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Farfetch, an online luxury fashion platform based in London, has secured $1.1 billion in investment from Chinese tech giant Alibaba and Swiss watch and jewelry group Richemont, which it will use to expand in the fast-growing luxury goods market in China. As part of the partnership, Farfetch will help fashion and upmarket brands launch their own online stores on Alibaba’s Tmall Luxury Pavilion and Tmall Global. The two platforms already attract millions of Chinese shoppers. Previously, IDG Capital co-led Farfetch's Series F funding round in 2016.
Zhiketong, a digital marketing provider offering SaaS-supported transaction services to four and five-star hotels in China, has raised $50 million in a Series D funding round. Founded in 2014, Zhiketong is designed to be a specialist in software-as-a-service (SaaS) and internet-driven digital marketing services. Proceeds from the current round will be used for product and service innovations, market expansion, business development and digitalization transformation. Previously, IDG Capital joined Zhiketong’s Series C round.
Pony.ai, an autonomous driving startup based in China and Silicon Valley, has received investment from automaker FAW group, making it the first strategic investment by a Chinese state-owned vehicle manufacturer into an autonomous-technology company. Pony.ai technology will be used in a vehicle platform that forms the basis of FAW’s Red Flag-branded electric cars. Pony.ai will also work with FAW’s Jiefang arm, the first time its technology will be used in trucks. IDG Capital was a seed investor in Pony.ai and also joined a $112 million Series A funding round in 2018.
Real-time communications software developer Zego, China’s answer to Zoom, has raised $50 million investment led by Tencent. Existing backer IDG Capital also joined this round and has become Zego’s largest institutional investor. Founded in 2015 by former Tencent QQ head, Zego offers real-time voice and video technology that powers game streaming platforms, online classes and, increasingly, enterprises that had to adapt to remote work during and after Covid-19 disruptions. In 2015, IDG Capital led Zego’s $3.5 million Series A financing round. IDG Capital was an early investment in Tencent in 1999.
IDG Sports has announced a 10-year commercial partnership with the International Ski Federation (FIS) to promote the Get into Snow Sports (GISS)-China grassroots program. Changsha Shangxue Sports, IDG’s operational company, is set to handle the implementation of the program, including developing a campus course focused on Chinese schools and introducing more children to snow sports. "IDG Capital and IDG Sports are not only investors in the GISS-China Program but also the exclusive operator and promoter… We are committed to promoting the sustainable and stable development of snow sports and the snow industry in China in the long-term,” said Li Zhang, VP of IDG China.
In an interview, Wayne Ting, the CEO of Lime, a leading electric scooter and bike-sharing provider, says that Lime’s riders are coming back; the company just announced it has reached the milestone of 200 million rides. Lime expects to achieve another milestone in 2021: becoming profitable. By aggregating more types of small electric vehicles into its platform, the company hopes to become a “one-stop-shop for anyone looking to take a car-free trip under five miles,” Ting has said. IDG Capital joined Lime's Series A funding round in 2017.
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.