China Digest: No Panda Culture gets $10.6m; SoupMaster secures series A

Photo: REUTERS/Jason Lee

Shanghai-based entertainment and culture agency No Panda Culture (Bukongwenhua) has received $10.6 million from private equity firm Hg Capital and Book.weibo.com, while Chinese restaurant chain SoupMaster has secured “tens of millions of RMB” in a series A round led by Lightspeed China Partners.

Hg Capital backs No Panda Culture

Both HgCapital and Book.weibo.com participated in the $10.6 million series A+ for No Panda Culture, China Money Network reported today.

No Panda Culture (Bukongwenhua) focuses on development of intellectual property(IP) works and relevant derivatives, providing all-round supporting services for IP creators.

In November, London-based HgCapital joined a $3 million series A financing round for CollegeDaily, a media platform focusing on Chinese students studying in the US and Canada. At the same time, it also agreed to sell electronic trading and connectivity solutions provider Ullink to Sweden’s Itiviti, a company backed by Nordic Capital.

HgCapital said the deal was subject to French workers’ council consultations, and regulatory clearances. The terms of the transaction were not disclosed.

HgCapital seeks to invest in small and medium sized companies. The firm seeks to invest in the consumer, healthcare, industrials, leisure, telecom, media, and technology, services, and renewable energy projects.

Lightspeed invests in SoupMaster

Chinese restaurant chain and retail brand SoupMaster has reportedly raised “tens of millions of RMB” in a series A round led by Lightspeed China Partners and joined by DianLiang Capitals, China Money Network reported. SoupMaster provides various nutritious soups for pregnant women and patients with demand of health recuperation.

Lightspeed China Partners also recently participated in a $32 million series B round for Beijing-based virtual reality (VR) and augmented reality (AR) company 51HiTech.

Lightspeed co-invested with artificial intelligence startup SenseTime and Chinese property developer Modern Land (China) Co Ltd, who led the round, as well as other investors including Shanghai Pudong Development Bank, Silicon Valley Bank, Shenzhen Green Pine Capital Partners, Green Living equity investment fund and Star VC.

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