China Digest: Sequoia Capital backs LeapMotor, FinTell; Kingsoft Cloud raises $200m

Visual from LeapMotor's website

Chinese startups LeapMotor and FinTell received fresh funds from Sequoia Capital China while Kingsoft Cloud secured $200 million Series D+ from FutureX Capital and Kingsoft Corporation.

Sequoia Capital China backs LeapMotor, FinTell

Hangzhou-based Chinese electric vehicle startup Leapmotor has successfully completed its Pre-A funding round, raising $62 million from Sequoia Capital China, the new energy car maker said on its website.

The Pre-A funding round reflects the interest of Sequoia Capital China in electric cars, Leapmotor said. Sequoia Capital China was the first institutional investor in the two-year-old startup after signing an investment agreement in December 2017.

Leap Motor was founded in 2015 and has been backed by Shenzhen-listed Dahua Technology Co Ltd, a provider of video surveillance products and services. It aims to produce fashionable smart electric cars for Chinese consumers.

Sequoia Capital China also led the $10 million Series A round in FinTell, a Beijing-based financial service provider, FinTell announced on its website on Monday.

In a statement, Fintell said the latest funding round will be used to increase investments in artificial intelligence technology, computing resources, system development, and in attracting and training more professionals with comprehensive risk management capabilities and big data experience.

FinTell provides advanced big-data risk management products and solutions to a variety of financial institutions and service providers in the financial industry. Clients include licensed consumer lending institutions, banks, internet financial services enterprises, collection agencies, insurance companies and rating agencies across China.

Kingsoft Cloud raises $200m Series D+

Beijing-based cloud computing firm Kingsoft Cloud has raised a $200 million Series D+ round led by FutureX Capital and Kingsoft Corporation, according to a disclosure Monday. Kingsoft Cloud is a subsidiary of Kingsoft Corporation.

Kingsoft Corporation told the Hong Kong Stock Exchange that it has jointly agreed with FutureX Capital to acquire an aggregate of 230 million Series D Preferred Shares of Kingsoft Cloud. Kingsoft and FutureX will each pay $100 million for 115 million shares in Kingsoft Cloud.

“The investments of FutureX Capital and Kingsoft Corporation show strong confidence in Kingsoft Cloud,” Kingsoft Corporation said.

The proceeds from the issue of the Series D Preferred Shares under the Share Purchase Agreement will be used by Kingsoft Cloud Group for the development of its principal businesses, for capital expenditures and general working capital, and repayment of loans.

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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.