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Razer Inc., a leading global supplier of digital games, was listed this week on the Main Board of the Stock Exchange in Hong Kong. Net proceeds from the filing are expected to exceed HK$3.5 billion. Founded in 2005, Razer has headquarters in both San Francisco and Singapore. The firm’s backers include IDG Capital-Accel, Intel Capital and Horizon Ventures.
Changingedu, a Shanghai-based online-to-offline (O2O) education company, has raised $55 million in a Series D funding round. Investors include ClearVue Partners, TAL Education Group, IDG Capital, Sequoia Capital, Trustbridge Partners and FreeS Fund.
Acadsoc, an English-language online education company, announced this week that it had raised $15 million in a Series B+ funding round. Shenzhen Capital Ground led the fundraising round, and IDG Capital also participated. Acadsoc’s online platform offers English-language courses to primary and middle school students, mainly in China. The Shenzhen-based firm has over 1,500 employees.
E-sports provider EDward Gaming has entered into a partnership with Olympique Lyonnais football club to provide digital gamers with products that promote the French club in China. IDG Capital has a 20% stake in Olympique Lyonnais. Like its other games, EDward said that the new online producrs would be distributed in China by Tencent, in which IDG Capital was also an early investor.
Telenav, a Santa Clara, California-based supplier of connected car and location-based services, will partner with Waylens Inc., a Boston-based camera company, to offer enhancements to its digital automotive navigation system. IDG Capital and E14 Fund are investors in Waylens.
Huisuanzhang, a Beijing-based software and tax management app developer, has raised $30 million to underwrite expansion across China. IDG Capital and Tendence Capital led the Series B funding initiative. Other investors included CreditEase, THG Ventures and Chuanrong Capital.
Hong Kong-based SenseTime is now valued at US$1 billion or more, making it the city’s hottest artificial intelligence (AI) startup and first unicorn. The three-year-old firm already has more than 400 Chinese customers and strategic partners, including China Mobile, HNA Group, Wanda Group, Meitu, Nvidia, China UnionPay, JD Finance, Sina Weibo, China Merchants Bank and mainland smartphone giants Huawei Technologies, Oppo, Vivo and Xiaomi. In 2016, SenseTime completed its first major funding round, raising US$120 million from a group of investors that included CDH Investments, Dalian Wanda Group, IDG Capital and Star VC. A second round of funding raised an additional US$410 million in July.
China's interior decoration market is now valued at $264 billion, according to Goldman Sachs. Major investors in the online-to-offline (O2O) portion of the China market now include Matrix Partners China, Sequoia Capital, and IDG Capital.
Meituan-Dianping – a Beijing-based company that enables users to make lunch reservations, order food and buy movie tickets through a single mobile app – announced this week that it raised $4 billion in Series C funding, raising its overall valuation to roughly $30 billion. That puts Meituan-Dianping, an online platform for 5 million Chinese merchants, in the same league as U.S. lodging startup Airbnb. Investors in Meituan-Dianping include Tencent, Sequoia Capital, GIC, the Canada Pension Plan Investment Board, Trustbridge Partners, Coatue, IDG Capital, Tiger Global, China-UAE Investment, and Priceline. Meituan-Dianping currently claims 280 million active annual users in 2,800 Chinese cities.
Foxconn Technology Group and IDG Capital are seeking to raise a 10 billion yuan ($1.5 billion) fund to seed startups in automotive technologies from self-driving artificial intelligence (AI) to battery development. Foxconn Technology, maker of Apple iPhones and iPads and the world’s largest contract electronics manufacturer, and IDG Capital will contribute 10% of capital to the seven-year fund. In a joint announcement, the two firms also indicated that potential investment targets include Nio Inc., a Tesla competitor, and SenseTime Group Ltd., which raised $410 million in July in the largest single round for an AI company to date. IDG Capital previously led a Series A financing round in SenseTime.
IDG Capital and Huasheng Capital have joined a $45 million Series C Round of funding, lead by Hillhouse Capital, in Lefit, a Chinese fitness startup. Lefit offers members access to 200 fitness gyms and 3,200 fitness instructors in eight major cities.
Addressing the Silicon Valley-Beijing Dialogue conference in San Francisco, Tang Ning, the CEO of CreditEase, told an audience of 200 U.S. investors and entrepreneurs, that his Beijing-based fintech conglomerate is committed to building global awareness of financial technologies to propel economic growth. Other speakers at the annual fintech conference included San Francisco Mayor Edwin M, Lee, former San Francisco Mayor Willie Brown and Barney Frank, the former chairman of the House of Representatives Financial Services Committee. CreditEase and IDG Capital launched the Silicon Valley-Beijing Dialogue conference in 2013.
Jeacy Yan, an IDG Capital Partner, told Chinese media conglomerate Sina this week that her firm remains optimistic about its 18.8% stake in SeCoo, China’s first luxury goods e-retailer. “The market just needs time to establish confidence in the company,” Ms. Yan said. SeCoo (SECO) is currently listed on NASDAQ.
CastBox FM, a Chinese-based streaming service for podcasts, on-demand radio and audio books, has just completed a $12.8 million funding round backed by IDG Capital and GSR Ventures. CastBox, founded by Wang Xiaoyu, a former Google employee, currently has 1.5 million monthly users. The company is aiming for 10 million active monthly users by year-end 2018.
Singapore-based Temasek Holdings and Chinese investment firms Tiantu Capital and Xindahanshi Capital have led a $78.2 million round in Tongdun Technology, a Hangzhou-based fintech start-up specializing in risk control. In 2014, Tongdun completed a $10 million Series A Round, with participation from IDG Capital, CBC Capital and Linear Venture. The firm also raised an Angel Round worth tens of millions of RMB in 2013 from China Growth Capital and IDG Capital.
Chinese start-up Royole, in which IDG Capital was an early investor, has raised $800 million from Citic Bank, IBC, Agricultural Bank of China, Bank of China and Zhong Hai Sheng Rong Capital. Royole makes the world’s thinnest full-color flexible displays and is now valued at $3 billion, making it one of the world’s fastest-growing unicorns.