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Mei Gao, a New York City-based IDG Capital partner, believes there are still excellent investment opportunities in China for U.S. and other overseas businesses. “China has the best infrastructure,” Guo told a panel discussion about Sino-American trade at the 2019 Penn Wharton China Summit in Philadelphia. “Its consumers are very ready to embrace new technology.” China, she said, is also “already the global manufacturing hub, and it has a great supply chain.” Founded in 1992, IDG Capital has made more than 750 investments in the U.S., Europe and Asia, including more than 170 exits, and it currently has more than $20 billion in accumulated assets under management.
Coinbase, a San Francisco-based cryptocurrency trading platform, generated an estimated $520 million in global revenues in 2018, according to Reuters. The news agency reported that it based its estimate on recent Coinbase’s filings with the U.K.’s corporate registry. Coinbase’s submission also indicated that its U.K. revenue grew 20% in 2018 to $173 million. IDG Capital was an angel investor in Coinbase in 2013.
Acne Studios, a global fashion retailer based in Sweden, has reopened a Tokyo concept store with a new collection of leather accessories. Founded in 1996, the fashion brand started as a niche supplier of denim wear but has since grown into a diversified upscale brand with more than 50 stores in 13 countries. IDG Capital acquired 30.1% of Acne Studios in 2018.
Anker, a multinational consumer electronics manufacturer with operations in U.S., Japan and Germany, recently unveiled a two-port car charger with a built-in Google Assistant function. Anker’s Android-compatible charger allows users to activate Google Assistant through voice commands. The company said it is also developing a beta model for iPhone users. IDG Capital led a $47 million funding in Anker in 2016.
IDG Capital was among the five most active venture capital firms worldwide in Q1, according to a 2019 CB Insights and PwC report on the global VC funds. U.S.-based and with offices in China, Korea and Vietnam, IDG Capital also remains a very active investor in Asia, even though the region saw a 12% decline in Q1 venture capital funding versus Q4 2018. According to the CB Insights-PwC report, privately held companies in Asia raised $18 billion in Q1, involving 1,128 deal transactions.
Xpeng Motors, a Guangzhou-based electric car maker, unveiled a four-door coupe at Auto Shanghai 2019 – its second mass-market model aimed at China’s next generation of car buyers. The company said the new electric vehicle represents a crucial step in Xpeng’s growth plan, as it wraps up its latest B+ funding round. IDG Capital co-led Xpeng's $348 million Series B round in 2018.
KuCoin, a Singapore-based cryptocurrency exchange, will now enable traders in selected countries outside the U.S. to control their accounts trading on centralized exchanges using private keys. Traders, however, must first register for a special verified KuCoin account. IDG Capital co- led KuCoin's $20 million Series A round in November 2018.
Aicha Evans, the new CEO of the California-based driverless car startup Zoox, joins Business Insider's NEW list of the “Top 100 people Transforming the World of Business.” Zoox plans to launch an autonomous ride-hailing service by 2020. Evans, a former Intel exec, said her key priority now is to prepare Zoox for the product launch, while at the same time ensuring that the firm’s autonomous driving technology is safe to deploy. IDG Capital joined Zoox's Series A funding round in 2016.
Pony.ai, an autonomous driving startup based in China and Silicon Valley, received $50 million from Kunlun, a Shanghai-listed technology company, in exchange for a 3 percent stake. The latest investment is part of Pony.ai’s pre-B financing round. The firm is now valued it at nearly $1 billion. IDG Capital was a seed investor in Pony.ai and also joined the company’s initial $112 million Series A funding round in January.
Bilibili, China's leading online video platform, raised $872.6 million in convertible bonds and American dollar depository shares (ADSs) as it expands into the global capital equity market. Bilibili first went public on NASDAQ in 2018 and is now valued at more than $3 billion. Since its initial public offering, Bilibili’s stock price has surged more than 70%. IDG Capital led Bilibili's Series A funding round in 2017 and also joined its A+ and B rounds.
IDG Capital co-led a Series C fundraising round in Liquid Group Inc., a Tokyo-based crypto-currency trading platform. Liquid says that it is now valued at more than $1 billion – making it one Japan’s rare unicorns. Since its launch in 2014, Liquid, previously known as Quoine, has processed more than $50 billion in cumulative crypto trading, due in part to a highly coveted crypto-exchange license issued by the Japanese government. Liquid said it will use the proceeds from its latest Series C round for global expansion
Data from the California Department of Motor Vehicles and the Beijing Municipal Bureau of Economics and Information Technology Autonomous suggests that Pony.ai, based in Silicon Valley, Beijing and Guangzhou, is the best placed firm to offer electronic vehicle (EV) solutions in more than one country. The analysis, compiled by Forbes, employs a wide range of government data, including the number of EV miles driven in California. IDG Capital joined Pony.ai's Series A funding round in 2018.
Forbes has included two IDG Capital Partners, Xiaojun Li and Young Guo, on its 2019 Midas List of the “Best Dealmakers in High-Tech Venture Capital. Investments by Li’s team at IDG Capital morphed into seven portfolio IPOs last year, including Pinduoduo, one of China’s leading social e-commerce apps now valued at roughly $30 billion; Bilibili, a Chinese online streaming service now valued at $3 billion; and Liulishuo, an English language-learning app which raised $72 million on the New York Stock Exchange in 2018. Also at IDG Capital, Guo and his team oversaw the firm’s investment in Farfetch, the British online luxury fashion retailer, now listed on the New York Stock Exchange, which generated $1.4 billion in gross merchandise value in 2018.
NIO, a Shanghai-and San Jose-based electric vehicle manufacturer, and Meituan-Dianping, the Hong Kong-listed food delivery giant, have joined CNBC’s 2019 list of the top companies to work for in China. CNBC said it based its ranking on feedback from 40 million LinkedIn users. In 2017, IDG Capital invested in Meituan, which one year later raised $4.2 billion on the Hong Kong Stock Exchange. IDG Capital also backed NIO which raised $6.4 billion last year on the New York Stock Exchange.
Infront Sports & Media, an international sports marketing agency based in Switzerland, acquired Threshold Sports, a London-based organizer of sports challenge events, including Ride Across Britain, Race to the Stones, London Revolution, Race to the King and Race to the Tower. Infront said the acquisition will bolster its market presence in the United Kingdom. China's Dalian Wanda Group acquired Infront in 2015, the same year IDG Capital also invested in the firm.
Forbes has named Neo Nie, the founder of Chinese tea chain Heytea, to its list of the top 30 executives in Asia under the age 30. Heytea sells more than 2,000 cups of tea a day in each of its 170 stores across China. Revenues last year exceeded $150 million, and the firm’s signature product is cheese-flavored tea. Forbes said Nie now spends most of his time developing new products and plans for Heytea to expand globally. IDG Capital led HeyTea's Series A funding round in 2017.