China Digest: Alibaba fund backs Hotelmize; Youdi bags Sequoia funding

Hong Kong cityscape. Photo: Pixabay

Israeli travel tech startup Hotelmize has garnered an undisclosed Series B round funding jointly led by Alibaba Hong Kong Entrepreneurs Fund and Brilliance Ventures, while second-hand auto parts e-commerce firm Youdi has secured ‘millions of dollars’ in its angel round funding from Sequoia Capital China. 

Alibaba Hong Kong Entrepreneurs Fund invests in Israel-based Hotelmize 

Israeli hotel booking platform Hotelmize has garnered an undisclosed Series B round funding jointly led by Alibaba Hong Kong Entrepreneurs Fund and Brilliance Ventures, an Israel-based venture capital fund, according to local media. 

The startup will use the proceeds to accelerate its market expansion to the Asia-Pacific and mainland China, spruce up its data-driven service offering, ramp up its core solutions, as well as to facilitate the AI prediction capabilities. 

As a part of the expansion strategy, Hotelmize is launching its APAC headquarters in Hong Kong as a gateway to China and the region.  

“As we come out from the current difficult situation under the effect of COVID-19, we believe that Hotelmize can contribute to the recovery of the hotel industry with its unique value proposition. With our Fund’s investment and support, we are confident that Hotelmize can prosper in their expansion in the APAC region using Hong Kong as the headquarters,” said Cindy Chow, an executive director of the Alibaba Hong Kong Entrepreneurs Fund, in a statement. 

In November 2018, Hotelmize raised $3.8 million from the Australian early-stage investment group Investible, per its press release. 

Automative platform Youdi closes angel round from Sequoia Capital China 

Second-hand auto parts e-commerce firm Youdi has raised ‘millions of dollars’ in its angel round from  Sequoia Capital China, per a statement. 

Yue Capital acted as a financial advisor to the deal. 

Beijing-headquartered Youdi has set sights on the second-hand auto parts trading business in China.

Youdi CEO and co-founder Yang Li said Youdi aims to integrate used car recycling organisations, manufacturing companies, and trading platforms to improve efficiency for the industry. 

It will use the proceeds for technology innovation, marketing extension and strengthening its team.

 

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.