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Ctrip, China's largest online travel agency, anticipates that international business will outpace domestic expansion within five years. Outbound Chinese tourism is driving Ctrip’s business, aided by overseas travel websites, including U.K.-based Skyscanner and India-based MakeMyTrip.com, both owned by the Shanghai-based company. Ctrip posted $1.2 billion in revenues in Q1, with 35% of the total attributed to international travel. IDG Capital was an early investor in Ctrip, which went public on Nasdaq in 2003.
Club Factory, one of Asia’s leading high-end fashion e-commerce platforms, is waiving fees in India to lure more sellers away from rivals Amazon and FlipKart. Club Factory, based in Hangzhou, China, said the move is designed to expand the firm’s market in India by 20-30 percent. IDG Capital led a $100 million Series A funding round in Club Factory in 2O18 and previously also joined the firm’s Series A round.
The Hong Kong-based South China Morning Post included Kr Space on its list of the top eight “most beautiful luxury co-working spaces” in Asia. Founded in 2016, Beijing-based Kr Space operates co-working spaces in 12 Chinese cities – including Beijing, Shanghai, Hong Kong and Guangzhou – and has more than 220,000 members. IDG Capital previously participated in three venture rounds for Kr Space, including a $145 million investment round as recently as May.
NIO, a Shanghai-based manufacturer of electric autonomous vehicles, reports that it is looking for a manufacturing partner to help build a new production base in Beijing. NIO made the announcement four days after announcing it will form a joint venture with Beijing E-Town International, a Chinese State-owned investment firm, for a new $1.45 billion capital infusion. NIO went public on the New York Stock Exchange in 2018, raising $1 billion in its initial public offering. Prior to the IPO, IDG Capital joined the firm’s Series B+ funding round.
Cryptocurrency trading platform Coinbase, based in San Francisco, is including support for EOS, a cryptocurrency designed to support large-scale decentralized applications for retail customers. Retail users can now purchase, sell, convert, send, receive or simply store EOS. Coinbase said its new product option is currently available in most markets except the U.K. and the U.S. State of New York. In 2013, IDG Capital was an angel investor in Coinbase.
Chinese e-commerce platform Secoo is partnering with Italian luxury group Prada to offer products made by Prada and its high-fashion subsidiary, Miu Miu. Secoo is now China’s largest online store for luxury goods. The firm reported $260 million in revenue in Q4 2018 and currently has 406,000 active customers. IDG Capital previously invested in Secoo's Series A, B and C funding rounds. Based in Shanghai, Secoo first went public on Nasdaq in 2017.
Easy Transfer, an online financial service platform for Chinese students studying overseas, processed $776 million in transactions in 2018. The company projects the total number of transactions will reach $2.6 billion by year-end through more than 100,000 payments. Founded in 2013, Easy Transfer currently has customers in more than 1,900 overseas colleges, universities high schools and private academies in 27 countries. IDG Capital first led a pre-seed round in Easy Transfer in 2016 and later joined the company’s series A round in 2018.
James Breyer, Co-Chairman of IDG Capital, will step down from the Harvard Corp. on June 30 after his six-year term. During his tenure there, Breyer served on the finance committee and on the governing boards’ joint committees on inspection, alumni affairs and development. Breyer is also a member of the board of dean’s advisers at Harvard Business School. William Lee, a Corporation senior fellow, said Harvard has always benefited from Breyer’s “lively intellect, his global outlook, his keen understanding of technology and his constant eye on the future.” In addition to his position at IDG Capital, Breyer, who was an early investor in Facebook, is also Chairman of Breyer Capital in Menlo Park, California.
China’s food delivery giant Meituan-Dianping saw revenue grow 70.1 percent to $2.78 billion in the first quarter of 2019. Revenue from Meituan’s core food delivery business was also up 51.7 per cent in Q1 year-on-year to 10.7 billion yuan. IDG Capital was an early investor in Meituan, which raised $4.2 billion in its initial public offering on the Hong Kong Stock Exchange in 2018.
Infront Sports & Media, an international sports marketing agency based in Switzerland, has launched iX.co, a new digital venture connecting brands and sports rights-holders directly to sports fans. iX.co will merge Infront’s in-house digital team with OMNIGON, a New York-based digital services company acquired by Infront earlier this year. With a 250-member staff, the new venture will operate in New York, London, Los Angeles, Paris, St. Petersburg, Toronto and Zug, Switzerland. China's Dalian Wanda Group acquired Infront in 2015. IDG Capital is also an Infront investor.
Sanjieke, a China-based career training platform targeting IT professionals, has raised $19 million in a Series B round. Sanjieke provides systematic courses to Internet industry practitioners and also works with leading Chinese Internet companies to build core skill evaluation standards and assessment tools. The Beijing-based start-up said it will use the latest investment to expand its business operations. IDG Capital led Sanjieke’s series A fund in 2018. The company’s valuation currently exceeds $145 million.
Lime, a San Francisco-based electric scooter and bike-sharing provider, is launching a new marketing program to demonstrate how micro-mobility is changing the global urban transportation landscape. The new marketing program was created in partnership with Anonymous Content, a commercial, film and television production company based in Culver City, California. In 2017, IDG Capital joined Lime's Series A funding round.
The Mayor of Lyon, France, hosted the Olympique Lyonnais women’s team in the city center less than 24 hours after the team celebrated its victory over Barcelona to win the Champions League trophy for the sixth time in nine seasons. The latest win enhanced the squad’s reputation as one of the dominant teams in women’s soccer. In 2016, IDG Capital invested $110 million in OL Groupe, now listed on the Paris stock exchange.
Cryptocurrency trading platform Coinbase announced a new product and marketing program to enable users to earn cryptocurrency by solving tasks, trying new protocols and answering quizzes. Coinbase, based in San Francisco, said it will offer the program in more than 100 countries. IDG Capital was an angel investor in Coinbase in 2013.
IDG Capital is leading a $145M funding in Kr Space, a co-working space operator based in China. Kr Space said that it will use the latest investment round to pursue its new business strategy aimed at making the firm “a full life-cycle office enterprise service provider.” Kr Space currently operates 40 co-working spaces in ten major Chinese cities and plans to expand soon into Hong Kong, Singapore, Tokyo and throughout the Asia-Pacific region. Since 2016, IDG Capital has participated in three Kr Space venture rounds.
Xiaomi, the world’s fourth-largest smartphone maker, has opened its first physical store in Santiago, the capital of Chile. Xiaomi now sells more 130 electronic products in Chile, including cellphones, security cameras, computers and robot vacuum cleaners. The Beijing-based company said it will soon open six more stores in South America. IDG Capital was an early investor in Xiaomi, which went public in 2018 with a $52.7 billion valuation.