Yixia Tech has closed a $500m Series E led by Weibo and men’s fashion brand incubator Magmode closes $10m venture round led by Ventech China.
Yixia Tech closes $500m Series E
Yixia Tech, the parent company of popular video streaming and sharing apps such as Miaopai, Xiaokaxiu, and Yizhibo, has closed a $500 million Series E investment led by Weibo. This latest round follows a $200 million Series D last year and grants Yixia a post-money valuation estimated between $3 and $5 billion.
Weibo led this round with $120 million, putting its aggregate investment at $190 million, in addition to a $100 million fund for Miaopai video makers. Miaopai is a a Vine-like service where users shoot, edit, and share 10-second video, launched in 2013; Xiaokaxiu is a video-dubbing app; and Yizhibo is a live streaming service inside Weibo.
Launched in September 2013 with the help of Sina Weibo, Miaopai has received venture funding in multiple rounds from Morningside Ventures, Redpoint Ventures, Kleiner Perkins Caufield & Byers (KPCB) China, Sina Corp. and StarVC, in addition to the investors mentioned above.
Social live-steaming short video functionality is being incorporated into platforms like Instagram and Facebook, with this Weibo investment a recognition of that trend. The investment reflects Weibo’s emergence as a social media platform in China, with the latest financial reports posting a user base growth of 30 per cent from 2015.
Ventech China leads $10m investment in MagMode
Shanghai-based venture firm Ventech China, the Chinese arm of Paris-based VC firm Ventech Capital, has led a venture investment valued at nearly $10 million venture round in MagMode, a Chinese men’s fashion brand incubator.
Ventech China manages $225 million across three funds focused on communities, mobile commerce and big data. Commenting on the investment, Eric Huet, managing partner at Ventech China, said, “MagMode incubates multiple new brands and can better serve China’s rising middle-class and young consumers as they seek differentiated products.”
MagMode is a men’s fashion brand incubator founded by a group of Chinese media and clothing industry pioneers led by the former editor-in-chief at GQ and Modern Weekly in China, Cai Chongda. With three stores in Beijing, it plans to establish more shops across major Chinese metropolises.
In addition to retail outlets, it operates a mobile app featuring the latest international fashion trends and concepts. MagMode was founded by a group of Chinese media and clothing industry pioneers, led by the former editor-in-chief at GQ and Modern Weekly in China, Cai Chongda.
The company plans to open more stores in other major cities in China. Ventech China is the sister company of Paris-based venture capital firm Ventech.
Among Ventech China’s past investments in the country were in fitness training and community app Keep, largest gay community app Blued, Japanese product mobile commerce platform WonderFull, entertainment news platform Juzi, and big data company in sales leads generation Datawin.