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.

Also Read:

China: Horizons Ventures backs Divergent 3D; Sequoia leads $30m round in retailer Letus

China Dealbook: Tencent leads $34m round in Transwarp; Jin Jiang invests in Canaan

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.