Bona Film Group and CAA have launched a joint $150 million film fund while automotive services platform Lechebang has closed a $43.7 million Series B round.
Bona Film Group and CAA launch joint $150m film fund
Chinese film distributor Bona Film Group has partnered Hollywood talent agency Creative Artists Agency (CAA) to launch a jointly managed $150 million film fund that will invest in English-language movies, Sino-foreign co-productions, and Chinese-language productions catering to a global audience.
All films financed through the fund will be distributed in China by Bona Film Group while CAA will represent the North American and select international distribution rights to all films.
CAA opened a China office in 2005 and recently announced a partnership with CMC Capital Partners to form CAA China, a media and entertainment platform.
“With Bona, we have a strategic partner that brings an unmatched level of expertise of the Chinese film distribution landscape and a shared commitment to helping grow the Chinese film market,” said Roeg Sutherland, head of CAA’s Global Film Finance & Sales Group.
“Upon closing of the initial funding, CAA will have directed more than a half-a-billion dollars of Chinese capital into English-language content and it marks the first investment vehicle the agency has managed that will help finance Chinese-language films as a portion of its portfolio, the announcement said.
Lechebang raises $44m Series B
Chinese automotive services platform LeCheBang, which designs and develops a mobile application software for automobile maintenance and after-sale services, has closed an RMB 300 million ($43.7 million) Series B investment led by Yuanyi Investment. Additional investors were Sino-French Innovation Fund, and existing shareholders Sequoia Capital China, automotive supplier Ningbo Joyson Electronic Corp, and Vertex Ventures.
Incepted in 2015, the app is developed by Shanghai-based Xiangtu Network Technology. According to its CEO Lin Jinwen, proceeds from this round will accelerate the development of the company’s repair and maintenance business unit, attract talent, expand service to new cities, and increase marketing efforts.
To date, Lechebang has over 10 million registered users and partnerships with approximately 3000 automotive service shops. Its business covers 24 cities, and the company hopes to extend that to 55 cities by the end of 2017.
Lechebang also has partnerships with 175 leading internet platforms such as Baidu Maps, Nuomi.com, Tencent Auto, Alibaba, JD.com, Dianping, and 58.com, providing them with an online portal for car repair and maintenance products.