Everbright-IDG Industrial Fund, an investment vehicle jointly established by China Everbright Limited and IDG Capital, has closed a funding round worth RMB500 million ($72 million) for Chinese mobile e-commerce app Daling.
This has marked the largest investment in the female-focused vertical of e-commerce in 2016, the Chinese fund manager said in a statement.
Launched in June 2015 as an industrial M&A fund, Everbright-IDG Industrial Fund typically invests in fintech, pan-entertainment, education, consumption upgrade and high-end manufacturing sectors.
The financing for Daling “represents an important strategic investment for the fund in the mobile e-commerce and consumption upgrade fields,” it said.
Daling is a leading mobile shopping recommendation app in China, claiming a customer base of more than 16 million users, who are primarily females aged 30 or younger.
Eighty per cent of Daling’s users are middle-class consumers in second- and third-tier cities, which exposes the company to tremendous expansion opportunities.
The Beijing-based firm had snapped up an undisclosed series A investment from IDG even before its launch in 2014. The company then completed its series B fundraising from Capital Today later in the year.
Its series C investor, Everbright-IDG Industrial Fund, has to date invested over RMB15 billion ($2.16 billion) in more than 10 projects across various countries and markets. It has almost used up the fund’s capital as it had earlier announced a fund corpus at $3 billion.
An investment arm of state-owned China Everbright Group, China Everbright Limited managed 33 funds with a total fundraising amount of more than $8.7 billion by the end of June 2016.