China’s crowdfunding platforms Kaistart, Shuidi raise funding

Photo: Reuters

Two different crowdfunding platforms in China, Kaistart and Shuidi, have raised more than $20 million in their latest rounds.

Yunfeng Capital leads series C in Kaistart

Kaistart, a fast-growing crowdfunding platform, has secured RMB190 million ($29 million) in a series C round led by Jack Ma-backed venture capital firm Yunfeng Capital.

Certain Capital, a Chinese investment house, also joined the round.

Kaistart, founded in 2015,  helps restaurants, hotels and tourism projects raise funds. In less than two years, it claims that it has over 20 million registered users and the company’s valuation following this round has gone up to $200 million.

Previously, it closed an RMB33-million ($5 million) series A round from Incapital, Meridian Capital China, Tipping Point Partners, Zhejiang Wenchuang Group and Jiusui Capital in 2015.

It received an undisclosed sum in series A+ from Matrix Partners and Vision Capital in February 2016. Four months later, it secured RMB100 million ($14 million) in series B round led by Beijing Kunlun Tech Co.

Wu Yongming, one of co-founders of Alibaba Group Holding, is also a board member of KaiStart.

Crowdfunding platform Shuidi raises $24m series A

Shuidi, a healthcare crowdfunding platform on WeChat app, is raising RMB160 million ($24 million) in series A round to hire talent and develop artificial intelligence technology.

Tencent Holdings and BlueRun have led the round with participation from Sinovation Ventures, Banyan Capital, IDG Capital, Meituan-Dianping and Tongcheng Foundation, according to China Money Network’s report citing the company’s announcement.

The platform was launched last year to assist people to raise funds for their healthcare expenses. It operates three platforms: a crowdfunding platform, an online medical community and a medical insurance platform.

To date, it boasts that the platform has raised around RMB1 billion ($140 million) from 40 million donors that helped over 60,000 patients suffering from serious illnesses and accidents.

Shuidi received RMB50 million ($7 million) in angel round from Tencent, Meituan-Dianping, IDG, Banyan and Zhen Fund last April, cited the report.

Also read:

China Three Gorges in talks with China Life Insurance, PE firms to raise $1.5b

China: Alibaba billionaire Tsai buys indoor Lacrosse Team in San Diego

Chinese e-learning firm Ambow seeks to list anew on NYSE