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Rossignol, a leading winter sports clothing and equipment maker, opens a pop-up store in SoHo New York to showcase new apparel offerings. Based in France, Rossignol had annual sales of $410 million as of March 31, 2019. Apparel accounts for 17% of that figure and 80 percent of its sales come from outside France. This June, IDG Capital took a 20% stake in Rossignol. The latest investment also helped Rossignol Group further expand into China, a burgeoning winter sports market that could reach $17 billion by 2025.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, is now moving aggressively into the online education market. This year, over 20 million users, or roughly 15% of Bilibili's 128-million user base, accessed the firm's streaming platform for online study activities, reading and recorded tutorials. In November 2018, Bilibili reported total Q3 revenues of $260.1 million, a 72% increase over the same period the previous year. Prior to listing on Nasdaq in 2018, IDG Capital led Bilibili's Series A funding found, and also joined the Shanghai-based company's A+ and B rounds.
Shanghai-based electric vehicle (EV) maker Nio and Guangzhou-based EV startup Xpeng are teaming up to share charging stations and exchange related services in China. Customers can now use each other's charging stations at no extra cost. In addition to Xpeng, Nio also recently partnered with Intel Corp. to design driverless consumer vehicles. Both Xpeng and NIO are IDG Capital-backed startups. Previously, IDG Capital co-led Xpeng's $348 million Series B round and also joined NIO's Series B+ funding round.
Jim Breyer, Co-Chairman of IDG Capital and Founder and CEO of Breyer Capital, will join a select panel of leading venture capitalists and private equity experts on February 8, 2020, at Harvard Business School in Boston. The event is sponsored by the Venture Capital and Private Equity Club, the largest student club at Harvard Business School. Before joining IDG Capital as Co-Chair, Breyer, himself a Harvard Business School graduate, was an early investor in more than 40 leading international technology companies, including Facebook.
IDG Capital-backed Guangzhou HeyGears Intelligent Manufacturing, a Chinese 3D printer company, raised $60 million in a Series B1 funding round. Founded in 2015 and based in Guangzhou, HeyGears produces 3D printing equipment and software solutions for a variety of industries, ranging from dental care to consumer electronics. In November 2018, IDG Capital led a $47 million Series A investment round in the firm.
Bilibili, China's Nasdaq-listed answer to Netflix, is teaming up with National Geographic, BBC and other overseas content producers to broaden its audience among the country's growing Generation Z viewers. One Bilibili reality TV show alone, co-produced in collaboration with Discovery Channel, has been viewed over 30 million times. Previously, IDG Capital led Bilibili's Series A funding round and also joined the company's A+ and B rounds.
Klaytn, a blockchain network associated with Kakao, South Korea's leading messaging app, will launch a new crypto wallet service in 2020, first in Korea and then worldwide. The new wallet app was designed to expand Klaytn's global customer base, Kakao's Co-CEO Yeo Min-soo said in an interview. In 2018, IDG Capital invested in Klaytn.
OPay, a Nigerian-based mobile payments app, plans to expand ORide, an African motorcycle-hailing service. OPay currently works with more than 40,000 agents across the Africa continent. This year 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. In addition to IDG Capital, OPay's backers include Chinese internet giant Tencent, in which IDG Capital also invested.
Lilith Games, a Shanghai-based video game start-up, generated $60 million in overseas revenue in October from a single mobile game,“Rise of Kingdoms”– with 30% of the game's revenue generated in the U.S. From international perspective, Lilith said, the game outperformed competitive products produced by two major competitors, Tencent and NetEase. IDG Capital was an angel investor in Lilith Games in 2013.
KuCoin, a Singapore-based cryptocurrency exchange backed by IDG Capital, is partnering with Banxa, an Australian fiat on-ramp service, to provide instant fiat to crypto conversions. KuCoin customers can now buy Bitcoin and Ethereum with Australian Dollars and British Pounds, the firm said. More global payment options will be added later. IDG Capital co-led KuCoin's $20 million Series A round in 2018.
Chinese bulk-buying e-commerce platform Pinduoduo and U.S. e-commerce leader Amazon have opened an online pop-up store for Chinese consumers. The Chinese pop-up store on Pinduoduo's platform will carry a selection of about 1,000 Amazon overseas products through the end of December. Pinduoduo said that the initiative was designed to“offer equal opportunities for our users to access global products.”IDG Capital joined Pinduoduo's Series B funding round in 2016. Pinduoduo went public on Nasdaq in 2018.
IDG Capital joined a $142 million series D+ round of financing in Medbanks, a Beijing-based medical service platform aggregating oncology data. Founded in 2014, Medbanks offers professional tumor database, clinical research support, patient community support and intelligent pathology systems for health institutions. The firm now operates in 30 Chinese provinces. Previously, IDG Capital led Medbanks' Series C funding round and also joined a $57 million Series D round. Chinese internet leader Tencent, another IDG Capital investment, led Medbanks'D+ round.
Meituan Dianping, an IDG Capital backed on-demand service provider for food delivery and many other services in China, grew revenue by 44% in Q3 2019 to $3.9 billion. Q3 profits totaled $270 million during the same time frame. The news spurred Meituan's stock price to rise more than 10% the next day, pushing the company's market cap to $72.8 billion. Meituan now owns 65.8% of China's food delivery market, according to research firm Trustdata IDG Capital was an early investor in Meituan, which went public on the Hong Kong Stock Exchange in 2018.
IDG Capital joined a $120 million Series B round in OPay, a Lagos, Nigeria-based mobile payments platform incubated by Norwegian browser company Opera Ltd. OPay said it will use the latest investment to expand its payment platform in Nigeria, as well as in Kenya, Ghana and South Africa. IDG Capital previously led a $50 million round in OPay in August. Employing 40,000 active agents, the startup processes $10 million in daily transaction volume to support transportation, food delivery and other daily activities across Africa. Meituan-Dianping, an IDG Capital-invested group delivery website in China, also joined the round.
Coinbase, a San Francisco-based cryptocurrency exchange, announced the addition of five new cryptocurrencies to its Visa card spending options. Originally launched in April in the U.K., the Coinbase Visa Card is now also available in ten other European cities. Coinbase said it converts cryptocurrency to fiat currency in real time when customers make a transaction with the card. IDG Capital was an angel investor in Coinbase in 2013.
Firework, a Redwood City, Calif.-based short-form video-sharing platform competing with TikTok, has reached 3 million users. The majority of Firework users are U.S.-based. Founded in 2018, Firework differentiates itself from TikTok by its short-form video length, a screen rotation feature known as“Reveal”and its strong U.S. presence. CEO Vincent Yang said the app is currently adding about 500,000 users per month. IDG Capital led a $30 million funding in Firework this year and was also an early investor in Loop Now Technologies, Firework's parent firm.