China Dealbook: Legend Capital backs Up Pictures; 24Tidy raises $21m

Following peers in their respective industries, web TV and movie producer Up Pictures and laundry services provider 24Tidy are the latest to have raised funding of tens of million dollars.

Legend Capital leads $15m financing in Up Pictures

Legend Capital has led a RMB100 million ($15 million) series A investment in Beijing-based web TV and film studio Up Pictures in a round that values the company at RMB1.4 billion ($200 million), according to an announcement on March 2 by the invested firm.

Junyuan Capital also participated in the round.

Up Pictures will use the proceeds to finance three book-to-film adaptation, including The Freak Neighbour, A Date With Fate and Bing Jia Mi Jue (The secret of the soldiers).

The company had earlier grabbed an angel round led by movie group Huayi Brothers Media only a month after its launch, as per different media reports. That early funding valued the company at $58 million.

Founded in 2015, Up Pictures has since then produced the novel-based web TV series Ghost Blows Out the Light, which accounted for half of the company’s total $5 million profit last year, according to local Chinese media.

Other productions by the company include animation series 80℃ and Le Roi et l’oiseau (The King and the Mockingbird); movies such as Three Body Problem, New York New York and Mr Six; as well as original web series including The Adventures In Wumen.

Up Pictures has become the second web TV and video producer within the past week to raise funding, after Le Yong Pictures, founded by LeEco founder’s wife, closed a series A round at $174 million valuation.

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Sequoia-backed 24Tidy raises $21m series C investment

China Merchants Venture Capital Management, the venture unit of China Merchants Group, CITIC Securities’ Goldstone Investment, and Singapore-based ICH Group have led a RMB150 million ($21 million) series C financing in household management app 24Tidy, according to a China Money Network report.

Founded in 2012, 24Tidy operates two major services, Tidy Laundry and Tidy Florist, a flower delivery service.

The company currently covers over 10 cities in China, including Shanghai, Beijing, Suzhou and Nanjing, and has over four million users, said the newswire.

24Tidy reportedly had an 80 per cent market share of the online-to-offline laundry sector in 2015.

It had earlier sealed both of the series A and B funding rounds worth tens of million US dollars in 2014. Investors include Oriza Yuandian Venture Capital, the early stage investment arm of Suzhou-based Oriza Holdings, and Sequoia Capital China.

Edaixi, another player in the laundry services segment, has also received substantial funding worth a total of more than $138 million, including a $100 million series B round led by Baidu Inc, following a $20 million series A financing from Matrix Partners and Susquehanna International Group.