Sinoiov (中交兴路) completed CNY 700 million (USD 101 million) Series A financing fund led by Ant Financial, reported

The proceeds from the transaction will be used to grow the logistics business, said Xia Shudong, board chairman of Sinoiov.

On December 5, Taiwan-based travel platform AsiaYo raised USD 700 million in a Series B funding round from Alibaba Taiwan Entrepreneurs Fund (阿里巴巴台湾创业者基金) and China Development Financial (中华开发创新加速器). Darwin Ventures (达盈管理顾问) and Delta Ventures (台达资本) also joined in the deal, according to

AsiaYo will use the money for global expansion, especially in Japan, Korea, Hong Kong, and Thailand. The capital will also be expended for product development and talent acquisition.

*Tencent *

On December 6, Ulucu (悠络客), or Youluoke, Chinese smart retail artificial intelligence (AI) service provider, completed a Series C+ financing round from Chinese tech mammoth Tencent. Details of how the venture plans to use the funds were not disclosed immediately.

Following is the investment highlights last week.


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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