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Moncler’s China operation reported an 18% increase in revenues during the first nine months of 2018. The Italian high-end fashion firm partly credits its global success to “Moncler Genius,” an ongoing collaboration project with well-known designers to make monthly new item releases possible. IDG Capital was an early investor in Moncler, which first 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.
Chinese electric automaker NIO delivered 3,268 SUVs in the third quarter of this year, beating its own target by 9%. The Shanghai-based firm, which raised $1 billion on the New York Stock Exchange in September, now has operations in San Jose, San Francisco, Munich, London and eight other locations around the world. IDG Capital invested in NIO in 2017.
Cryptocurrency leaders Coinbase and Circle have formed a joint venture to boost the adoption of dollar-backed digital coins.The partnership, known as CENTRE Consortium, will establish new cryptocurrency standards and also support efforts to increase the adoption of “stablecoins,” a cryptocurrency backed by the government currencies like the U.S. dollar. IDG Capital was an early investor in San Francisco-based Coinbase and led two early funding rounds in Boston-based Circle.
IDG Capital led a $43 million Series B funding round in Letus Legend, a Chinese supermarket chain specializing in fresh produce. The Hefei, China-based grocer is currently valued at $433 million. Letus Legend will use the latest funding to launch home delivery services, organize pre-sale events and expand throughout China. Founded in 2014, the company currently has 100 locations in Anhui Province, for which Hefei is the capital.
Neutron Holdings, doing business as Lime, has pledged to make its entire fleet of shareable electric bikes and scooters carbon-free. The San Francisco-based firm said it will purchase renewable energy credits. Lime also plans to fund climate-friendly projects to help minimize pollution. In addition to the U.S., Lime now operates in Europe and Mexico. Only 15 months old, Lime currently operates in more than 100 cities and has registered more than 13 million rides to date. IDG Capital joined Lime's Series A funding round in 2017.
Moncler CEO Remo Ruffini is changing that the way the global high-end fashion industry does business by speeding up the pace at which world-famous designers can launch their latest products. The strategy is paying off. Last year, Montcler, based in Milan, generated $299 million in profits on revenues of $1.43 billion. Its valuation now exceeds $5 billion. In 2011, IDG Capital invested in Moncler which first went public in 2013 on the Borsa Italiana in Milan.
Circle International Financial, a Boston-based cryptocurrency marketplace, has acquired New York-based SeedInvest, an equity crowdfunding platform. Pending regulatory approval, the acquisition will expand Circle’s capability to sell digital tokens and trade a variety of coins. To date, Seedfest has already raised $11 million on its own and has also helped startups raise $120 million. IDG Capital led Circle’s Series C and D funding rounds.
Tencent, one of the largest Internet companies in China, invested $317.6 million in Bilibili, a Shanghai-based video-sharing website specializing in animation. Tencent, listed on the Hong Kong Stock Exchange, and Bilibili, listed on Nasdaq, are both IDG Capital-backed. IDG Capital invested in Tencent in 1999, and led Bilibili's series A funding round in 2014.
IDG Capital was the world’s most active early-stage investor during Q3 2018 with 21 investments. Crunchbase also ranked IDG Capital among the world’s top three most active lead investors with 14 deals during the same quarter. Four IDG Capital-backed companies also went public during Q3 – smartphone maker Xiaomi, social e-commerce platform Pinduoduo, electric automotive vehicle firm NIO and luxury fashion e-retailer Farfetch.
Ctrip, China's largest online travel agency, is partnering with Splyt, a London-based ride-hailing platform with a global customer base. Ctrip clients will now be able to book rides in over 50 countries. IDG Capital was an early investor in Shanghai-based Ctrip, which went public on Nasdaq in 2003.
Neutron Holdings, based in San Mateo, California, will provide its Lime scooter services in Waterloo, Canada, the startup company's first scooter-share pilot program in that country. Lime also recently expanded its operations into Paris, Frankfurt and Zurich. The firm, now valued at $467 million, provides scooters and bikes in a total of seven countries. IDG Capital joined Lime's Series A funding round in 2017.
Opera, a web browsing company based in Oslo, Norway, is expanding its blockchain technology applications through a partnership with Ledger Capital, a Washington, D.C.-based cryptocurrency advisory firm. In July, Opera raised $115 million during an initial public offering on Nasdaq. Previously. IDG Capital joined Opera's pre-IPO private placement, and Opera also recently received an investment from Bitmain, an IDG Capital-backed bitcoin mining company.
LAIX Inc., an online English education platform powered by artificial intelligence, raised $71.9 million during its initial public offering public on the New York Stock Exchange. Founded in 2013, Shanghai-based LAIX serves 83.3 million users worldwide, including 7.2 million monthly active users. IDG Capital previously participated in LAIX's Series A funding round.
Baidu "mini-programs” have accumulated 100 million active monthly users since the Chinese search engine introduced these products two months ago. Mini-programs with less than 10 megabytes of storage run on the firms main app's interface and aren't stored in Badu's app store. IDG Capital was an early investor in Baidu, which went public on Nasdaq in 2005 and is now the largest search engine in China.