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Farfetch, a London-based online luxury fashion platform, now allows customers to access their crypto wallet and purchase goods using one of seven cryptocurrencies, including Bitcoin, Ethereum and Binance Coin. Crypto payments will be accepted from its top-tier “private clients” in the coming months, ahead of a wider rollout in the US, UK, and Europe. In 2016, IDG Capital led Farfetch's Series F funding round. Farfetch went public on the New York Stock Exchange in 2018 with a valuation of $5.8 billion.
IDG Capital has led an A round of financing totaling over $15 million in X-MAGTECH, a Beijing-based quantum sensing company. X-MAGTECH has taken a lead in developing atomic magnetometer magneto cardiograms for the accurate diagnosis of cardiovascular diseases in China and obtained the first medical device registration certificate for such products in the country. The company’s annual production capacity has exceeded 1,000 units. The company aims to continue to expand its R&D investment with this round of financing while also accelerating the listing of other products
OPay, a Nigerian mobile payments firm, has announced a strategic partnership with Mastercard. OPay customers from countries such as Algeria, Morocco, Egypt, Nigeria, and the UAE will benefit from Mastercard’s virtual payment solution linked to their OPay wallets. Launched in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. The company processes millions of transactions per day on average. IDG Capital, which was also previously a pre-IPO investor in OPay's parent company, led a $50 million investment round in the firm.
IDG Capital has exclusively invested in Shanghai Weimu Medical, a high-end interventional medical device platform based on innovative materials in the fields of tumor intervention and pan-vascular intervention. Two of Weimu Medical’s core medical products have completed the first patient enrollment. The founder, Dr. Xie Dang, with nearly 15 years of experience in the field of polymer materials, served in prestigious domestic and foreign leading companies such as 3M and Hengrui Pharma.
Singapore-based crypto exchange KuCoin raised $150 million in a funding round, joined by IDG Capital. KuCoin said it will use the funds to expand beyond centralized trading services and grow its presence in Web3, the next generation of the internet that runs on blockchains. The capital will also be used to enhance KuCoin’s Ethereum-based public blockchain. Previously, IDG Capital co-led KuCoin's $20 million Series A round.
Cross-border fashion e-commerce company SHEIN is now the most downloaded application in the United States, surpassing other powerhouses like TikTok, Instagram, Twitter, and even Amazon. Currently, Shein provides more than 600,000 products to more than 220 countries and regions across Europe, North America, the Middle East and South Asia. Bloomberg revealed earlier that the company’s valuation is expected to reach $100 billion. IDG Capital joined Shein's Series B round.
Gentle Monster and Moncler Genius, two fashion brands backed by IDG Capital, have joined forces to launch a collection of futuristic eyewear and outerwear designs. In celebration of the partnership, Gentle Monster and Moncler have launched a pop-up space in Gentle Monster’s HAUS DOSAN flagship in Seoul. The collection is displayed in immersive installations that blend the physical and digital worlds together. IDG Capital was an early investor in Moncler, which went public in Milan in 2013, and also invested in Gentle Monster.
IDG Capital has joined a $45million angel and angel+ rounds of financing of Flywheel Digits, a China-based cloud-native real-time database supplier. Flywheel Digits was founded in December 2021 by Lian Linjiang, former general manager of Baidu Smart Cloud Big Data and Video Cloud. As an open-source technology company, the startup will work on Apache Doris (Incubating), a real-time OLAP (on-Line Analytic Processing) database, and work with developers in the open-source community to enhance its international reach.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, introduced a new earphone brand called Bilipods with a first product launch, as the company attempts to expand its business in the consumer electronic market. Targeting the mid to low-end market, the newly released earphones support high-resolution audio with Bluetooth. Users can also enjoy special UI animation effects while watching videos on Bilibili. IDG Capital led Bilibili's Series A funding round and joined its A+ and B rounds.
London-based online luxury fashion platform Farfetch has invested $200 million in traditional fashion retail company Neiman Marcus Group, which will use the proceeds to enhance its omnichannel performance. Farfetch currently owns 6% of the total $68 billion online personal luxury goods market. With this new partnership, Farfetch further raises its status in multi-brand retail after a year of supporting Harrods’ e-commerce strategies. In 2016, IDG Capital led Farfetch's Series F funding round.
Guangzhou-based autonomous driving technology company WeRide has recently received more than $400 million in a new round of financing, and its valuation after the investment totals $4.4 billion. WeRide was the first autonomous driving company in China to secure an official license for online car-hailing operations. The company accelerated its funding pace since 2020, raising more than $1 billion. IDG Capital joined WeRide’s Series C funding round last May.
IDG Capital has led a $100 million Series A round of financing in Miracle Miles, a global footwear technology company. Launched in New York in 2019, Miracle Miles covers the different market demands by creating a brand matrix, and its brands of fashionable women’s shoes, businessmen’s shoes and outdoor sports shoes have performed well. Miracle Miles intends to complete the strategic layout of the global footwear market in the near future, with a wider range of categories covered and operations in more countries and regions.
Chinese electric vehicle company Xpeng, with participation from IDG Capital, led an investment into a new $200 million fund focused on backing electric vehicles and “frontier technology” start-ups. The fund, called Rockets Capital, will focus on “venture and growth stage investments in Smart EV industry value chain, clean energy, and frontier technology areas.” IDG Capital co-led Xpeng's $348 million Series B round in 2018.
JMGO, a Shenzhen-based smart projector and laser TV maker, has secured $157.5 million in a new funding round from investors including IDG Capital. The funds will be used as working capital to support the expansion of JMGO’s business scale, and to invest in key strategic businesses such as technology reserves, product development, channel expansion and brand promotion. IDG Capital was an early investor in JMGO.
IDG Capital has led a new funding round in Tidetron, a Chinese startup that uses synthetic biology to produce raw materials for industries from skincare to biopharmaceuticals. The funding has brought Tidetron’s total fundraising size to over $100 million. Synthetic biology has been recognized as “the 3rd biotechnology revolution”, the fastest growth area of frontier science in recent years. The proceeds will be mainly used for the research and production of new pipelines, including the research and large-scale mass production.
IDG Capital is exploring the possibility of selling the stakes in Olympique Lyonnais, a French professional football club based in Lyon. The purpose of the financial structure adjustment is to enable the continuation of development projects which include the multipurpose arena, the OL Reign women's team in Seattle and OL Groupe's investments in ASVEL men's team. In 2016, IDG Capital took a 20 percent stake in the French football club.