Blog of the website «TechCrunch» Прогноз погоды

People

John Smith

John Smith, 49

Joined: 28 January 2014

Interests: No data

Jonnathan Coleman

Jonnathan Coleman, 32

Joined: 18 June 2014

About myself: You may say I'm a dreamer

Interests: Snowboarding, Cycling, Beer

Andrey II

Andrey II, 41

Joined: 08 January 2014

Interests: No data

David

David

Joined: 05 August 2014

Interests: No data

David Markham

David Markham, 65

Joined: 13 November 2014

Interests: No data

Michelle Li

Michelle Li, 41

Joined: 13 August 2014

Interests: No data

Max Almenas

Max Almenas, 53

Joined: 10 August 2014

Interests: No data

29Jan

29Jan, 32

Joined: 29 January 2014

Interests: No data

s82 s82

s82 s82, 26

Joined: 16 April 2014

Interests: No data

Wicca

Wicca, 37

Joined: 18 June 2014

Interests: No data

Phebe Paul

Phebe Paul, 27

Joined: 08 September 2014

Interests: No data

Артем Ступаков

Артем Ступаков, 93

Joined: 29 January 2014

About myself: Радуюсь жизни!

Interests: No data

sergei jkovlev

sergei jkovlev, 59

Joined: 03 November 2019

Interests: музыка, кино, автомобили

Алексей Гено

Алексей Гено, 8

Joined: 25 June 2015

About myself: Хай

Interests: Интерес1daasdfasf, http://apple.com

technetonlines

technetonlines

Joined: 24 January 2019

Interests: No data



Main article: IDG Capital

<< Back Forward >>
Topics from 1 to 10 | in all: 20

Startups Weekly: Chinese investors double down on African startups

16:00 | 30 November

Hello and welcome back to Startups Weekly, a weekend newsletter that dives into the week’s noteworthy startups and venture capital news. Before I jump into today’s topic, let’s catch up a bit. Last week, I wrote about Airbnb’s issues. Before that, I noted Uber’s new “money” team.

Remember, you can send me tips, suggestions and feedback to kate.clark@techcrunch.com or on Twitter @KateClarkTweets. If you’re new, you can subscribe to Startups Weekly here.


China’s pivot to Africa

Three African fintech startups; OPay, PalmPay and East African trucking logistics company Lori Systems, closed large fundraises this year. On their own, the deals aren’t particularly notable, but together, they expose a new trend within the African startup ecosystem.

This year, those three companies brought in a total of $240 million in venture capital funding from 15 different Chinese investors, who’ve become increasingly active in Africa’s tech scene. TechCrunch reporter Jake Bright, who covers African tech, writes that 2019 marks “the year Chinese investors went all in on the continent’s startup scene” — particularly its fintech projects. Why?

“The continent’s 1.2 billion people represent the largest share of the world’s unbanked and underbanked population — which makes fintech Africa’s most promising digital sector,” Bright notes. “In previous years, the country’s interactions with African startups were relatively light compared to deal-making on infrastructure and commodities. Chinese actors investing heavily in African mobile consumer platforms lends to looking at new data-privacy and security issues for the continent.”

Active Chinese investors in Africa include Hillhouse Capital, Meituan-Dianping, GaoRong, Source Code Capital, SoftBank Ventures Asia, BAI, Redpoint, IDG Capital, Sequoia China, Crystal Stream Capital, GSR Ventures, Chinese mobile-phone maker Transsion and NetEase .

Here’s more of TechCrunch’s recent coverage of Africa startup activity:


VC Deals

It was a short week (Happy Thanksgiving, by the way). But here’s a quick look at the top deals of the last few days.


M&A (VR edition)

Last week, Facebook announced it was buying Beat Games, the game studio behind Beat Saber, a rhythm game that’s equal parts Fruit Ninja and Guitar Hero. Heard of the company? Maybe if you’re a gamer, but if you’re readying this newsletter because of your interest in VC, this company may not have come across your radar.

Why? It’s one of virtual reality’s biggest successes today, but it’s just an eight-person team with no funding.

“I’m really proud that we were able to build the company with this mindset of making decisions based on what is good for the game and not what is the most profitable thing,” Beat Games CEO told TechCrunch earlier this year. Read about Facebook’s acquisition here and an in-depth profile of the small team here.


