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London-based Farfetch, a global online luxury fashion retailer, acquired Toplife, the independent luxury business venture of Chinese e-commerce company JD.com. The collaboration will provide Farfetch with direct access to 300 million active Chinese consumers. IDG Capital led Farfetch's Series F funding round in 2016 and Farfetch went public in 2018 with a valuation of $5.8 billion.
After 19% sales growth in 2018, Italian luxury outerwear maker Moncler forecasts more growth and higher profit margins this year. The global group developed a new strategy for monthly product launches to keep pace with the younger customers. Moncler's revenue rose to $1.62 billion last year with a core profit margin of 35.2%. IDG Capital was an early investor in Moncler, which went public on the Milan Stock Exchange in 2013.
Chehaoduo, a leading online car-trading company, has raised $1.5 billion and boosted the firm's valuation to more than $9 billion. The Beijing-based company is the parent firm for online sites Guazi, a C2C e-commerce platform for buying and selling used cars, and Maodou, a new car eCommerce platform. Chehaoduo will use latest investment from Softbank in Japan to enhance its capabilities in big data, cloud computing and artificial intelligence and make fundamental changes in China's automotive retail business. IDG Capital joined Chehaoduo's Series C round in 2018.
Infront Sports & Media, the international sports marketing agency based in Switzerland, signed a four-year deal to handle media rights for the International Skating Union. The agreement includes the World and European Championships and World Cup and Grand Prix competitions for speed, figure and synchronized skating in most of the world major winter sports markets. Infront believes the tie-up will make it a dominant player in global industry. China's Dalian Wanda Group acquired Infront in 2015. IDG Capital is also an investor.
Circle, a Boston-based leading crypto finance company, is expanding its market surveillance and protection strategy in partnership with NICE Actimize, an autonomous financial crime management firm owned by Nasdaq-listed NICE Ltd. in Israel. The arrangement is designed to protect Circle customers and investors. IDG Capital was the lead investor in Circle's $50 million Series C in 2015 and $60 million Series D funding rounds in 2016.
Bilibili, a Shanghai-based streaming website, attracts 93 million monthly active users whose average age is 21. The company's stock has surged 73% since its IPO in 2018. Previously, IDG Capital led Bilibili's Series A funding round in 2017 and also joined the company's A+ and B rounds. Bilibili is now valued at more than $3 billion.
Ping An Good Doctor, China's largest healthcare and online medial platform, recently joined forces with its parent Ping An Insurance and corporate affiliate Ping An Bank to expand its customer base. Ping An Good Doctor now offers one-hour online medicine dispensing and delivery services via 6,399 doctors in 86 mainland Chinese cities, including family doctor referrals and consultation services. IDG Capital backed Ping An Good Doctor in 2016 and 2018. The company went public in 2018 with a valuation of $7.45 billion.
Songshupinpin, a Beijing-based group-buying e-commerce platform, raised $31 million during its Series B1 round. The platform connects Chinese consumers in different residential districts with daily necessities. In 2018, Songshupinpin completed a $30-million Series A financing from investors including IDG Capital.
Farfetch, a leading online luxury fashion retail platform backed by IDG, is now the exclusive e-commerce partner for Harrods, the U.K.'s leading luxury department store. Farfetch, based in London, will help Harrods moving overseas by growing its online business. Backed by IDG in 2016, Farfetch went public in 2018 with a valuation of $5.8 billion.
Caspian, an enterprise solution for digital asset trading and portfolio management, has chosen KuCoin, a Singapore-based cryptocurrency exchange backed by IDG, as its first listing partner for the Caspian Token (CSP). CSP offers discounts and incentives on the Caspian platform and in third-party development. In 2018, KuCoin secured $20 million Series A funding from IDG Capital.
Pinduoduo, a Chinese bulk-buying e-commerce platform, is bringing affordable, imported items to China's smaller cities and rural areas. The company's focus on direct sales between manufacturers and consumers helps to lower buying costs. The Shanghai-based firm also now competes directly with tech giants Alibaba and JD.com in the growing cross-border market–exporting Chinese-made products to overseas Chinese. IDG Capital joined Pinduoduo's Series B funding round in 2016. Pinduoduo went public in 2018 with a valuation of $24 billion.
Coinbase plans to add XRP, one of the world's most controversial cryptocurrencies, to its list of virtual coins now available on its exchange. The San Francisco-based firm, which is now valued at $8 billion, said it will roll out XRP in phases. A digital asset tied to the blockchain ledger, the new cryptocurrency is used primarily in cross-border investments. Today the vast majority of XRP coins are controlled by Ripple Labs, another San Francisco-based cryptocurrency player in 2015. IDG Capital joined Coinbase's Series C funding round and also joined Ripple's Series A round.
Razer, a San Francisco-and Singapore-based manufacturer of gaming peripherals, has launched a new subsidiary which plans to utilize like artificial intelligence, Internet of Things and other next-generation technologies in the construction industry. The new Razer unit, known as Echo Base, will operate out of the company's Southeast Asian headquarters in Singapore. IDG Capital-Accel China invested $50 million in Razer in 2011. Razer is now listed on the Hong Kong Stock Exchange and reported $517.9 million in revenue in 2017.
Lime continues to raise capital as it expands its scooter-rental operations worldwide. The company, a division of Neutron Holdings, also announced that it had named Ted Tobiason, a private capital dealmaker at Morgan Stanley, as its new Chief Financial Officer. Former Google executive Nancy Lee has also joined Lime to lead its Human Resources department. IDG Capital has backed Lime since 2017. The San Francisco-based startup is now valued at more than $1 billion.
Moncler this week unveiled a new line of fashion brands by leading designers at Milan Fashion Week. The initiative is part of the company's new "Moncler Genius”effort which employs well-known creative directors to produce high-end collections for the firm. The newly hired fashion directors include Pierpaolo Piccioli, Liya Kebede, Simone Rocha, Matthew Williams and Richard Quinn. IDG Capital was an early investor in Moncler, which reported $1.47 billion in revenue in 2017. Moncler, headquartered in Milan, went public on the Milan Stock Exchange in 2013.
KuCoin, a Singapore-based cryptocurrency exchange, has launched a new 2.0 trading platform. The company said the new platform is designed to expand the depth and range of its trading services which now serves 5 million customers worldwide.“This upgrade is another milestone after our $20 million round A funding,”KuCoin CEO Michael Gan said. IDG Capital co- led KuCoin's Series A round in November 2018.