China: Gobi Partners, CPC lead $45m funding in 36Kr Media

Ultimus Asia
A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

36Kr Media, a Chinese technology new media unit, has raised RMB300 million ($45 million) in a series A round of funding led by Chinese venture capital firm Gobi Partners and private equity fund China Prosperity Capital, CMN reported.

Other investors who participated in the round include Focus Media Information Technology, Hangzhou Finance Investment Group Co., Ltd. and Baidu Video, the report said. 36Kr Media was spun off from the parent group 36Kr (Operated by Beijing Xieli Zhucheng Finance Information) last year. The company had begun as a technology blog.

36Kr Media provides news reports on venture capital and technology in China, and organizes events to serve this community. 36Kr also has an investment unit and had launched its own venture capital fund earlier this year.

The Chinese entrepreneurship service and media company had spun off its various units in the last few years, and has sought to raise venture financing for the units separately. It also spun off its KrSpace division, in an attempt to expand the unit into a national co-working space network in March 2016.

The company currently operates four business pillars, including media, co-working space, venture fundraising services and financial services.

36Kr had received around RMB100 million ($14 million) strategic investment in a new funding round led by China Merchants Venture Capital Management in December last year.

In October, 36Kr obtained a series D financing led by Ant Financial, while Kr Space, 36Kr’s co-working space spinoff, received RMB 200 million ($30 million) from IDG Capital Partners in November last year.

Gobi Partners was first established over 15 years ago. It currently manages nine funds, and has grown to seven offices across China, Hong Kong, Malaysia, Singapore, and Jakarta

China Prosperity Capital Fund, jointly founded by Mr. Hendrick Sin, Mr. Xiao Jian and Mr. Ma Zhijiang in 2015, is focussed on investments in mobile internet, in particular the pan entertainment sector, in Greater China.

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