China Digest: IDG backs Letus Legend; Hair salon Xingkeduo raises $14m

Photo: Xingkeduo.

IDG Capital has led a $43-million Series B in Chinese supermarket chain Letus Legend. Meanwhile, Xingkeduo, a 15-minute haircut service brand, has raised a $14.4-million Series B from Shunwei Capital and others.

IDG backs Letus Legend

Letus Legend, an Anhui-based supermarket chain, has raised an RMB300 million ($43 million) Series B round led by IDG Capital, the China Money Network reported.

BA Capital and existing investor Sequoia Capital China also participated in the round.

After the financing, the company’s valuation has climbed to RMB3 billion ($433 million). Letus Legend plans to use the proceeds to launch home delivery services and use its online app to pre-sell high-value and most popular items.

The company also plans to expand its footprint to more cities. It had raised an RMB200 million ($29 million) Series A round led by Sequoia Capital China in 2017.

Xingkeduo raises $14M Series B

Hair salon chain Xingkeduo has raised an RMB100 million ($14.4 million) Series B funding round from Shunwei Capital, CICC Pucheng Investment and others.

The round was joined by return backers HongDao Capital and Future Capital.

Xingkeduo offers 15-minute haircuts for simple hairdos.

Founded in 2015 by Hong Kong entrepreneur Vincent Wong, Xingkeduo has nearly 100 stores in tier-one cities in China, delivering more than 100,000 haircuts a month.

The latest funding will be used for market expansion, technology research and team building.

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