China Digest: SDIC backs Ribo; Matrix funds online insurance Xiaoyusan

SDIC Fund Management Co, and Matrix Partners China, each led different investment deals, $39 million in siRNA drug developer Ribo, and $14 million in online insurance startup Xiaoyusan, respectively.

SDIC backs siRNA drug developer Ribo in $39m round

China’s SDIC Fund Management Co, through its advanced manufacture industrial investment fund, led a $39 million series B round in Suzhou Ribo Life Science Co Ltd, a small interfering RNA (siRNA) drug developer.

Other investors were Legend Capital, GGV Capital, China Resources, and a number of RMB funds, the report added.

Ribo develops siRNA therapy for hepatitis B, Hyperlipidaemia and liver cancer.

Founded in 2017, Ribo focused on clinical research and development in siRNA pharmaceutical. It launched strategic partnership with RNA interference firm Quark Pharmaceuticals Inc, and established a joint venture Kunshan RiboQuark Pharmaceutical Science and Technology Co Ltd in 2012.

In its previous series A round, Ribo raised $18 million from Legend Capital, GGV Capital, Legend Star, and a string of other investors.

Also Read: China: SDIC invests $72m in Ascentage Series B; iGola raises $19m

Matrix leads $14m round in online insurance Xiaoyusan

Xiaoyusan, a Shenzhen-based online insurance platform, raised up to $14 million (RMB100 million) in a Series B round led by Matrix Partners China and Chinese investment firm Tianshili Capital.

Xiaoyusan provides life insurance for the elderly, children, and the adults based on big data analytics. It plans to use the latest proceed to develop its team, improve research and development, and upgrade its products, the China Money Network reported.

Founded in 2015, Xiaoyusan now has over three millions users, and partners with over 50 insurance companies including Ping An Insurance, China Life Insurance Co Ltd, PICC Group and China Pacific Insurance Co Ltd.

Also Read: Matrix Partners China leads $8m financing in parenting startup Niangao-mama

Among its other main goals is to make the insurance underwriting process smarter. The startup aims to further advance in the field of insurance technology, artificial intelligence recognition, and big data.

Xiaoyusan previously received tens of millions RMB from Sequoia Capital China in 2015.

Xiaoyusan is just one of a total of 117 online insurance companies in China. CMN reported Chinese consumers are moving online to purchase insurance products, underwriting a sum of RMB234 billion in 2016. Up to 6.2 billion of insurances were newly added in the same year, of which 64.6 per cent were purchased online.

Also Read: HK’s Value Measured Investment leads $10m round in bio-pharma Sirnaomics

Venture capitalists have been funding online insurance startups seeking to capture the sector’s growth.

In March 2016, Chinese investors backed Huize Insurance in a $31 million series B round.

Also in 2015, Chinese alternative investment firm Hillhouse Capital Group also joined global insurer Allianz and Chinese Internet giant Baidu Inc to establish an online insurance company in China.

Also Read:

China: Zhongwei backs Vedeng; SDIC invests in Innovent Biologics

China: AtourHotel secures $100m; Oriental Fortune funds DadaABC

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.