China Digest: Plum Ventures invests in two startups; CollegeDaily closes series A

Weights in a fitness studio/gym

Plum Ventures has led a pre-IPO round in Chinese drones developer MicroMultiCopter and invested in Crazybee Fitness’s pre-series A while CollegeDaily.cn has secured funding from Tencent, China Media Capital and HG Capital. Deals were reported by China Money Network.

Plum Ventures invests in two startups

Plum Ventures has led a $30-million pre-IPO round in MicroMultiCopter Aero Technology Co Ltd, a Chinese high-tech firm specialising in researching and developing multi-rotor drones.

Meanwhile, the fund also joined Crazybee Fitness pre-series A round worth $1.5 million. The round was led by One Capital.

Crazybee Fitness, based in Guangzhou, provides fitness facilities and class activities by targeting at young people. Plum Ventures was set up to encourage young people to become entrepreneurs. According to Crunchbase, the VC firm has invested in nine startups including Bangalore-based e-commerce app Krazybee.

Big investors join CollegeDaily’s series A

Chinese Internet giant Tencent Holdings, Shanghai-based investment house China Media Capital and HG Capital have joined a $3-million Series A round in CollegeDaily.cn.

The website is a Beijing-based platform that provides news and information to Chinese students in abroad.

Founded in 2009, China Media Capital focuses on investments in cultural, technology, media, entertainment, consumer, medical treatment, and telecommunication sectors. It has led series C rounds in LingoChamp and Gaosi Education Group, which were announced earlier this year.

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