China Deal Monitor: Magnum Research nets $30m and more updates

Magnum Research Limited, a fintech startup incubated by The Hong Kong University of Science and Technology, has completed its pre-B round raising $30 million from a slew of new investors, according to a company statement on Thursday.

Lenovo Capital, part of Lenovo Holdings, Hong Kong-based Wing Lung Bank, Hong Kong Cyberport Management Company and Zhenghe Capital are the four new investors who participated in the round. 

Long-term investor Alibaba Entrepreneurs Fund also joined the fresh funding. Prior to the current round, Alibaba had partnered Bank of China’s BOC International to invest over 100 million yuan ($14 million) in the company’s Series A+ round in 2018. Besides, it had also participated in Magnum’s Series A round in 2017.

Set up in 2016 in Hong Kong, Magnum Research is a digital wealth management platform. Its flagship tool, Aqumon, claims to help investors make smarter decisions through its novel algorithm and technology-driven platform. More than 100,000 users have downloaded Aqumon, it said. 

Magnum is looking to expand to other Asian countries and regions in the future, Chunran Lei, CEO, Magnum Research, said in the statement.

It will use the fresh funding towards research and development and product extension. 

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on October 21-22, 2020. 

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