China Digest: Meridian Capital, Tencent invest $15m in Baobao; Banyan Capital, New Horizon pump $110m in Pinduoduo

Visual from Pinduoduo website

In two separate funding deals in China, digital video streaming social media platform Baobao raised $15 million backed by Meridian Capital China, Tencent Holdings Ltd and other investors, while e-commerce platform Pinduoduo received $110 million financing from Banyan Capital, and New Horizon, the China Money Network reported.

Meridian Capital, Tencent close $15M Series B+ Round in live video streaming app Baobao

Baobao, a digital video streaming social media platform, secured $15 million (RMB100 million) in a series B+ round joined in by Meridian Capital China, Tencent Holdings Ltd, GGV Capital and Shunwei Capital.

Baobao claims to have 400,000 daily active users, mostly under 25 years old, of its mobile app that allows them to conduct or watch live video streaming, a hot mobile app trend in China.

Through the app users can interact with each other via commenting, gift offering and private chats.

Launched in 2014, Baobao raised several million USdollar in its series A round in 2015. Details of the startup’s series B round is unknown.

Also Read: China’s TMT-focused Meridian Capital launches

Banyan Capital, New Horizon complete $110M Series B Round in Pinduoduo

Banyan Capital, New Horizon Capital and Tencent Holdings Ltd have backed up e-commerce platform startup Pinduoduo by injecting $110 million in a series B round.

Based on third-party social media channels, Pinduoduo’s e-commerce platform allows users to participate in group buying deals with friends, mostly through Tencent’s Wechat app. It provides deals in various segments, from food, cosmetics to baby products.

For the last six months, the startup was able to attract large number of users via Wechat, as friend sharing allowed rapid user accumulation.

Pinduoduo was launched in September 2015 and now claims to record daily transaction volume of over RMB10 million and paid users of 20 million.

Also Read:

Internet giant Tencent in strategic merger with China Music Corp

India: Dilip Buildcon to launch IPO by July-end, PE fund BanyanTree to part-exit

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.