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Lime, a San Francisco-based electric scooter and bike-sharing provider, has closed the acquisition of Uber’s micromobility subsidiary Jump in Europe. Lime will leverage all Jump assets, from design to IP and branding, and plans to redeploy Jump scooters and bikes first in London, Paris, Rome and Barcelona. Lime, which currently operates in more than 150 cities worldwide, is valued at $2.4 billion. IDG Capital joined Lime's Series A funding round in 2017.
Electric vehicle (EV) startup Xpeng has revealed its self-built wholly-owned factory in Zhaoqing, Guangdong Province. Xpeng is now the only new smart EV maker in China that has both self-owned and contracted plants. Spanning a planned area of 2 million square metres, the factory has five cutting-edge workshops including stamping, welding, painting, final assembly, and battery pack production. IDG Capital co-led Xpeng's $348 million Series B round in 2018.
IDG Capital co-led a $283 million Series B round in Eswin Computing Technology, a Beijing-based chip maker that supplies semiconductor solutions. Previously, IDG Capital also joined the firm’s Series A round. Founded in 2016, Eswin develops integrated chips and solutions focused on displays and videos, AI data processing and wireless connection. The company said the new capital will help spur its domestic chip production in China, which today relies heavily on U.S. and U.K. firms.
OPay, a Nigerian-based mobile payments app, now has 5 million users and processes over 60% of mobile money transactions in Nigeria. Despite the decline of ORide impacted by Covid-19, Opay’s payments grew over 400% in April compared to last year. In March, Opay entered the ecommerce space by releasing a B2C ecommerce marketplace OMall and a B2B trading service OTrade. Previously, IDG Capital led a $50 million investment in OPay, which was founded by Norwegian browser company Opera Ltd. in which IDG Capital was also an early investor.
Chinese smartphone manufacturer Xiaomi will launch a crowdfunding health care platform, Xiaomi Huzhu, in response to China’s fast-growing online mutual aid industry. In China, subscribers to online mutual aid platforms are expected to reach 450 million by 2025. At Xiaomi Huzhu, qualified patients can claim up to $70,000 for critical illnesses, including 82 major diseases and 10 serious ailments specific to children. IDG Capital was an early investor in Xiaomi, which first went public in Hong Kong in 2018.
Secoo, a Nasdaq-listed luxury retailer, has received $100 million investment from Qudian, a New York-listed Chinese online micro-credit provider, in exchange for 28.9% stake. The duo plan to cooperate and fuel opportunities for expansion in the Chinese online luxury e-commerce market, which has reached $7.5 billion in 2019 and is expected to increase over 50% year-over-year in 2020. IDG Capital previously invested in Secoo's Series A, B and C funding rounds.
Bilibili, China's answer to Netflix, will launch a satellite this month in an effort to attract more young viewers to its programs of general science and astronomy education. A collaboration with Chang Guang Satellite Technology, the satellite will collect images and videos of the earth and other celestial bodies for posting on the new online channel. Prior to Bilibili's listing on Nasdaq, IDG Capital led Bilibili's Series A funding round and also joined its A+ and B rounds.
IDG Capital led a $1 billion Series B funding round in MGI Tech, a gene-sequencing equipment unit of Chinese genome giant BGI Group. This has become the largest scale of financing round completed in China’s gene-sequencing field. Founded in 2016, MGI develops healthcare solutions, sequencing devices, consumables and reagents to support life science research and the healthcare industry. The company currently has more than 1,000 employees and over 40% are researchers, with over 740 applications filed for technical patents.
News Break, an AI-powered news aggregation app created in 2015 by Mountain View, Calif.-based Particle Media, surged to be the third-most downloaded U.S. iOS app in mid-March amid the COVID-19 pandemic. The firm also recently hired Harry Shum, former president of Microsoft AI and Research Group, to further grow the business. Previously, IDG Capital led News Break's Series A round in 2016 and also joined its Series B round in 2017.
In a move to expand Amazon’s reach in autonomous-vehicle technology, Amazon is in advanced talks to buy Zoox, an autonomous vehicle startup backed by IDG Capital. Based in Foster City, California, Zoox develops the hardware and software needed to create electric-powered, robot taxis that would be summoned by smartphone app starting this year. To date, Zoox has raised over $790 million during three funding rounds. IDG Capital joined Zoox's Series A funding round in 2016.
China's leading food delivery app Meituan Dianping has exceeded $100 billion valuation this week, which makes Meituan the third Chinese firm to reach the landmark valuation following Tencent and Alibaba. During the Covid-19 pandemic, the average value per order jumped by 14.4% as a large number of premium restaurants also joined Meituan’s food delivery services. IDG Capital was an early investor in Meituan, which went public in on the Hong Kong Stock Exchange in 2018.
Electric vehicle (EV) startup Xpeng has secured a production license for its recently-built, wholly-owned manufacturing factory located in Zhaoqing, Guangdong. The new plant contains five unique workshops that cover the essential manufacturing functions, including stamping, welding, painting, assembly as well as battery pack production. The facility also includes private test tracks that have 18 different types of roads for various braking and automatic safety system testing. Previously, IDG Capital co-led Xpeng's $348 million Series B round in 2018.
Nasdaq-listed iQiyi, China's dominant online video platform based in Beijing, has posted a 9% revenue growth to $1.1 billion despite the disruption from the COVID-19 outbreak. Membership services continued to serve as the major driver, as the company attributed this to its premium content and increased entertainment demand. iQiyi said it has also made progress in building a more balanced content mix, expanding monetization initiatives and exploring technology innovations. Previously, IDG Capital joined iQiyi's $1.53 billion financing round in 2017.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, recorded a 70% year-over-year growth to reach 172 million monthly active users by Q1. Different from Tencent Video that distributes professionally produced programs, Bilibili relies on a wide array of user-generated content in the style of Youtube. The number of monthly creators also grew 146% to 1.8 million, who collectively submitted 4.9 million pieces per month. Previously, IDG Capital led Bilibili's Series A funding round and also joined the company's A+ and B rounds.
IDG Capital joined a $10million Series B financing round in WakeData, a Shenzhen-based digital upgrade service provider. Through big data and artificial intelligence, WakeData integrates customer operation and resource management to digitally upgrade products and services for enterprises. The new financing proceeds will help WakeData’s R&D in digital solutions, market expansion and digital ecology construction. Previously, IDG Capital also led WakeData’s pre-A round of financing.
In an interview, Nigerian-based mobile payments app OPay says that the firm remains committed to the super app strategy with five current product offerings. These services include B2C e-commerce, B2B e-commerce, logistics delivery, restaurant delivery and motorcycle ride-hail service. Between January and April, the offline and online transaction volume increased by 44%. In 2019, IDG Capital led a $50 million investment in OPay, which was founded by Norwegian browser company Opera Ltd. in which IDG Capital was also an early investor.