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The Chinese online video giant iQIYI has made a no-cash offer to license content from US-based short-form streaming service Quibi. The proposal is the Quibi to provide license to the joint venture for no upfront cost and in return for a future profit share if the joint venture generates any potential income from this licensed content. Previously, IDG Capital joined iQiyi's $1.53 billion financing round in 2017.
IDG Capital-backed edtech platform Yuanfudao has landed $2.2 billion in funding, bringing the company’s valuation to $15.5 billion and surpassing Byju’s as the most valuable edtech company in the world. Founded in 2012, Yuanfudao offers live courses and provides tutoring options for students. The new proceeds will allow the company to expand its online edtech system and develop new curriculum products. IDG Capital, which first invested in the firm in 2012, is the sole investor who has joined each financing round of Yuanfudao since Series A.
Moncler, the Italian luxury apparel manufacturer and lifestyle brand, is mapping out its commitment to sustainability under its Born to Protect Sustainability Plan until 2025. The plan focuses on five strategic drivers: climate action; circular economy; fair sourcing; enhancing diversity and giving back to local communities. In the past three years, the company has aided around 45,000 children in difficult situations in some of the world’s coldest areas as part of the Warmly Moncler project for UNICEF. IDG Capital was an early investor in Moncler, which went public on the Milan Stock Exchange in 2013.
EdiGene, a Beijing-based company that uses genome-editing technologies to treat genetic diseases and cancer, has raised $67 million in Series B funding. IDG Capital also joined this funding round. Proceeds from the financing will be used to advance the company’s pipeline into clinics and to expand the team. “The round enables us to further scale up and transform our pipeline into clinical-stage, which is also a big step forward in building a globally competitive gene editing company,” said Dong Wei, Ph.D.，CEO of EdiGene. Previously, IDG Capital led EdiGene's Series A funding round and a $10 million funding round.
Huohua, a Beijing-based online education platform specialized in math and science teaching, has announced the completion of $100 million Series E2 round led by Chinese tech giant Tencent. This has brought the amount raised by Huohua in seven rounds of fundraisings to $440 million. Huohua, founded in 2017, curates AI-driven online and interactive mathematics and science courses mainly for students aged between three and 12 years. IDG Capital was an early investment in Tencent in 1999 and also joined Huohua’s multiple financing rounds.
Lime, a San Francisco-based electric scooter and bike-sharing provider, now includes the option of renting vehicles from other companies. With the aim to become a one-stop shop for transportation, the company is launching a micro-mobility platform that promises more choices for rides, starting with Wheels, which is a complement to Lime’s conventional two-wheelers. IDG Capital joined Lime's Series A funding round in 2017.
SheIn, an e-commerce women's fashion platform based in China but with supporting websites and tens of millions of customers worldwide, is gaining popularity with American teens. The company came in second only to Amazon in a ranking of teens' favorite e-commerce sites in Piper Sandler's latest “Taking Stock With Teens" survey. With 13.8 million Instagram followers, SheIn is known for its trendy items and rock-bottom prices. IDG Capital joined SheIn's Series B round in 2016.
iQiyi Sports, a sports streaming platform jointly operated by Nasdaq-listed iQiyi and IDG Capital-backed Super Sports Media, have reached a media-rights agreement with Wrestling entertainment promoter WWE. Starting September, iQiyi Sports will show WWE’s flagship weekly programs and monthly pay-per-view events. IDG Capital took a 13.33% stake in iQiyi Sports in 2018 and was also an investor in the parent company iQiyi, which Baidu, another IDG Capital-invested company, spun off in 2010.
Zoox, a driverless taxi startup that was acquired by Amazon, has gained a permit from California regulators that will allow it to test driverless vehicles on public roads. While 60 companies have active permits to test autonomous vehicles with a safety driver, Zoox is the fourth holder of this driverless permit. The new permit allows Zoox to test two autonomous vehicles without a driver behind the wheel on specified streets near its Foster City headquarters. IDG Capital invested in Zoox in 2016.
Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, is exploring bank license applications in the US and Europe, after applying to become a regulated bank in Singapore. As a leader in esports, Razer has been pushing deeper into financial technology with its own virtual credits for gamers and a digital payments division. IDG Capital-Accel China invested $50 million in Razer in 2011.
Farfetch, a London-based luxury e-tailer, has unveiled a new global marketing drive alongside its new brand identity. The company said that the campaign brings its unique business model to life with “open-mindedness and optimism the driving forces”. The campaign will be launched in New York, Shanghai and London and will include “a multi-layered international content journey for customers across the Farfetch ecosystem and community”. In 2016, IDG Capital led Farfetch's Series F funding round.
IDG Capital has invested $14.6million in Beijing-based Dreame, a smart consumer technology startup that produces premium hairdryers and vacuums. The company has published more than 840 patent applications including over 270 invention patents. Dreame also joined the Xiaomi Technology Ecosystem at the end of 2017. The fresh proceeds will fuel Dreame’s marketing and sales efforts in Europe and North America and allow it to spend more on research and development.
Electric vehicle (EV) startup Xpeng, closed up more than 40% in its debut on the New York Stock Exchange on Thursday, after a $1.5 billion initial public offering. Founded in 2015, Xpeng is based in Guangzhou and also has an office in Silicon Valley. IDG Capital first joined Xpeng’s Series A round and also co-led its Series B round. Now IDG Capital is the third largest investor.
Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, unveiled record high revenue of USD $447.5m, representing 25.3% year-on-year growth during the coronavirus pandemic period. Razer is most famous for its elite gaming hardware but has evolved over the years to include other services including payments, as well as software and fintech. In 2011, IDG Capital-Accel China invested $50 million in Razer.
Huohua, a Beijing-based online education platform specialized in math and science teaching, has closed $150 million financing round in the Series E1 round. Investors included IDG Capital. The total amount of capital the company raised has reached $340 million. Previously, IDG Capital also led the Series A round for Huohua's affiliate Wanduoduo, a toy rental app that allows users to rent toys for children.
Helijia, a platform for booking in-home, on-demand beauty services, has received investment from tech giant Alibaba, furthering the two companies’ cooperation in the beauty sector. Launched in 2014, the app allows users to make reservations for facials, manicures, nail treatments and massages, and have technicians serve them at home instead of going to brick-and-mortar locations. IDG Capital has led multiple financing rounds in Helijia.