China Digest: Matrix Partners backs XGimi, Fuliaoyi; Qiming invests in Coffee Box

An XGimi Technology projector. Photo from XGimi's website

Venture capital firms continue to invest in China’s technology and e-commerce firms, with XGimi Technology, Coffee Box, and Fuliaoyi raising millions in fresh funds, according to a China Money Network report.

Micro-projector maker XGimi secures $95m from Baidu, Matrix Partners

XGimi Technology, an intelligent micro-projector developer based in Chengdu, Sichuan province, has raised $95 million in strategic financing from a group of investors, including Matrix Partners China and Baidu Inc.

The round was joined by Sichuan Culture Industry Fund, Panlin Capital, Sailing Capital, Bojiang Capital, and Lucion Venture Capital.

Established in 2013, XGimi Technology seeks to produce a simple, smart, and affordable home theatre projector, unlike current TVs that it says are too heavy and expensive.

Matrix Partners co-leads $15m round in clothing accessories firm Fuliaoyi

Matrix Partners China has co-led a $15-million Series A funding round in clothing accessories e-commerce platform Fuliaoyi. Eastern Bell Venture Capital was the other co-lead investor, while Zhen Fund also participated in the round.

Fuliaoyi manufactures decorative patches, sew-on beadings, ribbons, tassels, and sew-on stones, and counts major brands such as Guess, H&M, Zara, Girdear, La Chappele, and HStyle among its international customers.

Qiming Ventures leads $25m Series B in Coffee Box

Coffee Box, a Shanghai-based coffeehouse chain operator, has raised $25 million in a Series B funding round led by Qiming Venture Partners. Banyan Capital also joined the financing round.

A brand developed by coffee delivery services firm Lyancoffee, Coffee Box raised its first round of financing from several venture capital funds in China in 2016. Lyancoffee aims to become the number one domestic player in China’s coffee market through Coffee Box.

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