China Digest: CassTime nets $30m led by Source Code; Denovo raises $46m

CassTime

B2B automotive aftermarket platform CassTime has garnered $35 million in a Series C3 round funding led by Source Code Capital, while Denovo Biopharma has pocketed nearly 300 million yuan ($46 million) in a Series D round co-led by CICC Qide and Yingke PE.

CassTime nets $30m funding led by Source Code

Chinese B2B automotive aftermarket platform CassTime has completed its Series C3 round funding raising $35 million, per a company statement on Tuesday.

The new round brings the total corpus raised by the firm in its Series C to $85 million. It had raised $50 million in a Series C2 round of financing led by Greater Bay Area Homeland Investment in June this year.

All of the investors who participated in the latest round are returning backers, including the lead investor Source Code Capital. Sequoia Capital China, Greater Bay Area Homeland Investment, and Xiaomi’s Shunwei Capital also invested. 

Proceeds from the new round will be used for product innovation and market expansion.

Headquartered in Shenzhen, CassTime offers an online B2B auto parts trading platform, an intelligent vehicle repair and maintenance store management system, supply chain financing, and auto parts delivery services.

CassTime has roped in Shunwei Capital as its long-term investor. Shunwei had participated in CassTime’s 250 million yuan ($38 million) Series B+ round in August 2018 and Series B round in April 2018. Previously, Shunwei had also backed CassTime’s Pre-B, Series A and Pre-A rounds.

Denovo Biopharma raises $46m Series D

San Diego-based clinical-stage biopharmaceutical firm Denovo Biopharma has closed nearly 300 million yuan ($46 million) in a Series D round of financing jointly led by CICC Capital’s sub-fund CICC Qide and returning investor Yingke PE, the investee said in a WeChat post on December 11.

The latest round was joined by a clutch of investors including state-backed CR Pharma’s healthcare fund, private equity firm Silicon Paradise Asset Management Group, Fang Fund Partners and others. Existing investors Sangel Capital, Hosencare Brothers, Zheshang and Industrial Integration, also re-upped in the round.  

Denovo will use the proceeds to expedite its pipeline products and list new drugs, the company said. 

The firm had raised 590 million yuan ($83 million) in a Series C round of financing led by CICC Capital’s equity investment fund in June this year.

In October 2019, Denovo had also secured 300 million yuan ($46 million) in a Series B round of financing from Sangel Capital, and Guangzhou Yuexiu Holding’s investment arm Yuexiu Industrial Fund, among others.

With headquarters in the US and operation centre in China, Denovo is dedicated to using novel biomarker approaches to conduct clinical-stage trials for innovative drugs. Its pipeline candidates have the potential to provide precision treatments for Alzheimer’s, neurological disorders, leukaemia, and oncology.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.