China Digest: YYC leads $70m funding in Tantan; Fosun backs $14m round in CloudCare

Chinese 100 yuan banknotes and a U.S. one dollar banknote are seen in this file picture illustration taken in Beijing, China, January 21, 2016. REUTERS/Jason Lee/Files

Chinese public companies YYC Inc and Fosun Group led a $70 million and $14 million funding rounds in mobile dating app Tantan and tech startup CloudCare respectively.

YYC leads $70m Series D round in Tantan

YY Inc, a NASDAQ-listed Chinese online social entertainment firm, led a $70 million Series D round in Chinese social networking and dating app Tantan.

The investment is seen as a broader strategic partnership on product synergy, user referrals and monetisation improvements by YY, the China Money Network reported.

Currently with over 300 million users, YY’s platform engages users through audio, video and text in online group activities, such as music shows, live video streaming and multi-player gaming.

Tantan, meanwhile, is touted as a copycat of US dating platform Tinder, which enables users with same interests to find each other online through its location-based social search mobile app.

Founded in 2014, Tantan mostly targets young professionals living in smaller cities in China as its customers. It now reportedly has over 13 million registered users and 2.5 million daily active users.

Tantan last month raised $32 million in a Series C round led by DST Global, Vision Plus Capital, LB Investment, and other investors.

In its Series B of funding, Tantan raised $13 million from DCM, KPCB, GX Capital, and LB Capital, all of which returned to fund its Series C round.

In January 2015, Tantan raised a $5 million Series A round from Bertelsmann Asia Investments and Vision Plus Capital.

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Fosun backs $14m round in CloudCare

CloudCare, a Shanghai-based cloud computing company, raised up to $14 million (RMB00 million) in its Series C round led by Chinese conglomerate Fosun Group.

Existing investor Sequoia Capital China also joined the round, a report by CMN said.

CloudCare plans to use the fresh capital to develop new products and form strategic partnerships with more companies. It has offices in Beijing, Guangzhou, Hangzhou, Chengdu, Nanjing and Suzhou.

Founded in 2013, CloudCare provides consulting, project design, system implementation, application migration, system management, mixed cloud management, and data centre construction services.

Last April, CloudCare became the first strategic partner of Alibaba Cloud after Alibaba Group Holding Ltd led a $7 million Series B round in the tech startup.

In its Series A round in 2014, CloudCare raised $1.4 million from Sequoia, and Gobi Partners.

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