Equity

If you like this newsletter, you will definitely enjoy Equity, which brings the content of this newsletter to life — in podcast form! Join myself and Equity co-host Alex Wilhelm every Friday for a quick breakdown of the week’s biggest news in venture capital and startups.

This week, we discussed Weekend Fund’s new vehicle, Cocoon’s new friend-tracking app and the unfortunate demise of a startup called Omni. You can listen here.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

 


0

Opera’s Africa fintech startup OPay gains $120M from Chinese investors

09:05 | 18 November

Africa focused fintech startup OPay has raised a $120 million Series B round backed by Chinese investors.

Located in Lagos and founded by consumer internet company Opera, OPay will use the funds to scale in Nigeria and expand its payments product to Kenya, Ghana and South Africa — Opera’s CFO Frode Jacobsen confirmed to TechCrunch.

Series B investors included Meituan-Dianping, GaoRong, Source Code Capital, Softbank Asia, BAI, Redpoint, IDG Capital, Sequoia China and GSR Ventures.

OPay’s $120 million round comes after the startup raised $50 million in June.

It also follows Visa’s $200 million investment in Nigerian fintech company Interswitch and a $40 million raise by Lagos based payments startup PalmPay — led by China’s Transsion.

There are a couple quick takeaways. Nigeria has become the epicenter for fintech VC and expansion in Africa. And Chinese investors have made an unmistakable pivot to African tech.

Opera’s activity on the continent represents both trends. The Norway based, Chinese (majority) owned company founded OPay in 2018 on the popularity of its internet search engine.

Opera’s web-browser has ranked No. 2 in usage in Africa, after Chrome, the last four years.

The company has built a hefty suite of internet-based commercial products in Nigeria around OPay’s financial utility. These include motorcycle ride-hail app ORide, OFood delivery service, and OLeads SME marketing and advertising vertical.

“Opay will facilitate the people in Nigeria, Ghana, South Africa, Kenya and other African countries with the best fintech ecosystem. We see ourselves as a key contributor to…helping local businesses…thrive from…digital business models,” Opera CEO and OPay Chairman Yahui Zhou, said in a statement.

Opera CFO Frode Jacobsen shed additional light on how OPay will deploy the $120 million across Opera’s Africa network. OPay looks to capture volume around bill payments and airtime purchases, but not necessarily as priority.  “That’s not something you do ever day. We want to focus our services on things that have high-frequency usage,” said Jacobsen.

Those include transportation services, food services, and other types of daily activities, he explained. Jacobsen also noted OPay will use the $120 million to enter more countries in Africa than those disclosed.

Since its Series A raise, OPay in Nigeria has scaled to 140,000 active agents and $10 million in daily transaction volume, according to company stats.

Beyond standing out as another huge funding round, OPay’s $120 million VC raise has significance for Africa’s tech ecosystem on multiple levels.

It marks 2019 as the year Chinese investors went all in on the continent’s startup scene. OPay, PalmPay, and East African trucking logistics company Lori Systems have raised a combined $240 million from 15 different Chinese actors in a span of months.

OPay’s funding and expansion plans are also harbinger for fierce, cross-border fintech competition in Africa’s digital finance space. Parallel events to watch for include Interswitch’s imminent IPO, e-commerce venture Jumia’s shift to digital finance, and WhatsApp’s pending entry in African payments.

The continent’s 1.2 billion people represent the largest share of the world’s unbanked and underbanked population — which makes fintech Africa’s most promising digital sector. But it’s becoming a notably crowded sector where startup attrition and failure will certainly come into play.

And not to be overlooked is how OPay’s capital raise moves Opera toward becoming a multi-service commercial internet platform in Africa.

This places OPay and its Opera-supported suite of products on a competitive footing with other ride-hail, food delivery and payments startups across the continent. That means inevitable competition between Opera and Africa’s largest multi-service internet company, Jumia.

 

 

 

 

 

 


0

Hyundai is launching Botride, a robotaxi service in California with Pony.ai and Via

22:24 | 25 October

A fleet of electric, autonomous Hyundai Kona crossovers — equipped with a self-driving system from Chinese autonomous startup Pony .ai and Via’s ride-hailing platform, will start shuttling customers on public roads next week.

The robotaxi service called BotRide will operate on public roads in Irvine, California, beginning November 4. This isn’t a driverless service; there will be a human safety driver behind the wheel at all times. But it is one of the few ride-hailing pilots on California roads. Only four companies, AutoX, Pony.ai, Waymo and Zoox have permission to operate a ride-hailing service using autonomous vehicles in the state of the California.

Customers will be able to order rides through a smartphone app, which will direct passengers to nearby stops for pick up and drop off. Via’s expertise is on shared rides, and this platform aims for the same multiple rider goal. Via’s platform handles the on-demand ride-hailing features such as booking, passenger and vehicle assignment and vehicle identification (QR code). Via has two sides to its business. The company operates consumer-facing shuttles in Chicago, Washington, D.C. and New York. It also partners with cities and transportation authorities — and now automakers launching robotaxi services — giving clients access to their platform to deploy their own shuttles.

Hyundai said BotRide is “validating its user experience in preparation for a fully driverless future.” Hyundai didn’t explain when this driverless future might arrive. Whatever this driverless future ends up looking like, Hyundai sees this pilot as a critical marker along the way.

Coverage area of Hyundai robotaxi pilot

Hyundai said it is using BotRide to study consumer behavior in an autonomous ride-sharing environment, according to Christopher Chang, head of business development, strategy and technology division, Hyundai Motor Company .

“The BotRide pilot represents an important step in the deployment and eventual commercialization of a growing new mobility business,” said Daniel Han, manager, Advanced Product Strategy, Hyundai Motor America.

Hyundai might be the household name behind BotRide, but Pony.ai and Via are doing much of the heavy lifting. Pony.ai is a relative newcomer to the AV world, but it has already raised $300 million on a $1.7 billion valuation and locked in partnerships with Toyota and Hyundai.

The company, which has operations in China and California and about 500 employees globally, was founded in late 2016 with backing from Sequoia Capital China, IDG Capital and Legend Capital.

It’s also one of the few autonomous vehicle companies to have both a permit with the California Department of Motor Vehicles to test AVs on public roads and permission from the California Public Utilities Commission to use these vehicles in a ride-hailing service. Under rules established by the CPUC, Pony.ai cannot charge for rides.

 


0

Club Factory raises $100M to expand its lifestyle e-commerce platform in India

17:00 | 11 October

Club Factory, a Chinese e-commerce platform that sells fashion and beauty items and electronics accessories, has raised $100 million in a new financing round as it looks to expand its footprints in India.

The new financing round — Series D — was led by Qiming Venture Partners Bertelsmann, IDG Capital, and” other Fortune 500 companies from the U.S. and Asia,” the five-year-old Hangzhou-headquartered startup said. Club Factory, which raised $100 million in its previous financing round early last year, has raised $220 million to date.

Club Factory has amassed over 70 million users on its platform, about 40 million of which live in India. The startup cited figures from app analytics firm App Annie to claim that Club Factory is now the third-largest e-commerce platform in India.

Club Factory does not charge local sellers any commission fee, which has helped it drive its marketplace. Number of sellers on its platform in India has grown by 10 times in last six months, the startup claimed. The startup, which has about 5,000 sellers in India, plans to double that figure by year-end.

“At the same time, we have also pioneered to strengthen the ‘store-within-platform’ concept in India’s e-commerce industry, allowing direct contact between buyers and sellers through our application,” said Vincent Lou, co-founder and chief executive of Club Factory.

He added, “We have changed the status of the Indian e-commerce industry that monopolized information of buyers and sellers, allowing SMEs to own their customers and run their business better. All this, combined with our strategy to reduce the transaction costs of buyers and sellers and allow more local players to enter the ecosystem, has worked very well for us in India.”

 


0

China’s growing digital influence in Africa

21:29 | 1 October

There’s been a heap of China in Africa coverage over the last decade, but very little of it is focused on tech. In part, because the country’s engagement with African startups is light compared to its deal-making on infrastructure and commodities. Now, that all looks to be shifting.

TechCrunch has tracked moves by a number of Chinese actors in Africa’s tech sector over the past year. This could signal the next chapter in China’s influence in Africa — one more digital than bricks and mortar.

Primer on China in Africa

To the former, the government of China has designated Africa a strategic priority in its foreign relations and has pursued policies and programs accordingly.

 


0

Africa Roundup: Canal+ acquires ROK, Flutterwave and Alipay partner, OPay raises $50M

09:45 | 2 August

in July, French television company Canal+ acquired the ROK film studio from VOD company IROKOtv.

Canal+ would not disclose the acquisition price, but confirmed there was a cash component of the deal.

Founded by Jason Njoku  in 2010 — and backed by $45 million  in VC — IROKOtv boasts the world’s largest online catalog of Nollywood: a Nigerian movie genre that has become Africa’s de facto film industry and one of the largest globally (by production volume).

Based in Lagos, ROK film studios was incubated to create original content for IROKOtv, which can be accessed digitally anywhere in the world.

ROK studio founder and producer Mary Njoku  will stay on as director general under the Canal+ acquisition.

With the ROK deal, Canal+ looks to bring the Nollywood production ethos to other African countries and regions. The new organization plans to send Nigerian production teams to French speaking African countries starting this year.

The ability to reach a larger advertising network of African consumers on the continent and internationally was a big acquisition play for Canal+.

San Francisco and Lagos-based fintech  startup Flutterwave  partnered with Chinese e-commerce company Alibaba’s Alipay to offer digital payments between Africa and China.

Flutterwave is a Nigerian-founded B2B payments service (primarily) for companies in Africa to pay other companies on the continent and abroad.

Alipay is Alibaba’s digital wallet and payments platform. In 2013, Alipay surpassed PayPal in payments volume and currently claims a global network of more than 1 billion active users, per Alibaba’s latest earnings report.

A large portion of Alipay’s network is in China, which makes the Flutterwave integration significant to capturing payments activity around the estimated $200 billion in China-Africa trade.

Flutterwave will earn revenue from the partnership by charging its standard 3.8% on international transactions. The company currently has more than 60,000 merchants on its platform, according to CEO Olugbenga Agboola.

In a recent Extra Crunch feature, TechCrunch tracked Flutterwave as one of several Africa-focused fintech companies that have established headquarters in San Francisco and operations in Africa to tap the best of both worlds in VC, developers, clients and digital finance.

Flutterwave’s Alipay collaboration also tracks a trend of increased presence of Chinese companies in African tech. July saw Chinese owned Opera raise $50 million in venture spending to support its growing West African digital commercial network, which includes browser, payments and ride-hail services. The funds are predominately for OPay, an Opera owned, Africa-focused mobile payments startup.

Lead investors included Sequoia China, IDG Capital  and Source Code Capital. Opera  also joined the round in the payments venture it created.

OPay will use the capital (which wasn’t given a stage designation) primarily to grow its digital finance business in Nigeria — Africa’s most populous nation and largest economy.

OPay will also support Opera’s growing commercial network in Nigeria, which includes motorcycle ride-hail app ORide and OFood delivery service.

Opera founded OPay in 2018 on the popularity of its internet search engine. Opera’s web-browser has ranked No. 2 in usage in Africa, after Chrome, the last four years.

July also saw transit tech news in East Africa. Global ride-hail startup InDriver launched its app-based service in Kampala (Uganda), bringing its Africa operating countries to four: Kenya,  Uganda, South Africa and Tanzania. InDriver’s mobile app allows passengers to name their own fare for nearby drivers to accept, decline or counter.

Nairobi-based internet hardware and service startup BRCK and Egyptian ride-hail venture Swvl are partnering to bring Wi-Fi and online entertainment to on-demand bus service in Kenya.

Swvl BRCK Moja KenyaBRCK is installing its routers on Swvl vehicles in Kenya  to run its Moja service, which offers free public Wi-Fi — internet, music and entertainment — subsidized by commercial partners.

Founded in Cairo in 2017, Swvl is a mass transit service that has positioned itself as an Uber  for shared buses.

The company raised a $42 million Series B round in June, with intent to expand in Africa, Swvl CEO Mostafa Kandil said in an interview.

BRCK and Swvl wouldn’t confirm plans on expanding their mobile internet partnership to additional countries outside of Kenya .

Africa’s ride-hail markets are becoming a multi-wheeled and global affair making the continent home to a number of fresh mobility use cases, including the BRCK and Swvl Wi-Fi partnership.

More Africa-related stories @TechCrunch

African tech around the ‘net

 


0

China’s Tesla wannabe Xpeng starts ride-hailing service

11:01 | 16 May

There’re a lot of synergies between electric vehicles and ride-hailing. Drivers are able to save more steering an EV compared to a gas vehicle. Environmentally conscious consumers will choose to hire an electric car. And EVs are designed with better compatibility with autonomous driving, which is expected to hit the public road in the coming decades.

Indeed, Tesla is eyeing to launch its first robotaxis in 2020 as part of a broader ride-sharing scheme. Over in China where Tesla has a few disciples, EV startup Xpeng Motors, also known as Xiaopeng, just started offering a ride-hailing app powered by its own electric fleets.

Screenshot of Xpeng’s ride-hailing app ‘Youpeng Chuxing’

The company is the latest in a clutch of carmakers flocking to introduce their own ride-hailing platforms. Didi Chuxing’s massive loss has not deterred their ambitious plans. Rather, this may be a prime time to crack a market long dominated by Didi, which is prioritizing safety over growth following two high-profile incidents and a series of new government regulations.

Xpeng’s ride-hailing app is currently only available in a limited area within Guangzhou where it’s headquartered, shows a test conducted by TechCrunch’s on Thursday.

The company’s coffer is probably large enough to fund its newly minted venture. It’s one of the most-backed EV upstarts alongside rival Nio, which raised $1 billion from a New York initial public offering last year.

Xpeng has to date banked $1.3 billion from Alibaba, IDG Capital, Foxconn, UCAR and other big-name investors, according to disclosed funding data collected by Crunchbase. Founder He Xiaopeng, a serial entrepreneur who made a fortune selling his mobile browser company UCWeb to Alibaba, told CNBC in March that Xpeng may also try an IPO down the road but wants to focus on building the business first.

When it comes to sources of inspiration for the business, Xpeng told local media that it sees Tesla as its “benchmark”. The company has never been shy about its admiration for its American peer. In an interview with Quartz in 2018, He said one of the reasons he founded Xpeng “was because Elon Musk made Tesla’s patents available. It was so exciting.”

But the affection might have gone a little far. In March, Tesla sued an ex-employee for allegedly stealing Autopilot’s proprietary technology before taking a job at Xpeng.

Xpeng started shipping to its first owners in March and was founded five years ago against the backdrop of Beijing’s aggressive electric push in the transportation sector. The sprawling city Shenzhen, just north to Hong Kong, has turned all its public buses and almost all of its taxis electric.

 


0

Tencent’s latest investment is an app that teaches grannies in China to dance

13:58 | 22 April

Besides churning out video games for China’s young generations, Tencent has also been attuned to the need of silver-haired users: its latest bet is an app that teaches middle-age and elderly users, most of whom are female, how to dance.

Called Tangdou, or “sugar beans” in Chinese, the app announced on Monday that it’s raised a Series C funding round led by Tencent with participation from existing investors GGV Capital and Xiaomi founder Lei Jun’s Shunwei Capital, as well as IDG Capital.

The financial infusion makes for an interesting move for Tencent, whose WeChat messenger counts users over the age of 55 as its fastest-growing group. In fact, Tangdou has piggybacked off WeChat to acquire users by creating lite-apps that are designed for ease of use and run within the ubiquitous chatting tool, which is many senior users’ first taste of the internet.

While Tangdou did not disclose the size of the round, the new proceeds brought its total funds raised to date to nearly $100 million. It last inked $15 million (in Chinese) from a Series B funding round in 2016 and another $5 million from a B-plus round in 2017.

“As [China’s] mobile internet enters the ‘second half’ of its development phase, the markets for maternal and child care, middle-age and elderly users have become the new red-hot verticals,” said GGV’s managing partner Jenny Lee in a statement.

Of China’s 829 million online users, 12.5 percent were above 50 years old in 2018, up from 10.4 percent in the year-earlier period, according to data collected by the government-run China Internet Network Information Center.

tangdou

Screenshots of the Tangdou app / Source: Tangdou

Clad in color-coordinated costumes, the so-called demographic of “square-dancing aunties,” a term that sometimes carries derogatory color for the dancers are lashed for blasting deafening music, shimmy in parks, squares and when public space is in short supply, on sidewalks. Dancing in the public is now a daily routine for hundreds of millions of female retirees in China, a phenomenon that’s fueling an emerging market, and Tangdou is one of the players who got in early.

Founded four years ago, Tangdou began by offering video tutorials that teach grannies and aunties how to dance but has over time morphed into a one-stop app fulfilling news reading, networking and other needs for its senior users. The app’s content now touches on a wide variety of topics, from fashion, food, health to skin care, and it’s dabbled offline to host meetups for those craving a sense of camaraderie.

All told, the company claims it serves 200 million users across its range of products. More than 4,000 offline events take place each month attracting over 500 thousand attendees. 400 thousand users consume videos and articles on the Tangdou app each month and spend an average of 33 minutes on it every day. That level of user loyalty makes Tangdou an ideal destination for advertising, which is indeed one of the company’s major revenue sources. Tangdou is also mulling an ecommerce business and other forms of offline services, including dance classes and tours for its dance enthusiasts.

 


0

Crypto exchange Liquid says it is now valued at over $1 billion following new investment

11:42 | 3 April

Crypto has a new unicorn after exchange Liquid announced today it has raised capital from investors at a valuation of more than $1 billion as it goes after expansion opportunities.

The company said the capital will be put to work expanding into new markets and offering new services, including — potentially — a platform for security tokens.

Liquid isn’t commenting in much detail about this new financing, but here’s what we do know: it’s Series C round that remains ongoing albeit with an undisclosed amount so far. The company named two investors that are already in, they are IDG Capital — which includes exchange KuCoin, wallet Imtoken and Coinbase among its crypto portfolio — and Bitmain, the Bitcoin mining giant that recently put off a potential IPO in Hong Kong.

Liquid CEO Mike Kayamori told TechCrunch that the plan is to add more investors.

“This round will be purely strategic,” he said in an interview. “We want to get traditional, mainstream [investors] on board.”

Kayamori said the company is making the round public to be transparent with regulators, but he declined to reveal exactly how much has been raised or the exact valuation. The announcement may well spur addition interest in the round from prospective investors.

This isn’t the first time that Liquid has visited public markets for capital. It has raised some $20 million from investors that include JAFCO, SBI, B Dash Ventures, Mistletoe and ULS Group. The company also held an ICO for Quoine, its parent company, which raised $100 million in 2017. The sale created Quoine’s Quash token and it meant that the company was the first Japan regulated exchange to run an ICO. Quash, which is ranked as the 102nd highest crypto token based on ‘coin market cap,’ was largely used to provide liquidity to the exchange.

The company has around 340 staff and offices in Japan, Singapore, Vietnam and the Philippines. One of Liquid’s key messages is that it is publicly in favor of regulation. The exchange doesn’t have anything like the same trading volume as the biggest players like Binance (which took in VC funding last year) — Coinmarketcap.com ranks it as the 60th largest exchange with $56 million traded in the last 24 hours; Binance stands third with $2.6 billion — but its focus on being regulatory compliant is likely what appeals to investors.

Indeed, Binance — a continued reference because it is widely acknowledged as the world’s biggest exchangeleft Japan last year without being regulated, opting instead to locate its HQ in Malta. Liquid, however, is one of more than 10 exchanges that was licensed to operate in Japan, which is a large crypto trading market and the first country to regulate crypto significantly.

Mike Kayamori, chief executive officer of Quoine, speaks during the Money20/20 Asia Conference in Singapore, on Tuesday, March 19, 2019. [Photographer: Nicky Loh/Bloomberg/Getty Images]

Liquid is planning to take its work in Japan and do the same in other markets. Singapore, where it has an office, is next on the list. Kayamori said the company “well through” on the process of getting a Capital Markets Services (CMS) license with plans to also apply for a virtual currency license. That would allow Liquid to offer a range of exchange services that could include derivatives, fiat currency ramps, security tokens, stablecoins and more, according to Kayamori.

That’s some way away for now, however, as Singapore is still finalizing its exchange regulation plans. But Kayamori expects that other markets in Southeast Asia, which are already working on regulation, will also become expansion opportunities for Liquid.

“We do it the right way… we want to work with regulators and banks,” he said. “We need to play where we’re strong and that’s Asia — we have a global strategy but we are focused on Asia right now.”

Aside from direct expansion, Kayamori said Liquid may explore acquisitions, investments or partnerships in markets, particularly in Asia, where it sees demand and can identify companies on the ground that are equipped to serve consumers.

Liquid is hiring across the board, according to Kayamori, who said that there aren’t plans to introduce a decentralized exchange service — which theoretically disintermediates the exchange in peer-to-peer trades — as Binance has done this year. Instead, he argued that the company may look to introduce decentralization around settlements and other parts of its exchange processes.

