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KuCoin, a Singapore-based cryptocurrency exchange, has launched a new 2.0 trading platform. The company said the new platform is designed to expand the depth and range of its trading services which now serves 5 million customers worldwide. “This upgrade is another milestone after our $20 million round A funding,” KuCoin CEO Michael Gan said. IDG Capital co- led KuCoin’s Series A round in November 2018.
Castbox, a podcast firm based in San Francisco, was the most downloaded app in the U.S. in 2018, according to the research firm SenseTower. With roughly 3 million new installs last year – a 217% increase over 2017, Castbox reported revenue of $96,000. That represents a 15-times year-over-year increase from last year. IDG Capital joined investment rounds in Castbox in both 2016 and 2018.
Farfetch, a leading online luxury fashion retail platform backed by IDG, is now the exclusive e-commerce partner for Harrods, the U.K.’s leading luxury department store. Farfetch, based in London, will help Harrods moving overseas by growing its online business. Backed by IDG in 2016, Farfetch went public in 2018 with a valuation of $5.8 billion.
Chehaoduo, a leading online car-trading company, has raised $1.5 billion and boosted the firm’s valuation to more than $9 billion. The Beijing-based company is the parent firm for online sites Guazi, a C2C e-commerce platform for buying and selling used cars, and Maodou, a new car eCommerce platform. Chehaoduo will use latest investment from Softbank in Japan to enhance its capabilities in big data, cloud computing and artificial intelligence and make fundamental changes in China’s automotive retail business. IDG Capital joined Chehaoduo's Series C round in 2018.
IDG Capital co-lead a $15 million Series C1 funding round in Shenzhen Acadsoc Information Co., a Chinese online learning platform. Founded in 2013, Acadsoc offers one-on-one English tutoring service to children, adults and students hoping to study overseas. The company currently has more than 40 million students in its customer base and employs more than 6,000 full-time tutors in the U.S., the U.K, Australia and the Philippines, More than 50% of its tutors are Philippines-based.
Circle, a Boston-based leading crypto finance company, is expanding its market surveillance and protection strategy in partnership with NICE Actimize, an autonomous financial crime management firm owned by Nasdaq-listed NICE Ltd. in Israel. The arrangement is designed to protect Circle customers and investors. IDG Capital was the lead investor in Circle’s $50 million Series C in 2015 and $60 million Series D funding rounds in 2016.
Chinese online education platform Yuanfudao is now valued at $3 billion. The Beijing-based company currently has 200 million users, including 2 million paid subscribers. Among Yuanfudao’s products is a free app powered by artificial intelligence (AI), which allows parents to check their children’s arithmetic homework by snapping a photograph and then comparing the data to information in the database. Yuanfudao now checks or corrects up to 70 million math problems per day. IDG Capital, which first invested in the firm in 2012, recently joined Yuanfudao’s Series F round.
Fourier Intelligence, a Shanghai-based startup, is working to develop an affordable exoskeleton for potential use in China by more than 85 million disabled citizens. Exoskeleton are now sometimes priced as high as $500,000, but Fourier hopes to develop a model for sale for as low as $20,000, according to Ken Zoh, deputy CEO. IDG Capital joined Fourier’s Series A funding round in 2018.
Chinese bitcoin giant Bitmain Technologies is now marketing a 7-nanometer bitcoin mining processor. The chip promises new levels of energy efficiency, the company said. Founded in Beijing in 2013, Bitmain is both a bitcoin miner and supplier of chips and computer hardware used in bitcoin mining, The firm is currently valued at more than $8 billion. IDG Capital invested in Bitmain in 2017.
Lime, a leading electric scooter and bike-sharing provider, has applied for an e-scooter license in San Francisco, its home base. Government officials, which has placed limits on the number of e-scooter companies in the city and previously rejected Lime’s application, might reconsider Lime in April. IDG Capital has backed Lime, a unit of Neutron Holdings, since 2017. The firm is now valued at more than $1 billion.
The MSCI China Index recently added four Internet companies, backed by IDG Capital: Meituan Dianping, China's leading food delivery app, valued at $55 billion; Pinduoduo, a group-buying e-commerce platform, valued at $24 billion; Bilibili, a Shanghai-based video-sharing website, valued at $3.2 billion; and iQiyi, a leading Chinese video streaming platform, valued at $13.5 billion. The MSCI China Index represents large and mid-cap stocks which account for 85% of its total equities. The unit is part of MSCI Inc., formerly Morgan Stanley Capital International.
Norway-based web browser Opera announced it will offer customers a virtual private network (VPN) service as part of its Android browser app. The new feature, once marketed independently by Opera, will enable users to choose virtual locations to link to the web. Opera first went public on Nasdaq in 2018, raising $115 million. IDG Capital joined the company’s pre-IPO financing round.
IDG Capital joined a $10 million financing round in EdiGene, a Beijing-based company that uses genome-editing technologies to treat genetic diseases and cancer. EdiGene, which also has operations in Guangzhou, China and Cambridge, Massachusetts, is now developing gene-editing therapies for a wide range of diseases. Previously, IDG Capital led EdiGene’s Series A funding round.
Lime, a San Francisco-based electric scooter and bike startup, closed a $310 million Series D funding round. The company is now valued at $2.4 billion. According to CEO Toby Sun, Lime will use the latest financing round to expand into new markets, upgrade its technology and explore new business opportunities. IDG Capital has backed Lime since 2017.
Forbes China named Jeacy Yan, an IDG Capital Partner, to its 2019 list of the top 25 women venture capitalists in China. Yan focuses on consumer goods and services, retail and e-commerce and works closely with a variety of portfolio companies, including online luxury retailer Secoo, Japanese designer brand Evisu and Korean sunglasses brand Gentle Monster. Prior to joining IDG Capital, Yan worked for Deutsche Bank, Hong Kong Branch and WestLB, New York Branch. She holds advanced degrees from Northwestern University and Peking University.
Hugo Shong, IDG Capital’s founding chairman, joined a panel of financial experts at the World Economic Forum in Davos, Switzerland to discuss China’s slowing economic growth. China once routinely experienced 8% annual GDP growth, Shong said, but “now we have 6.6 (%). Given the size of the economy, it is a pretty good number.” Joining Shong on the panel was Christine Lagarde, Managing Director of the International Monetary Fund (IMF). The same day Shong joined his panel, CNBC also interviewed IDG Capital Co-Chairman Jim Breyer. “I am really hopeful,” Breyer said, that U.S. and Chinese companies will “build, often together, in different parts of the world. India will be the next showdown.”