Tech Financing in China this week – Automobile service leads

Our weekly column summarizes tech financing highlights in China.

In tech news this week, the automobile industry surges in China thanks to the broader economic structure. More and more customers in China either own cars or intend to drive by themselves. Because of this, automobile-oriented industries welcome huge innovations and opportunities. This week, on March 5th, Xingyuanauto secured USD 79 million in funding for Series A from Yi Capital. Xingyuanauto is an online automobile service platform offering automobile industry related information online, including an online community, online marketing channel, as well as financial services. The company plans to use the funds to expand its diverse range of services.

1. On March 5th, Kaochong received USD 20 million for Series C, led by Tencent, with existing investor, Matrix Partners China, participating. Kaochong is an online education startup that offers online curriculum for College English CET-4 and CET 6, Postgraduate Admission Test, IELTS, TOEFL, and so on. The startup plans to use the funds to create more curriculum to attract more users.

2. On March 2nd, a cryptocurrency news platform 8btc, which offers news on bitcoin, blockchain and cryptocurrency in the community, secured USD 16 million for Series A led by Puhua Capital. The capital will be used to optimize its services to serve more customers.

3. On March 6th, 23mofang, a genetic testing company that provides users with a genetic testing service and helps users and their families with the precaution and early intervention of potential health problems, grabbed USD 16 million in funding for Series B financing round from Matrix Partners China. The capital will be used to further invest in their market expansion plans.

4. On March 6th, Chengzhangbao landed USD 24 million in funding for Series B from ZhenFund. Chengzhangbao is an online education startup that provides children aged between 4 and 12 years old with interactive live streaming curriculum online, as well as consultancy services, thought training, and so on. The capital will be used to expand its teaching team, as well as improve its products.

5. On March 7th, JAKA, a robotics startup that offers cooperative robots for food, chemical fiber, mechanical processing and other industries, received USD 9.5 million from F&G Venture. The startup plans to use the funding to speed up its production capacity, as well as develop marketing channels.

6. On March 7th, TigerWit secured tens of millions of USD for financing from SIG. TigerWit is a foreign exchange trading platform that offers its clients exceptional capabilities to trade in the markets via its trading platform, as well as support their financial services. TigerWit plans to use the funds to provide an enhanced trading experience for its clients.

7. On March 8th, Locals, a house sharing startup which provides customers with homestay experiences in 50 cities in the country, nearly 10,000 in available housing, received USD 16 million for Series A+ financing round from Shunwei Capital. The capital will be used to further invest in operations and technology.

8. On March 9th, Douyu TV received USD 632 million in funding for Series E financing round from Tencent. Douyu TV mainly streams videos including entertainment, online games, sports events, and so on. This funding will facilitate Douyu TV’s IPO.

(Top photo from

Kaikai Shi

Kaikai Shi writes for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

© 2022 All Tech Asia. All Rights Reserved.

AllTechAsia is a startup media platform dedicated to providing the hottest news, data service and analysis on the tech and startup scene of Asian markets in English. Contact us:

%d bloggers like this: