China Digest: VCG acquires photo-sharing site 500px; Weibo leads $16m in Modian

Visual from 500px website

Beijing-based Visual China Group (VCG) has fully acquired 500px, a photo-sharing site that counts Flickr and Getty among its competitors. Meanwhile, crowdfunding service platform Modian has raised $16 million in funding led by Sina Weibo.

Visual China Group fully acquires 500px

Beijing-based Visual China Group (VCG) has fully acquired 500px, a photo-sharing site that counts Flickr and Getty among its competitors.

Financial details of the deal were not disclosed. However, the Canadian start-up news website BetaKit reported that VCG paid just $17 million for the acquisition.

VCG, a visual-content licensing and visual data technology company, was the lead investor in 500px in 2015, and entered a joint venture to expand 500px’s reach into China, launching 500px.me. Other investors in 500px include Andreessen Horowitz, ff Venture Capital, and Harrison Metal.

“By joining forces with VCG, we’ll be able to consistently deliver more innovative features to help you amplify your personal brand, connect with millions of like-minded creatives, and inspire you to improve your skill set as a photographer, as well as reward your talent and creativity with new incentives,” said 500px in a blog post.

The Toronto-based photo-sharing site has raised over $22 million till date, as per Crunchbase data.

Modian raises $16m led by Sina Weibo

Chinese crowdfunding service platform Modian has raised $16 million in a Series A round of funding led by Sina Weibo, reported CMN.

The platform focuses on creative cultural industries such as games, animation and cartoon.

Launched by Sina Corporation on 14 August 2009, Sina Weibo, often referred to as Weibo, is a Chinese microblogging website. It claims to incorporate the major features of social media channels like Twitter, YouTube, and Instagram.

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.