“From an exchange perspective, we believe it needs to be a hybrid,” he said.

 


0

Lightspeed announces new $560 million fund for China

06:16 | 3 January

Global investor Lightspeed is starting 2019 with its largest-ever fund for China, where it has backed a number of new internet challengers. The firm announced this week that its fourth China fund has closed with a total capital commitment of $560 million.

The firm had a massive 2018, with no fewer than five of its portfolio holding IPOs including two of China’s up-and-coming startups that are challenging the country’s internet establishment — they are Meituan, the super app firm that specializes in deliveries, and Pinduoduo, a group e-commerce company that is threatening Alibaba’s dominance.

Based on those successes, it is perhaps not a surprise that Lightspeed has pulled in a record new fund. TechCrunch previously reported that the new fund was aimed at $360 million based on filings, but it added more capital to give more options.

Lightspeed said it has $360 million for early-stage deals aimed at Series A and Series B stages, with an additional $200 million set aside for “growth investments.” The new fund dwarfs Lightspeed’s previous vehicles in China — the firm’s previous two China funds each closed at $260 million while it raised $168 million for its debut fund in the country in 2013.

Lightspeed Venture Partners is a well-known investor that is anchored in Silicon Valley with global funds in India, Israeli and — of course — China. Together, those funds manage around $6 billion in capital, according to the firm.

Led by partners Chris Schaepe, Herry Han and James Mi, the China operation has backed a range of unicorns, including the aforementioned Meituan, which raised over $4 billion via a Hong Kong IPO last year, and Pinduoduo, which raised $1.6 billion via a U.S. listing in 2018. Other Lightspeed China IPOs from last year were PPDai, Rong360 and InnoLight while the firm also counts $9 billion-valued Full Truck Alliance, real estate platform Fangdd and Airbnb-like Tujia, both of which are valued in the billions, among the more mature bets in its portfolio.

“We believe there are plenty of new opportunities in China consumer Internet given the depth of China’s mobile payment and social networks. Innovation and entrepreneurship in the next decade will bring more China-based startups to the world stage. This will be China’s first decade of truly global innovation. Chinese entrepreneurs are now developing business plans with global expansion in mind from day one,” said Han, one of the firm’s founding partners, in a statement.

Last year, Lightspeed Venture Partners — the U.S. entity — filed to raise a record $1.8 billion in new capital commitments. In December, it added five new partners to its consumer and enterprise investment teams, including Slack’s former head of growth and Twitter’s former vice president of global business development.

 


0
<< Back Forward >>
Topics from 1 to 10 | in all: 20

Site search


Last comments

Walmart retreats from its UK Asda business to hone its focus on competing with Amazon
Peter Short
Good luck
Peter Short

Evolve Foundation launches a $100 million fund to find startups working to relieve human suffering
Peter Short
Money will give hope
Peter Short

Boeing will build DARPA’s XS-1 experimental spaceplane
Peter Short
Great
Peter Short

Is a “robot tax” really an “innovation penalty”?
Peter Short
It need to be taxed also any organic substance ie food than is used as a calorie transfer needs tax…
Peter Short

Twitter Is Testing A Dedicated GIF Button On Mobile
Peter Short
Sounds great Facebook got a button a few years ago
Then it disappeared Twitter needs a bottom maybe…
Peter Short

Apple’s Next iPhone Rumored To Debut On September 9th
Peter Short
Looks like a nice cycle of a round year;)
Peter Short

AncestryDNA And Google’s Calico Team Up To Study Genetic Longevity
Peter Short
I'm still fascinated by DNA though I favour pure chemistry what could be
Offered is for future gen…
Peter Short

U.K. Push For Better Broadband For Startups
Verg Matthews
There has to an email option icon to send to the clowns in MTNL ... the govt of India's service pro…
Verg Matthews

CrunchWeek: Apple Makes Music, Oculus Aims For Mainstream, Twitter CEO Shakeup
Peter Short
Noted Google maybe grooming Twitter as a partner in Social Media but with whistle blowing coming to…
Peter Short

CrunchWeek: Apple Makes Music, Oculus Aims For Mainstream, Twitter CEO Shakeup
Peter Short
Noted Google maybe grooming Twitter as a partner in Social Media but with whistle blowing coming to…
Peter Short