Our weekly column summarizes the tech financing highlights in China this week.
Although banks and financial companies showed rapid development in China, there are still tens of millions of micro enterprises and small companies who cannot get support from these entities, and seek development opportunities instead from private lenders that charge exorbitant interest rates. Meanwhile, these kinds of micro enterprises are becoming more common; they contribute 60% of China’s GDP, 80% of urban jobs and 50% of taxes. Supporting these micro enterprises with financial services is an opportunity to deal with this, as well as make a large profit. This week, Tencent invested in a supply chain financial services provider, Linklogis, which provides innovative financial services to micro enterprises and small companies.
Supply chain financial services provider Linklogis received USD 29 M from Tencent for Series B
Linklogis
Founder: Song Qun
Founded in: 2016
Financing status: RMB 200 million (USD 29 million) for Series B financing in 2017
Supply chain financial services provider, Linklogis, received USD 29 M from Tencent for Series B on August 10 to improve its risk control efficiency.
Educational platform Banke received undisclosed Series A in the millions of USD
Banke
Founder: Gao Hui
Founded in: 2014
Financing status: Series A in 2017 amounting to tens of millions in RMB (a few millions USD)
Educational platform Banke received undisclosed Series A funding in the millions of USD on August 10 to expand its business to more cities.
Ride-hailing startup Cao Cao Car received USD 225 M for Series A
Cao Cao Car
Founded in: 2015
Financing status: RMB 1.5 billion (USD 225 million) for Series A financing in 2017
Ride-hailing startup, Cao Cao Car, received USD 225 M for Series A on August 12. It plans to use the funds to expand its ride-hailing services into more cities in China.
Fin-tech company Dengta received USD 8.3 M for Series A
Dengta
Founder: Rong Qiang
Founded in: 2015
Financing status: RMB 55 million (USD 8.3 million) for Series A financing in 2017
Fin-tech company, Dengta, received USD 8.3 M for Series A on August 13 to integrates its financial services with AI technology.
K-12 online education startup Zuoyebang received USD 150 M for Series C
Zuoyebang
Founder: Hou Jianbin
Founded in: 2015
Financing status: RMB 10 billion (USD 150 million) for Series C financing in 2017
K-12 online education startup, Zuoyebang, received USD 150 M for Series C on August 14 to invest in the quality of its online education.
Online short video platform Ergeng received USD 22 M for Series B
Ergeng
Founder: Ding Feng
Founded in: 2014
Financing status: RMB 150 million (USD 22 million) for Series B financing in 2017
Online short video platform, Ergeng, received USD 22 M for Series B on August 14 to expand its platform’s content.
Big data service operator HYDATA received USD 15 M for Series B
HYDATA
Founder: Feng Yicun
Founded in: 2013
Financing status: RMB 100 million (USD 15 million) for Series B financing in 2017
Big data service operator, HYDATA, received USD 15 M for Series B on August 15 to invest in market expansion plans.
Mobile medical service platform Haici receives USD 15 M for Series B
Haici
Founder: Min Neng
Founded in: 2014
Financing status: RMB 100 million (USD 15 million) for Series B financing in 2017
Mobile medical service platform, Haici, received USD 15 M for Series B on August 15 to expand its business to more hospitals.
Online financial platform Minsheng Yidai received USD 60 M for Series A
Minsheng Yidai
Founded in: 2014
Financing status: RMB 400 million (USD 60 million) for Series A financing in 2017
Online financial platform Minsheng Yidai received USD 60 M for Series A on August 16 to expand its financial services to more consumption scenes.
Online medical beauty service provider Yuemei received USD 12 M for Series C
Yuemei
Founder: Xiang Xiaoqin
Founded in: 2012
Financing status: RMB 80 million (USD 12 million) for Series C financing in 2017
Online medical beauty service provider, Yuemei, received USD 12 M for Series C on August 16 to launch more offline outlets in more cities.
(Top photo from 58pic.com)
