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IDG Capital and Huasheng Capital have joined a $45 million Series C Round of funding, lead by Hillhouse Capital, in Lefit, a Chinese fitness startup. Lefit offers members access to 200 fitness gyms and 3,200 fitness instructors in eight major cities.
Addressing the Silicon Valley-Beijing Dialogue conference in San Francisco, Tang Ning, the CEO of CreditEase, told an audience of 200 U.S. investors and entrepreneurs, that his Beijing-based fintech conglomerate is committed to building global awareness of financial technologies to propel economic growth. Other speakers at the annual fintech conference included San Francisco Mayor Edwin M, Lee, former San Francisco Mayor Willie Brown and Barney Frank, the former chairman of the House of Representatives Financial Services Committee. CreditEase and IDG Capital launched the Silicon Valley-Beijing Dialogue conference in 2013.
Jeacy Yan, an IDG Capital Partner, told Chinese media conglomerate Sina this week that her firm remains optimistic about its 18.8% stake in SeCoo, China’s first luxury goods e-retailer. “The market just needs time to establish confidence in the company,” Ms. Yan said. SeCoo (SECO) is currently listed on NASDAQ.
CastBox FM, a Chinese-based streaming service for podcasts, on-demand radio and audio books, has just completed a $12.8 million funding round backed by IDG Capital and GSR Ventures. CastBox, founded by Wang Xiaoyu, a former Google employee, currently has 1.5 million monthly users. The company is aiming for 10 million active monthly users by year-end 2018.
Singapore-based Temasek Holdings and Chinese investment firms Tiantu Capital and Xindahanshi Capital have led a $78.2 million round in Tongdun Technology, a Hangzhou-based fintech start-up specializing in risk control. In 2014, Tongdun completed a $10 million Series A Round, with participation from IDG Capital, CBC Capital and Linear Venture. The firm also raised an Angel Round worth tens of millions of RMB in 2013 from China Growth Capital and IDG Capital.
London-based Farfetched, which closed a $110 million Series F Round of Investment from IDG Capital, Temasek and Eurazeo in 2016, announced that it had also forged a partnership with Chinese e-commerce giant JD.com.
Olympique Lyonnais, a French soccer professor team in which IDG Capital invested $111 million in 2016, has announced that it will soon launch gaming products for the Chinese market. The soccer club’s joint venture with IDG Capital is designed in part to promote and grow the soccer market in China.
San Francisco-based App Annie, which tracks mobile software downloads, has begun tracking Android app usage in China. Launched in 2010, App Annie previously received more than $150 million in funding from Sequoia Capital, IDG Capital and other investors. Forty percent of 500 employees and most of the engineering staff of this mobile app analytics firm are based in China.
Addressing the Demo China Autumn Summit in Beijing, an annual conference organized by Cyzone.cn, IDG Capital Global Chairman and Founding Partner Hugo Shong (Xiong) told attendees that if Chinese start-ups hope to succeed globally, they have to be more innovative.
IDG Capital has invested an additional $15 million in KR Space, an incubator and shared-office space business serving start-up companies in China. In 2016, IDG Capital and Prometheus Capital combined to invest $30 million in the firm.
Bitmain Technologies Ltd., a Beijing-based bit-coin mining operation, reported that it has received $50 million in funding from Sequoia Capital, IDG Capital and other venture investors.
Apartment service provider Chengjia announced that co-founders China Lodging Group (Huazhu) and IDG Capital have jointly invested $50 million. Founded in 2015, Chengjia services more than 40,000 tenants with over 5,000 rooms at property locations in 50 major Chinese cities. The company says it will operate 10,000 rooms in 100 properties by year-end.
In an interview with China’s national English-language newspaper, IDG Capital Global Chairman and Founder Hugo Shong (Xiong) and IDG Capital Partner Yan Yisheng describe the online-to-offline retail market in China.
Filings with the Securities and Exchange Commission (SEC) confirm that IDG Capital plans to raise additional funds. This article includes a link to IDG Capital’s recent SEC filing.
Wuhan DDMC Culture Co. Ltd. (DDMC) has purchased Super Sports Media Group. Co-invested by IDG Capital Partners and Eida Media Inc., Super Sports has exclusive broadcasts rights on mainland China and in Macao for the English Premier League through 2019.
In an interview, IDG Capital Founding Partner and Global Chairman Hugo Shong discusses the firm’s portfolio and investment strategy.