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Maimai, China’s primary professional networking rival to LinkedIn, now has $750 million in funding and is aiming for a 2019 IPO. Founded in 2013, web-based firm has 30 million registered users in China, including 10 million monthly active users. Top U.S. investors include DCM Ventures and IDG Capital.
SpeakIn Technologies Co., Ltd., a Shenzhen-based voice recognition firm, reported this week that it has raised “tens of millions of RMB” from a new A2 Series round of funding led by Yuanchuang Capital. In May, SpeakIn raised more RMB funds from IDG Capital, Hongzhi Capital and Fuyu (Shanghai) Investment Co. The voice recognition startup provides technology for both commercial and industrial applications.
Farfetch, a British Unicorn, now sells more than £500 million annually in high-end fashion and other luxury goods online. Investors in the decade-old firm include Temasek, Eurazeo and IDG Capital.
Razer Inc., a leading supplier of gaming laptops and other accessories, raised $530 million on its first day of trading on the Hong Kong stock exchange, as shares climbed 18%. Key backers of the Singapore-and San Francisco-based firm include GIC, Horizon Ventures, IDG-Accel, Intel Capital, Credit Suisse Group and UBS Group.
Bokecc.com, a Chinese provider of video cloud computing solutions to educational institutions, media companies and government institutions, has raised $31 million in Series C round founding from NewQuest Capital Partners, Jiawo Capital and SilkRoad Huachuang Investment. In 2011, Bokecc received $20 million in Series B round funding from Steamboat Ventures, a Walt Disney Company affiliate, and IDG Capital, Jiangsu High-Tech Investment Group, and IDG-Accel Growth Fund.
Interviewed at the Web Summit in Portugal, Jim Breyer, an early investor at Accel in Facebook, predicts that Breyer Capital, the venture capital and private equity firm he founded in 2006, will make 6-to-10 investments in the coming year, mainly in companies specializing in artificial intelligence (AI) and deep-learning applications for the finance, healthcare, publishing and other vertical industries. Breyer is a longtime partner with IDG Capital and visits China up to four times a year.
Seeco (NASDAQ: SECO), a Chinese luxury e-retailer, has announced third-quarter earnings estimates of $4.5 million to $5.1 million on revenues of $145.8 million to $147.3 million. IDG Capital is the largest investor in Seeco with an 18.5% stake.
Agora.io, a cloud-based platform for real-time communications installed on 500 million devices worldwide, has announced a partnership with Xiaomi, one of China’s leading smartphone makers. Based in Santa Clara, California, Agora.io is backed by a variety of global venture capital and private equity firms, including IDG Capital, Morningside, SIG, GGV Capital and Shunwei. IDG Capital was also an early investor in Xiaomi.
Changingedu, a Shanghai-based online-to-offline (O2O) education company, has raised $55 million in a Series D funding round. Investors include ClearVue Partners, TAL Education Group, IDG Capital, Sequoia Capital, Trustbridge Partners and FreeS Fund.
Acadsoc, an English-language online education company, announced this week that it had raised $15 million in a Series B+ funding round. Shenzhen Capital Ground led the fundraising round, and IDG Capital also participated. Acadsoc’s online platform offers English-language courses to primary and middle school students, mainly in China. The Shenzhen-based firm has over 1,500 employees.
E-sports provider EDward Gaming has entered into a partnership with Olympique Lyonnais football club to provide digital gamers with products that promote the French club in China. IDG Capital has a 20% stake in Olympique Lyonnais. Like its other games, EDward said that the new online producrs would be distributed in China by Tencent, in which IDG Capital was also an early investor.
Razer Inc., a leading global supplier of digital games, was listed this week on the Main Board of the Stock Exchange in Hong Kong. Net proceeds from the filing are expected to exceed HK$3.5 billion. Founded in 2005, Razer has headquarters in both San Francisco and Singapore. The firm’s backers include IDG Capital-Accel, Intel Capital and Horizon Ventures.
Telenav, a Santa Clara, California-based supplier of connected car and location-based services, will partner with Waylens Inc., a Boston-based camera company, to offer enhancements to its digital automotive navigation system. IDG Capital and E14 Fund are investors in Waylens.
Huisuanzhang, a Beijing-based software and tax management app developer, has raised $30 million to underwrite expansion across China. IDG Capital and Tendence Capital led the Series B funding initiative. Other investors included CreditEase, THG Ventures and Chuanrong Capital.
China's interior decoration market is now valued at $264 billion, according to Goldman Sachs. Major investors in the online-to-offline (O2O) portion of the China market now include Matrix Partners China, Sequoia Capital, and IDG Capital.
Meituan-Dianping – a Beijing-based company that enables users to make lunch reservations, order food and buy movie tickets through a single mobile app – announced this week that it raised $4 billion in Series C funding, raising its overall valuation to roughly $30 billion. That puts Meituan-Dianping, an online platform for 5 million Chinese merchants, in the same league as U.S. lodging startup Airbnb. Investors in Meituan-Dianping include Tencent, Sequoia Capital, GIC, the Canada Pension Plan Investment Board, Trustbridge Partners, Coatue, IDG Capital, Tiger Global, China-UAE Investment, and Priceline. Meituan-Dianping currently claims 280 million active annual users in 2,800 Chinese cities.