A weekly newsletter summarizing recent activity in the Chinese startup ecosystem.
DEALS OF THE WEEK
PICC Invests $353M In Chinese Chauffeured Car Service Firm Ucar
Ucar, a mobile app-based chauffeured car service company launched by Chinese rental car company Car Inc. raises $353M strategic investment from PICC Asset Management, a subsidiary of People’s Insurance Company of China Ltd.
INTERESTING FUNDRAISING ACTIVITY IN CHINA
YY Inc Leads $70M Round In Tinder’s China Copycat Tantan
Tantan (2014, Beijing), a dating app, raises $70M in Series D round of funding led by NASDAQ-listed Chinese online social entertainment firm YY Inc.
Shunwei Co-Leads $50M Round In Last-Mile Delivery Firm Shansong
Shansong Express (2014, Beijing), an Inner-city logistics start-up focused on providing last-mile delivery solutions, raises $50M in Series C+ round of funding led by Shunwei Capital with participation from Hearst Communications Inc. and Prometheus Capital.
Tencent Invests $44M In Skyworth’s Smart TV Unit Coocaa
Coocaa (2006, Shenzhen), the Internet TV division of TV maker Skyworth Digital Holdings Ltd. raises $44M strategic investment from Tencent Holdings Ltd. in exchange for a 7.7% stake.
Taiwan’s Neoglory Group Leads $29M Round In Chinese Apartment Rental Firm
Coming Space (2010, Nanjing), an apartment rental start-up focused on young professionals, raises $29M in Series B round of funding from Neoglory Group, a Taiwan-based conglomerate with real estate and investment businesses.
Do-Fluoride Chemicals Leads $19M Round In Chinese EV Sharing Firm Yibuyongche
Yibuyongche (2016, Guangzhou), an electric vehicle sharing startup, raises $19M Series A round of funding from Do-Fluoride Chemicals Co., Ltd., a Shenzhen stock exchange-listed inorganic fluorine chemical company.
Legend Capital Leads $17M Round In Chinese Aesthetic Medical Firm PhiSkin
PhiSkin (2012, Shanghai), an aesthetic medical and beauty services provider, raises $17M in Series B round of funding led by Legend Capital with participation from Ares Management L.P., a New York stock exchange-listed global alternative asset manager.
CASH Capital Leads $14M Round In Chinese Cloud Service Firm SpeedyCloud
SpeedyCloud (2012, Beijing), a cloud services provider, raises $14M in Series B round of funding led by CASH Capital Investment Management Co., Ltd. with participation from an unnamed subsidiary of The Chinese Academy of Sciences Holdings Co., Ltd., the parent company of CASH Capital.
Fosun Leads $14M Round In Chinese Cloud Computing Firm CloudCare
CloudCare (2013, Shanghai), a cloud computing company, raises $14M in Series C round of funding led by Chinese conglomerate Fosun Group with participation from Sequoia Capital China.
China’s National SMEs Fund Leads $14M Round In Neigou.com
Neigou.com (2013, Beijing), an HR Tech platform focussing on employee benefits, raises $14M in Series B round of funding led by China’s National Small and Medium-size Enterprises Development Fund with participation from Cheung Kong Graduate School of Business’s Chuang Fund and Focus Media Information Technology.
Shunwei Joins $14M Round In Chinese Autonomous Driving Start-Up AI-Drive
AI-Drive (2015), a Chinese autonomous driving solutions provider focused on unmanned logistics and unmanned aerial lift vehicles, raises $14M in Series A round of funding led by Shunwei Capital, co-founded by Chinese billionaire entrepreneur Lei Jun with participation from well-known Chinese e-commerce company, Alibaba Group Holdings Ltd. and JD.com Inc.
Yunmai’s secures investment for its smart health gadgets reflect growing health trend
Yunmai (2014, Guangzhou), a smart health gadgets manufacturer that aims to help users achieve and maintain their health goals via its smart scales, raises $10M in Series B round of funding led by LB Investment with participation from Xinwen Capital and FutureCap.
Gobi Partners Leads $7M Round In Chinese Agriculture Drone Sharing Start-Up
Nongtian Guanjia (2016, Beijing), a sharing platform connecting agricultural drone operators with farmers, raises $7M in Series A round of funding led by Gobi Partners with participation from GGV Capital, Shunwei Capital, the Zhen Fund and Yunqi Partners.
Edtech startup Snapask raises $5M to expand to SEA, UK and Australia
Snapask (2014, Hong Kong), education technology firm, raises $5M in pre-series A round of funding from venture capital firms from Hong Kong and Indonesia, Indonesian VC firm Kejora Ventures, backed by the Charoen Pokphand family from Thailand, Meitu chairman Cai Wensheng and Welight Capital also participated.