IDG WeChat qr Code
Food delivery giant Meituan-Dianping, the Chinese equivalent to Groupon and Yelp, had an initial public offering on the Hong Kong Stock Exchange. Shares rose 5% during its debut. The firm is now valued at $55 billion. Founded in 2010, Meituan-Dianping offers a wide range of services, from restaurant reviews to food orders, and it recently acquired Chinese bike-sharing platform MoBike. The Beijing-based firm currently has 50,000 employees, plus a 600,000-person delivery service, making it the world's largest online delivery platform. IDG Capital joined Meituan-Dianping's pre-IPO funding round in 2017.
iQiyi, China's equivalent to Netflix, is targeting the largely untapped senior citizens in China with a new short video app featuring current events, politics, health topics and military news. IDG Capital joined iQiyi's private financing round in 2017. The Beijing-based video platform, now listed on NASDAQ, is currently valued at $20.8 billion. IDG Capital recently took a 13.33% stake in iQiyi Sports, the company's new sports streaming arm.
Rossignol, a leading winter sports clothing and equipment maker, will open stores in Beijing and Shanghai, and also sell products on leading Chinese e-commerce sites. The French company's expansion plans coincide with a growing market in China for winter sports gear, coinciding with the government's build-up to and the launch of the next Winter Olympics in Beijing in 2022. In June, IDG Capital took a 20% stake in Rossignol, which makes skis and alpine, snowboard and Nordic equipment, along with outerwear and accessories.
Facebook's recently released list of Top 50 Chinese Brands in 2018 includes seven IDG Capital-backed companies: Anker, a global consumer electronics giant making everything from chargers to robotic vacuum cleaners; Meitu, a Chinese innovator in mobile video and photography; SheIn, a global online women’s fashion retailer founded in New Jersey but which now has customers in more than 80 countries; Club Factory, an international fashion retailer for both men and women, with more than 40 million customers in India alone; Tencent, the world's sixth largest Internet company; WeCash, China's leading big data credit assessment platform; and HKSE-listed Xiaomi, ranked this year among the Top Five global smartphone makers.
NIO, a global manufacturer of smart, electric autonomous vehicles, closed up 76% during its second day of trading on the New York Stock Exchange, after a $1 billion initial public offering last week. Forbes Magazine also recently named NIO founder William Li to its 2018 Billionaires list. Based in Shanghai, NIO, which incudes IDG Capital among its backers, also operates offices, including R&D facilities, in San Jose, London and Munich and eight other major cities around the world.
IDG Capital co-led a $17.5 million Series B funding round in AllDream, a Shanghai-based online computer science education platform targeting teenagers. The firm’s website currently counts more than 100,000 families in 50 cities as members. Renewal rates for the AllDream website exceed 90%, and many of the firm’s apps and gaming products are now available in the Apple App Store.
YCloset, a women's clothing online sharing platform based in Beijing, recently received a second undisclosed investment from Chinese e-commerce giant Alibaba. YCloset said it plans to use the latest funding to expand, upgrade algorithms and improve warehouse operations. IDG Capital joined YCloset's $20 million Series B round in 2017.
LinkedIn named three IDG Capital-backed companies – Coinbase, Ripple, and Zoox – to its 2018 list of the Top 50 U.S. Startups. LinkedIn selected the three firms using a variety of criteria, including strong sales performance, employee growth, active LinkedIn user engagement and an ability to attract seasoned professionals from top-tier companies. IDG Capital was an early investor in Coinbase and Ripple, both San Francisco-based cryptocurrency exchanges. In 2016, IDG Capital also joined a Series A funding round for Zoox, a self-driving automobile manufacturer based in Foster City, California.
iQiyi Sports, the online sports streaming arm of parent-company iQiyi, has raised $124 million from several Chinese-based venture firms, including one backed by former NBA Houston Rockets star Yao Ming. Last month, IDG Capital invested $58.5 million in Beijing-based iQiyi Sports, which was co-founded by iQiyi, China's equivalent to Netflix, and Super Sports Media, which broadcasts and distributes live football broadcasts. IDG Capital likewise backed iQiyi and Super Sports.
Baidu Cloud, Chinese search engine Baidu's cloud services business, is partnering with Intel on a variety of artificial intelligence applications, including financial services, shipping and video processing. IDG Capital was an early investor in Baidu, which first went public on Nasdaq in 2005. The Beijing-based firm now claims 42,000 employees and a market capitalization of approximately $75 billion.
Best known for portable chargers, consumer electronics giant Anker unveiled a raft of new products at the IFA expo in Berlin earlier this month, ranging from robotic vacuum cleaners to Bluetooth speakers. IDG Capital invested in Anker in 2016. The Shenzhen-based firm also operates subsidiaries in California, Germany, the United Kingdom and Japan.
A recent survey suggests that the U.S. Bitcoin market could be getting a boost from students, who are now twice as likely as non-students to own cryptocurrency. Coinbase, a San Francisco-based digital exchange, and Qriously, a London-based data and research platform, conducted the survey. IDG Capital was an early investor in Coinbase, which now has a market capitalization of more than $100 billion.
Jim Breyer, a Partner and Senior Strategic Advisor at IDG Capital, predicts that 18 of the world's top 20 technology companies will be U.S. or Chinese within ten years, and at perhaps several of those firms will worth more than $2 trillion. “The United States companies,” Breyer said, “simply have better have data, and if we're thinking about breakthroughs, in improving for instance patient outcome for cancer worldwide, U.S companies currently have a very significant lead versus the Chinese companies.” Chinese artificial intelligence (AI) firms, however, are the world leaders in face recognition and visual computing technology, he added. Breyer, who has partnered with IDG Capital for a decade, was also an early investor in Facebook. In addition to his role at IDG Capital, Breyer is also the CEO of Breyer Capital, a venture capital and private equity firm based in Menlo Park, California.
iQyi, the Chinese equivalent of Netflix, has attracted 13 billion views for its 70-episode streaming series, “The Story of Yanxi Palace.” In August, “Yanxi Palace” also attracted 530 million viewers in a single day, smashing the world's one-day viewership record. Beijing-based iQiyi, now listed on Nasdaq, relied heavily on data analysis to help build the series into a summer blockbuster. The series, featuring several Chinese movie and television stars, is set in the court of Emperor Qianlong (1711-1799). IDG Capital joined iQiyi's private funding round in 2017.
IDG Capital joined a Series B funding round for Plum, a Beijing-based e-commerce platform for buying and selling fashion products. Plum said it would use the funds to improve and expand its product offerings and also explore offline sales channels. In 2017, IDG Capital led Plum's Series A funding round.