China Digest: Tencent leads Meishubao round; KIP backs eBrace

Meishubao has secured $40 million in a Series C+ round of financing led by Tencent, while Korea Investment Partners (KIP) has led ‘millions of US dollars’ in eBrace’s Series B+ round.

Tencent leads $40m in Meishubao’s Series C+ round

Chinese online art education platform Meishubao on Thursday announced that it has secured $40 million in a Series C+ round of financing led by returning investor Tencent. 

The current round brings the total capital raised by Meishubao in its Series C round to $80 million. In addition, Meishubao has so far closed an aggregate of 800 million yuan ($114 million) in its six rounds of funding, it said in the statement.  

The new investors who participated in the current round namely Bojia Capital along with existing backers Shunwei Capital, Bluerun Ventures, BHG Long Hills Capital Management, and Chuangzhi Capital. Investment bank Gygnus Equity served as its financial advisor for the deal. 

Tencent along with Bluerun, BHG, Chuangzhi, Welight Capital and Hony Capital had collectively injected $40 million in the first tranche of the Series C round back in June 2019. 

Meishubao, which was set up in 2014 and managed by Beijing Yiqi Network Company Limited, specializes in online art education based on new generation technologies such as artificial intelligence (AI), augmented reality (AR) and virtual reality (VR). It offers classes for children in the 3-18 age group. The platform claims to have served nearly 10,000 users across 94 countries and regions. 

Chinese Xiaomi’s Shunwei Capital and Bluerun had together poured $46 million in its Series A round in 2014. Subsequently, its investors also include Sealand Innovation, High Ground Capital, and Boya Capital Partners. 

KIP backs eBrace’s Series B+ round 

Dental-focused eBrace has garnered ‘millions of US dollars’ in its Series B+ round funding led by Korea Investment Partners (KIP), the firm announced on WeChat on Thursday.

Headquartered in Guangzhou, the 10-year-old eBrace offers dental-based 3D printing services and medical equipment. It provides products and solutions for dental orthodontics while its 3D printer products are used by 300 clinics in China and overseas. 

eBrace aims to upgrade its 3D printing service capacity as well as spruce up technology and market development. 

Prior to the current round, eBrace completed four other rounds of funding from Guangzhou State-owned Capital Operation Holdings, Essence Capital, Yanghe Investment, among others. 

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.