China Digest: Gay dating app Blued, new energy vehicle firm SKIO secure funding

Blued
Photo: Blued's Facebook page

Chinese technology companies continue to secure funding from venture capital and private equity firms. The latest recipients are gay dating app Blued and new energy vehicle firm SKIO Matrix.

Blued secures $100m in Series D

Beijing-headquartered Blued, one of the world’s largest social network and dating apps for the LGBT community, has closed its Series D funding round, raising $100 million in fresh funds, China Venture reported.

The latest round was led by CDH Investments and UG Capital Investment, marking the seventh round of financing for the Beijing Blue City Brothers Information Technology Co division.

Launched in 2012, Blued has already become one of the world’s most popular free gay social apps, attracting over 15 million users worldwide, according to its website.

Blued CEO Geng Le said the company will make further efforts to optimize and upgrade products and services with the help of the new funds and gradually develop a diversified platform that integrates vertical social interaction, entertainment, and health education.

Blued said it is also committed to using technology and social media channels to promote AIDS prevention and treatment.

CDH Investments, established in 2002, has invested in more than 180 enterprises, 50 of which are listed in China and abroad.

IDG Capital invests $159m in new energy vehicle firm SKIO Matrix

Hangzhou-based new energy vehicle firm SKIO Matrix Co Ltd has raised $159 million from venture capital firm IDG Capital, according to a China Money Network report.

SKIO Matrix, founded in 2013, designs batteries for new cars, helps auto manufacturers convert their existing vehicles models into electric vehicles, and also provides auto financing services.

Since its inception, the company has produced about 10,000 electric vehicles of Dongfeng Motor Corporation, the report added.

The investment in SKIO Matrix marks IDG’s increasingly active investment in the new energy vehicle space. Just last week, the company joined Alibaba Group and Foxconn in a Series B round in Xiaopeng Motors, a Chinese electric vehicle maker.

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