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British luxury apparel brand Burberry is collaborating with Farfetch, an e-commerce fashion platform, to expand its customer base in China. According to Burberry, the partnership will also help boost the 162-year-old brand’s outreach to a young, tech-savvy audience in second- and third-tier Chinese cities. In 2016, IDG Capital invested in Farfetch, which is based in London and is now listed on the New York Stock Exchange.
Meitu, a Hong Kong-listed photo App developer backed by IDG Capital, invested $10 million in PressLogic, a Hong Kong-based firm specializing in social media content and data analytics. PressLogic will use the latest funding to expand its lifestyle-oriented social network and also develop algorithms to predict social trends. IDG Capital was an early investor in Meitu.
Opera, a web browser developer based in Norway, invested $30 million in StarMaker, a social media company focused on music and entertainment. Opera, which is listed on Nasdaq, said the investment would help both companies leverage each other’s resources and also create new business opportunities. IDG Capital joined Opera’s pre-IPO financing round in 2018.
McGraw-Hill Education published “Future Forward: Leadership Lessons from Patrick McGovern, the Visionary Who Circled the Globe and Built a Technology Media Empire.” The new biography by Glenn Rifkin describes McGovern’s career as a groundbreaking technology publisher and an early investor in IDG Capital. Among the many global tech leaders who pay tribute to McGovern are Bill Gates, the Founder of Microsoft; Bob Metcalfe, the founder of 3Com; Guy Kawasaki, the former chief evangelist at Apple; George Forrester, the founder and CEO of Forrester Research; Hugo Shong, the Global Chairman of IDG Capital; Quan Zhou, the Managing Director of IDG Capital; and Jim Breyer, an IDG Capital Partner, Strategic Advisor and the founder of Breyer Capital.
Lime, a San Francisco-based e-scooter and bike-sharing service, invests $3 million in its new safety campaign to better inform riders of safe scooters, distribute 250,000 helmets, and maintain its bikes and scooters. The company also plans to hold safety summits with local officials to advocate safer facilities for bikes and scooters. IDG Capital invested in Lime in 2017.
imToken, a China-based ethereum wallet app backed by IDG Capital, has built a hardware solution to link with ledger device, which could enable direct transactions while keeping private keys offline. IDG Capital recently led imToken’s $10 milion Series A funding round.
Royole Corp., a rollable display manufacturer based in Shenzhen, China and Fremont, California, recently unveiled its FlexPai foldable smartphone in Beijing with an estimated product shipping date in December. Founded by Stanford University graduates in 2012, Royole recently closed its Series E funding round and is now valued at $5 billion. IDG Capital invested in Royole in 2013.
San Francisco-based cryptocurrency exchange Coinbase raised $300 million is now valued at $8 billion. The company said it will use the funds to accelerate global expansion and introduce more crypto. Coinbase recently co-launched USDC stablecoin with Boston-based crypto finance company Circle. IDG Capital was an early investor in Coinbase and led two funding rounds in Circle.
IDG Capital co-led a $127.7 Series B funding round in Terminus, a Chinese Internet of Things (IoT) company providing artificial intelligence (AI)-powered solutions. Terminus will use the latest funding for product development in the IoT sector and talent acquisition. SenseTime, an IDG Capital-backed AI company valued at $4.5 billion, also joined the funding round and will support Terminus’ R&D efforts. IDG Capital previously invested in Terminus in 2017.
Fortune China has just published its 2018 “40 Under 40” ranking, including eight Chinese entrepreneurs who have helped launch firms backed by IDG Capital. Also, there are four Chinese businessmen from IDG Capital-backed firms entered the top 10 of the list : Wang Xing, CEO of Meituan, a Hong Kong-listed food delivery giant; Xu Li, CEO of SenseTime, the world’s most valuable artificial intelligence startup; Huang Zheng, CEO of Pinduoduo, a Nasdaq-listed social e-commerce platform; and Wu Jihan, CEO of Bitmain, a global leader in bitcoin mining.
Neutron Holdings, the San Fransisco-based e-scooter startup now doing business as Lime, will open a new brick-and-mortar store in Santa Monica, California, to enhance its physical presence in the city. In addition to renting scooters, the pilot project store will also host live events to strengthen its community relationships and customer engagement. IDG Capital was an early investor in Lime.
Zoox, a driverless taxi startup based in Foster City, California, announced that it will design and build its own self-driving automobile from the ground up. The new vehicle will be tailored for autonomous driving and will be used for Zoox’s ride-sharing business. Zoox believes the investment will help up compete with other ride-sharing services like Lyft and Uber. IDG Capital joined Zoox’s Series A funding round in 2016.
Niu Technologies, a Beijing-based electric scooter manufacturer, raised $63 million during its initial public offering on Nasdaq. Founded in 2014, Niu is the largest lithium-ion battery-powered scooter firm in China and a leader in Europe. As of June 2018, the company had sold more than 431,500 smart e-scooters worldwide. IDG Capital invested in Niu Technologies earlier this year.
Italian luxury apparel manufacturer Moncler will support the United Nations in providing outer clothes and survival kits to children and families who live in harsh winter conditions worldwide. Launched in January, the “Warmly Moncler for UNICEF" project now supports more than 27,000 families in 192 countries. IDG Capital was an early investor in Moncler, which went public in Milan in 2013.
Rollable display manufacturer Royole Corporation has raised a new Series E funding round, helpig to boost the Chinese firm’s valuation to $5 billion. Founded in 2012, the company also recently opened a 1.1-million-square-feet campus in Shenzhen to meet meet new production needs. IDG Capital invested in Royole Corporation in 2015.
Chehaoduo, a Chinese online platform selling new and used cars, raised $162 million in its Series C+ funding round and boosted the firm’s valuation to $6.6 billion. The Beijing-based company will use the latest funding round to develop at least 100 brick-and-mortar stores for its used car platform and 300 stores for its new car retail service. IDG Capital joined Chehaoduo's Series C round earlier this year.