China Digest: Sequoia leads Tungee round; Little Bear Rental closes Series D1

Source: Mia Baker/Unsplash

Tungee, a Chinese startup that uses big data and AI to provide intelligent sales solutions, has secured 120 million yuan ($17 million) in a Series B round of financing led by Sequoia Capital China, while office IT equipment rental service Little Bear Rental has raised a Series D1 round of financing led by JD.com.

Sequoia China leads $17m round in Tungee

Tungee, a Chinese startup that uses big data and AI to provide intelligent sales solutions, has secured 120 million yuan ($17 million) in a Series B round of financing led by Sequoia Capital China with participation from Qiming Venture Partners.

The startup plans to use the proceeds from the new round to finance its product R&D, market expansion and brand building, according to a statement.

Guangzhou-based Tungee has developed a cloud platform that offers intelligent Software-as-a-Services (SaaS) sales solutions covering customer acquisition, business opportunity engagement, and customer relationship management.

The startup targets to become the Chinese version of ZoomInfo, a Vancouver, Washington-based business-intelligence platform that raised $935 million early June in what was the largest U.S. trading debut for a technology company so far this year.

The startup raised tens of millions of yuan in a Series A round from Alibaba and Qiming Venture Partners. It also completed a Series Pre-A round in January 2017 and an angel round in June 2016, shows the company website.

JD.com, Fortune Capital invest in Little Bear Rental

Chinese office IT equipment rental services provider Little Bear Rental announced on Tuesday that it has raised a Series D1 round of financing led by JD.com, with participation from venture capital firm Fortune Capital.

Financial details of the Series D1 round remained undisclosed. This is the sixth investment completed by Little Bear Rental in the past two years, said the startup in a WeChat post.

The six funding rounds were backed by JD.com, Tencent, Fortune Capital, Shenzhen-based venture capital firm Oriental Fortune Capital, Great Wall Fund, as well as China’s National SME Development Fund and a government-led fund in southern China’s Shenzhen city.

Fortune Capital, which manages a combined 30 billion yuan ($4.28 billion) across 23 funds, has participated in four of the six rounds, while JD.com has injected capital into a total of three rounds.

After the Series D1 round, the company intends to enhance collaboration with JD.com in the digital and technological areas.

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.