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Infront Sports & Media, the international sports marketing agency based in Switzerland, signed a four-year deal to handle media rights for the International Skating Union. The agreement includes the World and European Championships and World Cup and Grand Prix competitions for speed, figure and synchronized skating in most of the world major winter sports markets. Infront believes the tie-up will make it a dominant player in global industry. China's Dalian Wanda Group acquired Infront in 2015. IDG Capital is also an investor.
Songshupinpin, a Beijing-based group-buying e-commerce platform, raised $31 million during its Series B1 round. The platform connects Chinese consumers in different residential districts with daily necessities. In 2018, Songshupinpin completed a $30-million Series A financing from investors including IDG Capital.
Circle, a Boston-based leading crypto finance company, is expanding its market surveillance and protection strategy in partnership with NICE Actimize, an autonomous financial crime management firm owned by Nasdaq-listed NICE Ltd. in Israel. The arrangement is designed to protect Circle customers and investors. IDG Capital was the lead investor in Circle's $50 million Series C in 2015 and $60 million Series D funding rounds in 2016.
Farfetch, a leading online luxury fashion retail platform backed by IDG, is now the exclusive e-commerce partner for Harrods, the U.K.'s leading luxury department store. Farfetch, based in London, will help Harrods moving overseas by growing its online business. Backed by IDG in 2016, Farfetch went public in 2018 with a valuation of $5.8 billion.
Ping An Good Doctor, China's largest healthcare and online medial platform, recently joined forces with its parent Ping An Insurance and corporate affiliate Ping An Bank to expand its customer base. Ping An Good Doctor now offers one-hour online medicine dispensing and delivery services via 6,399 doctors in 86 mainland Chinese cities, including family doctor referrals and consultation services. IDG Capital backed Ping An Good Doctor in 2016 and 2018. The company went public in 2018 with a valuation of $7.45 billion.
Bilibili, a Shanghai-based streaming website, attracts 93 million monthly active users whose average age is 21. The company's stock has surged 73% since its IPO in 2018. Previously, IDG Capital led Bilibili's Series A funding round in 2017 and also joined the company's A+ and B rounds. Bilibili is now valued at more than $3 billion.
Caspian, an enterprise solution for digital asset trading and portfolio management, has chosen KuCoin, a Singapore-based cryptocurrency exchange backed by IDG, as its first listing partner for the Caspian Token (CSP). CSP offers discounts and incentives on the Caspian platform and in third-party development. In 2018, KuCoin secured $20 million Series A funding from IDG Capital.
Coinbase plans to add XRP, one of the world's most controversial cryptocurrencies, to its list of virtual coins now available on its exchange. The San Francisco-based firm, which is now valued at $8 billion, said it will roll out XRP in phases. A digital asset tied to the blockchain ledger, the new cryptocurrency is used primarily in cross-border investments. Today the vast majority of XRP coins are controlled by Ripple Labs, another San Francisco-based cryptocurrency player in 2015. IDG Capital joined Coinbase's Series C funding round and also joined Ripple's Series A round.
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.