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. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Verticals
YuanfudaoBeijing220 millionG1, G2Tencent, DST GlobalHillhouse Capital, Boyu Capital, IDG Capital, CPE, CITIC Fund, GIC, Temasek, Trustbridge Partners, DCP Capital, Greenwoods Asset Management, Ocean LinkEdTech
Magnum Research Shenzhen30 millionPre-B-Lenovo Capital, Wing Lung Bank, Hong Kong Cyberport Management Company, Zhenghe CapitalFintech
Xiaoe TechShenzhen* 14 millionC-Tencent InvestmentSaas
BaijiayunBeijing14 millionB+Fortune CapitalGP Capital, Bondshine Capital, Qinglan CapitalSaas
4Wheels TechBeijing* 10 million BAirtelZhaohui CapitalE-commerce
Xiaoyang GroupBeijing9 millionB+-Ameba Capital, Yunqi CapitalEdTech
PMPMShanghai* 1.4 millionPre-A, Pre-A+BA Capital, Huamei CapitalSource Code Capital, Xinyi CapitalBeauty & Hygiene
JoinspineSuzhou* 1.4 millionA+Dalton Venture-HealthTech
QingflowShanghai* 1.4 millionASource Code Capital-Saas
WenjiuclubBeijing1.4 millionAShenzhen Qianhai Xifu Investment Management-E-commerce

∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “10 million yuan ($1.4 million)” in the given example. 

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.