China Digest: Temasek leads funding in Tezign; Tengyin bags over $15m

Shanghai

Tezign has garnered an undisclosed sum in a Series C2 round led by Singapore’s Temasek, while Tengyin Caizhi has bagged over 100 million yuan ($15 million) from Tencent and Gaorong Capital.

Temasek leads Series C2 round funding in Tezign

Singapore state investor Temasek Holding Limited has led a Series C2 round in Chinese creative marketing contents and solutions provider Tezign, the investee announced on Thursday.

Sequoia Capital China, Hearst Ventures, and three other existing backers — Linear Capital, Eminence Capital, and Cherubic Ventures — also made follow-on investments in the round. It also attracted new investors including SoftBank’s China-based arm SBCVC, Hong Kong’s tech-innovation driven Unicorn Capital Partners, and C Ventures. New economy-based investment bank MM Capital facilitated the transaction.

The fresh vehicle brings Tezign’s Series C funding to $100 million. The company had, in August last year, secured “tens of millions of US dollars” in a Series C1 round of financing led by Sequoia Capital China. The round was joined by returning investors such as the American media and publishing giant Hearst Corporation’s investment arm Hearst Ventures. 

Set up in 2017 in Shanghai, Tezign claims to have served over 8,000 medium and large-sized giants such as Starbucks, Unilever, Bayer, Nestle, Shiseido, Ant Financial, Tencent, and Ping An. Linear Capital is a long-term backer in Tezign. It had participated in Tezign’s Series B round in 2018, Series A round in 2016, and angel round in 2015.

Tengyin bags over $15m Series A+

Tengyin Caizhi has pocketed over 100 million yuan ($15 million) in a Series A+ round funding from its majority shareholder Tencent with participation from returning investor Gaorong Capital.

Gaorong Capital, an early- and growth-stage investment firm aimed at new consumption and technology, had exclusively invested in Tengyin’s Series A round in January 2020, it said in a WeChat post on Thursday. The funds will be used to spruce up a slew of programmes like pipeline products, talent recruitment, and R&D capacity.

With headquarters in Southeast China’s Shenzhen, Tengyin is a fintech startup delivering software-as-a-service (SaaS) tools and services. It supports enterprises to maximise marketing activity and brand marketing on Tencent’s social media platform WeChat. 

High-tech firm QTrade is the largest shareholder in Tengyin owning 90% stake, while Tencent is the third-largest shareholder with 2.97% equity interest. Tencent invested in Tengyin’s seed round back in December 2018. 

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.