China Digest: GGV, Country Garden back CHALI; Sigma Squares Tech nets $10m

Tea brand CHALI has closed a new financing round led by venture capital firm GGV Capital, while Sigma Squares Tech has raised $10 million in a Series A funding round. 

GGV, Country Garden invest in CHALI

Guangzhou-headquartered tea brand CHALI has pocketed “tens of millions of US dollars” in a round of financing led by new investor GGV Capital, per a company statement on Monday. 

WeiVC, a seed and early-stage venture capital firm jointly founded in 2011 by Sequoia Capital China, IDG, Sinovation Ventures, Sina and other investors, also participated in the round. 

Existing investors CEC Capital and realty developer Country Garden’s investment arm Country Garden Venture Capital made follow-on investments in the round. 

In November last year, Country Garden Venture Capital; investment bank CEC Capital’s CEC Future Industry Fund; and Wens Investment, an investment vehicle of Chinese livestock and poultry breeding major Wens Foodstuff Group had pumped 100 million yuan ($15 million) in CHALI’s Series B round. 

The tea brand will invest the proceeds from its latest funding round in enhancing its research and tea processing capabilities by setting up new centres. 

Located in Southeast China’s Guangzhou city, CHALI produces high-end tea bags that it claims to have served to over 7,000 hotels and 2,000 catering groups. Its early backers include JD.com, Ginkgo Gofar Group and Guangdong Culture Industry Investment Fund.  

Sigma Squares Tech nets $10m in Series A

Beijing-headquartered industrial vision solutions developer Sigma Squares Tech said on Monday that it has raised $10 million in a Series A round of financing. 

The round was led by V Fund, an over 8 billion yuan ($1.2 billion) fund focused on areas such as intelligent manufacturing, semiconductor, 5G network, and IoT, the investor said in a WeChat post. 

Investment firms Guoding Capital, Insight Capital and Entropy Capital also joined the round. 

Sigma Squares Tech will invest the proceeds in ramping up manufacturing capabilities as well as talent recruitment and business expansion. 

Established in 2018, the firm provides full-stack cloud vision services and tools. Its cloud vision platform Sirius helps manufacturing companies improve data collection, while Insvis enables the healthcare industry to more effectively test devices, it said. 

Sigma had previously closed three other rounds of funding from BioTrack Capital, Future Capital and Hongtai Aplus. 

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.