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IDG Capital is leading a $145M funding in Kr Space, a co-working space operator based in China. Kr Space said that it will use the latest investment round to pursue its new business strategy aimed at making the firm“a full life-cycle office enterprise service provider.”Kr Space currently operates 40 co-working spaces in ten major Chinese cities and plans to expand soon into Hong Kong, Singapore, Tokyo and throughout the Asia-Pacific region. Since 2016, IDG Capital has participated in three Kr Space venture rounds.
Opera, a Norway-based web browser, is integrating Tron's TRX and TRC-standard tokens into its browser-based crypto wallet. Opera said the effort will allow users to play games and other applications created by TRON, a blockchain company. Opera, which now has more than 300 million users, went public on Nasdaq in 2018, raising $115 million. IDG Capital previously joined the firm's pre-IPO private placement.
Xiaomi, the world's fourth-largest smartphone maker, has opened its first physical store in Santiago, the capital of Chile. Xiaomi now sells more 130 electronic products in Chile, including cellphones, security cameras, computers and robot vacuum cleaners. The Beijing-based company said it will soon open six more stores in South America. IDG Capital was an early investor in Xiaomi, which went public in 2018 with a $52.7 billion valuation.
IDG Capital, a U.S.-based venture capital and private equity firm, is one of the top three investors in Chinese unicorns, or startups valued at more than $1 billion. Hurun, a Shanghai-based market research firm, said IDG Capital now has investments in 25 of China's 202 unicorns, as of Q1 2019.
Bilibili, China's leading online video platform, generated $204.7 million revenue in Q1 2019, a 58% increase over Q1 2018. Revenue from e-commerce grew 621% and its average monthly paid subscribers now exceed 5.7 million, a 132% increase over the first quarter of 2018. Bilibili first went public on NASDAQ in 2018 and is currently valued at more than $3 billion. IDG Capital led Bilibili's Series A funding round in 2017 and also joined its A+ and B rounds.
The 2019 EdTech Awards has chosen Qkids, an online education platform which connects native English-speaking teachers to Chinese learners, as a finalist in two contest categories – Personalized Learning and Language Learning. Qkids currently has 600,000 paid students in more than 10 countries and employs 15,000 teachers in North America. IDG Capital led the firm's Series B financing in 2017. Founded in 2015, Qkids operates out of Shenzhen, Xiamen, Guangzhou and Beijing.
Nasdaq-listed iQiyi, an online video platform based in Beijing, is now marketing a new $300 virtual reality headset. iQiyi said it believes its expertise in virtual and augmented reality, and artificial intelligence, will help expand the firm's 87.4 million customer base. iQiyi added 36.6 million new subscribers last year alone. Roughly 98.5 percent of its customers are paid. In 2017, IDG Capital joined iQiyi's private funding round.
IDG Capital has joined a $126 million funding round in Beidian, a Chinese social ecommerce platform that primarily focuses on products that allows users to buy, share and sell maternal and child-related products. Beidian currently has more than 50 million registered users, including 10 million monthly active users. It also processes more than 100 million purchases per business quarter. IDG Capital initially invested in the Beidian in 2017, the year it was founded. Beidian is an offshoot of Beibei Group, a Chinese ecommerce platform and offline retail store conglomerate specializing in maternal care products.
Acadsoc, a Hong Kong-based educational technology startup backed by IDG Capital, raised $14.8 million during a Series C2 funding round, China Money Network reported. Less than three months ago, IDG Capital co-led Acadsoc’s Series C round. Founded in 2013, Acadsoc initially provided one-on-one English-language tutoring services to Chinese families. In 2016, Acadsoc also began offering online English-language courses to both primary and middle school students, as well as adults.
Italian luxury apparel manufacturer Moncler is reporting a 14 percent increase in first-quarter revenues to $425.1 million, boosted by strong sales to mainland China and South Korea. This marks the 21st consecutive quarter of double-digit growth for the Milan-based fashion firm since its initial public offering in 2013. IDG Capital was an early investor in Moncler, which is now listed on the FTSB MIB, the Italian national stock exchange.
iQiyi, China's leading video platform, is expanding its entertainment offerings to appeal to a larger global audience. The Beijing-based firm, which now has 87 million online subscribers, recently struck a deal with Netflix to broadcast several of its Chinese-made blockbuster films in the U.S. and Europe. IDG Capital first joined a private financing round in iQiyi in 2017. The company is now valued at $20.8 billion on Nasdaq.
Liquid.com, a Tokyo-based crypto-currency trading platform, has released a new mobile app to allow users to execute trades on Android and iOS mobile devices. The firm, which was founded in 2014, said the new app, known as LiquidPro, will help customers track and react more quickly to changes in the cryptocurrency markets. IDG Capital co-led a Series C fundraising round in Liquid this April.
Secoo, a Shanghai-based luxury retailer, is using its partnership with LuisaViaRoma, a Florence-based luxury e-commerce platform, to target China’s booming market for high-end online shoppers. Secoo said it plans to expand its domestic product portfolio by leveraging 600+ luxury fashion brands from LuisaViaRoma. It will also support LuisaViaRoma by providing expertise in mobile payment, order tracking and logistics. IDG Capital previously invested in Secoo's Series A, B and C funding rounds. The firm went public on Nasdaq in 2017. In April, Secoo reported $783.6 million in total revenues for 2018, a 44 percent increase over the previous year.
Razer, a $438 million video gaming company listed on the Hong Kong Stock Exchange, makes laptops, wearables and smartphones. Now, in response to the enthusiastic demands of 44,000 fans – a dozen of whom have posted photos of themselves on Facebook sporting“Razer toaster”tattoos – Razer is also expanding to its own astonishment into the toaster industry. "It will take a few years,”admitted Singapore-born CEO Min-Liang Tan, who thought the toaster suggestion was a joke at first,”but I'll be sure to share the progress – and make it a community affair.”Razer was founded in 2005 in San Francisco. IDG Capital-Accel China invested $50 million in the company in 2011.
Waterdrop Inc., a healthcare crowdfunding startup, is seeking financing at a new valuation of more than $1 billion. Waterdrop said it plans to use its latest funding to automate reimbursements and develop blockchain technology for the Chinese insurance industry. Since its launch in 2016, the Beijing-based medical alternatives provider has already paid out $65.3 million in claims to more than 3,000 of its 70 million active users. Waterdrop also markets traditional insurance products provided by more than 50 third-party financial institutions in China. IDG Capital joined Waterdrop's $74 million Series B funding in March.
Food delivery giant Meituan-Dianping, headquartered in Beijing, is partnering with Chinese ride-hailing players Shouqi Limousine & Chauffeur, Caocao, and UCarinto to offer rider-hailing services throughout the country. Users now can book a taxi or private ride in dozens of Chinese cities where the three ride-hailing firms operate. IDG Capital was an early investor in Meituan, which raised $4.2 billion in its initial public offering on the Hong Kong Stock Exchange in 2018.