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China's leading food delivery app Meituan Dianping has exceeded $100 billion valuation this week, which makes Meituan the third Chinese firm to reach the landmark valuation following Tencent and Alibaba. During the Covid-19 pandemic, the average value per order jumped by 14.4% as a large number of premium restaurants also joined Meituan's food delivery services. IDG Capital was an early investor in Meituan, which went public in on the Hong Kong Stock Exchange in 2018.
Electric vehicle (EV) startup Xpeng has secured a production license for its recently-built, wholly-owned manufacturing factory located in Zhaoqing, Guangdong. The new plant contains five unique workshops that cover the essential manufacturing functions, including stamping, welding, painting, assembly as well as battery pack production. The facility also includes private test tracks that have 18 different types of roads for various braking and automatic safety system testing. Previously, IDG Capital co-led Xpeng's $348 million Series B round in 2018.
Nasdaq-listed iQiyi, China's dominant online video platform based in Beijing, has posted a 9% revenue growth to $1.1 billion despite the disruption from the COVID-19 outbreak. Membership services continued to serve as the major driver, as the company attributed this to its premium content and increased entertainment demand. iQiyi said it has also made progress in building a more balanced content mix, expanding monetization initiatives and exploring technology innovations. Previously, IDG Capital joined iQiyi's $1.53 billion financing round in 2017.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, recorded a 70% year-over-year growth to reach 172 million monthly active users by Q1. Different from Tencent Video that distributes professionally produced programs, Bilibili relies on a wide array of user-generated content in the style of Youtube. The number of monthly creators also grew 146% to 1.8 million, who collectively submitted 4.9 million pieces per month. Previously, IDG Capital led Bilibili's Series A funding round and also joined the company's A+ and B rounds.
IDG Capital joined a $10million Series B financing round in WakeData, a Shenzhen-based digital upgrade service provider. Through big data and artificial intelligence, WakeData integrates customer operation and resource management to digitally upgrade products and services for enterprises. The new financing proceeds will help WakeData's R&D in digital solutions, market expansion and digital ecology construction. Previously, IDG Capital also led WakeData's pre-A round of financing.
In an interview, Nigerian-based mobile payments app OPay says that the firm remains committed to the super app strategy with five current product offerings. These services include B2C e-commerce, B2B e-commerce, logistics delivery, restaurant delivery and motorcycle ride-hail service. Between January and April, the offline and online transaction volume increased by 44%. In 2019, IDG Capital led a $50 million investment in OPay, which was founded by Norwegian browser company Opera Ltd. in which IDG Capital was also an early investor.
Razer, a $438 million global gaming hardware maker, plans to dispense its locally produced masks in Singapore through a network of vending machines across the city-state. Razor is among companies that have modified or set up new factory lines to meet a surge in demand for medical products, with a monthly production of 10 million. The initial five million masks will be free for citizens and residents aged 16 and over. IDG Capital-Accel China invested $50 million in Razer in 2011. Razer, based in Singapore, went public on the Hong Kong Stock Exchange in 2017.
NIO, a Shanghai-based manufacturer of electric autonomous vehicles, has received $1 billion investment from state-owned companies in Hefei. Besides its current factory operation in Heifei, the company also agreed to establish headquarters in Hefei with R&D, sales, service and supply chain. NIO said this decision enables it to improve operational efficiency and to sustain its growth and competitiveness in the long run. Previously, IDG Capital joined the firm's Series B+ funding round.
Guangzhou-based electric vehicle (EV) startup Xpeng unveiled its P7 sports sedan, which has become the longest-range electric vehicle currently made in China.“Today is a milestone in the 5-year history of Xpeng Motors,”said He Xiaopeng, Chairman & CEO of Xpeng,“The P7's launch solidifies Xpeng Motors' leading position in China's smart EV market.”The company said that the P7 also had the strongest autonomous driving architecture among production vehicles in China. Previously, IDG Capital co-led Xpeng's $348 million Series B round in 2018.
The Delaware Public Employees' Retirement System committed $30 million to IDG China Venture Capital Fund VI, a venture capital fund managed by IDG Capital. The $11 billion pension fund devotes 13.39% of its full investment portfolio to private equity. Previously in 2017, Delaware's $10.4 billion fund, which has offices in the city of Dover, also committed up to $30 million to IDG China Venture Capital Fund V.
Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, has launched a new Razer Blade Stealth 2020 model. That model is aimed more at content creation professionals, but both displays cover 100% of the sRGB space and are calibrated from the factory to deliver accurate colors. IDG Capital-Accel China invested $50 million in Razer in 2011. Razer went public on the Hong Kong Stock Exchange in 2017.
Huohua, a Beijing-based online education platform specialized in math and science teaching, has received $30 million investment from Kuaishou, a Beijing-based short video app. As of August 2019, the education startup has attracted over 60,000 students and about 1,800 teachers. Previously, IDG Capital joined Huohua’s Series B+ round, another $15 million funding round in 2018 and its Series D equity financing round in 2019.
Boston-based cryptocurrency fintech firm Circle said the firm had seen growing interest and growth in USDC, a stablecoin Circle issued in partnership with San Francisco-based cryptocurrency exchange Coinbase. New signups have come from diverse sectors, including e-commerce marketplaces, advertising networks, peer-to-peer lending platforms and more. According to CoinMetrics, USDC's market capitalization has jumped 65 to $734 million at press time. IDG Capital was the lead investor in Circle's Series C and Series D funding rounds and was also an angel investor in Coinbase.
Forbes has named IDG Capital's Xiaojun Li (#19) and Young Guo (#85) again to its 2020 Midas List, an annual ranking of the world's top 100 venture capitalists. Besides seven portfolio public offerings, including online entertainment firm BiliBili and social e-commerce company Pinduoduo, Li retains his place in the top 20 with two more exits: AMEC and Amlogic, both of them semiconductor companies that listed on the Shanghai Stock Exchange last year. Guo retains his place with his investment in autonomous vehicle firms: multi-billion-dollar Silicon Valley startups Zoox and Pony.ai raised a combined $700 million.
Autonomous driving startup Pony.ai is collaborating with Los Angeles-based e-commerce platform Yamibuy to launch an autonomous delivery service in Irvine, California. Through the partnership, Pony.ai will use its autonomous fleets to deliver packages and groceries to Yamibuy customers. It's the first time the Fremont-based firm has deployed its vehicles for goods delivery and each robo-taxi is expected to carry about 100 orders a day. Previously, IDG Capital was a seed investor in Pony.ai and also joined its Series A funding round.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, has received $400 million investment from Japanese multinational conglomerate Sony Corporation for 4.98% stake. With over 130 million users, Bilibili targets China's Generation Z market, which comprises people born between 1990 and 2009. Bilibili and Sony say they will pursue collaboration opportunities in China's entertainment sector, including animation and mobile game apps. Prior to Bilibili's listing on Nasdaq, IDG Capital led Bilibili's Series A funding round and also joined its A+ and B rounds.