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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.
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.
Fast Company has named two IDG Capital-backed companies, Meituan Dianping and NIO, to its annual list of the 2019's Most Innovative Companies. The business magazine ranked Meituan, a Beijing-based group buying website, No. 1 on the global list, and NIO, a Shanghai-based electric vehicle startup, No. 5 in the China sector. In 2017, IDG Capital invested in Meituan, which one year later raised $4.2 billion on the Hong Kong Stock Exchange. In 2018, NIO, also backed by IDG Capital, which raised $6.4 billion on the New York Stock Exchange.
Meitu, one of China's best-known selfie apps, has taken a 31% stake, valued at $342.7 million, in game publisher Dreamscape Horizon, which owns 97% of Digital Extremes, a Canadian online games company. Dreamscape is owned by Leyou Technologies which is based in Hong Kong. The latest Meitu investment is designed to help the firm expand overseas and also diversify revenue streams. In 2015, IDG Capital joined Meitu's initial $190 million funding round. Meitu went public on the Hong Kong Stock Exchange in 2016.
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.
IDG Capital co-lead a $15 million Series C1 funding round in Shenzhen Acadsoc Information Co., a Chinese online learning platform. Founded in 2013, Acadsoc offers one-on-one English tutoring service to children, adults and students hoping to study overseas. The company currently has more than 40 million students in its customer base and employs more than 6,000 full-time tutors in the U.S., the U.K, Australia and the Philippines, More than 50% of its tutors are Philippines-based.
Fourier Intelligence, a Shanghai-based startup, is working to develop an affordable exoskeleton for potential use in China by more than 85 million disabled citizens. Exoskeleton are now sometimes priced as high as $500,000, but Fourier hopes to develop a model for sale for as low as $20,000, according to Ken Zoh, deputy CEO. IDG Capital joined Fourier’s Series A funding round in 2018.
Chinese bitcoin giant Bitmain Technologies is now marketing a 7-nanometer bitcoin mining processor. The chip promises new levels of energy efficiency, the company said. Founded in Beijing in 2013, Bitmain is both a bitcoin miner and supplier of chips and computer hardware used in bitcoin mining, The firm is currently valued at more than $8 billion. IDG Capital invested in Bitmain in 2017.
Bilibili, China's answer to Netflix, is now experiencing a stock price increase after Alibaba, one of the country's top three tech companies, purchased a 9% stake. Bilibili, a Nasdaq-listed online entertainment platform, is headquartered in Shanghai. The two companies announced the collaboration in December. Previously, IDG Capital led Bilibili's Series A funding round and also joined the company's A+ and B rounds. Bilibili is now valued at more than $3 billion.
The MSCI China Index recently added four Internet companies, backed by IDG Capital:
Meituan Dianping, China's leading food delivery app, valued at $55 billion; Pinduoduo, a group-buying e-commerce platform, valued at $24 billion; Bilibili, a Shanghai-based video-sharing website, valued at $3.2 billion; and iQiyi, a leading Chinese video streaming platform, valued at $13.5 billion. The MSCI China Index represents large and mid-cap stocks which account for 85% of its total equities. The unit is part of MSCI Inc., formerly Morgan Stanley Capital International.
Lime, a leading electric scooter and bike-sharing provider, has applied for an e-scooter license in San Francisco, its home base. Government officials, which has placed limits on the number of e-scooter companies in the city and previously rejected Lime's application, might reconsider Lime in April. IDG Capital has backed Lime, a unit of Neutron Holdings, since 2017. The firm is now valued at more than $1 billion.
Chinese online education platform Yuanfudao is now valued at $3 billion. The Beijing-based company currently has 200 million users, including 2 million paid subscribers. Among Yuanfudao's products is a free app powered by artificial intelligence (AI), which allows parents to check their children's arithmetic homework by snapping a photograph and then comparing the data to information in the database. Yuanfudao now checks or corrects up to 70 million math problems per day. IDG Capital, which first invested in the firm in 2012, recently joined Yuanfudao's Series F round.
Norway-based web browser Opera announced it will offer customers a virtual private network (VPN) service as part of its Android browser app. The new feature, once marketed independently by Opera, will enable users to choose virtual locations to link to the web. Opera first went public on Nasdaq in 2018, raising $115 million. IDG Capital joined the company's pre-IPO financing round.
Castbox, a podcast firm based in San Francisco, was the most downloaded app in the U.S. in 2018, according to the research firm SenseTower. With roughly 3 million new installs last year – a 217% increase over 2017, Castbox reported revenue of $96,000. That represents a 15-times year-over-year increase from last year. IDG Capital joined investment rounds in Castbox in both 2016 and 2018.