China Digest: Fintech startup Ice Kredit bags $35m; OnQuality Pharma nets $20m

Fintech startup Ice Kredit has bagged 228 million yuan ($35 million) in a Series C2 round of financing led by CDB-CDC Capital, while OnQuality Pharmaceuticals has secured a $20 million Series A+ round of financing from Matrix Partners China, and others.

Fintech startup Ice Kredit bags $35m Series C2

Ice Kredit, a Shanghai-based fintech startup that provides credit rating and risk control intelligence solutions, has raised 228 million yuan ($35 million) in its Series C2 round of financing led by returning investor China Development Bank Capital’s joint fund CDB-CDC Capital.

Ice Kredit had secured an undisclosed strategic investment exclusively from CDB-CDC Capital late last year. In November, it had pocketed about 200 million yuan ($30 million) in a Series C1 round from CCV, Yunqi Capital, and other investors. 

The fresh vehicle saw participation from Oriental Fortune Capital and Ally Capital, per a company statement. Proceeds from the round are expected to be used toward talent advancement, business development, and equity investment. 

Ice Kredit applies AI and machine learning algorithms, big data, and knowledge graphs to make all-rounded credit evaluations, and risk management for individuals and enterprises.

Its portfolio clients include Bank of China, China Construction Bank, Bank of Communications, Industrial Bank, and China CITIC Bank. Ice Kredit has forged partnerships with Singapore’s OCBC Bank and Thailand’s Bank SCB and has also expanded businesses to the US and Australia.

OnQuality Pharma nets $20m in Series A+ round

OnQuality Pharmaceuticals announced on Monday that it has secured a $20 million Series A+ round of financing, taking the corpus raised by the in its Series A round to $35 million, it said.

In 2019, OnQuality had completed a $15 million Series A round funding from Matrix Partners China, healthcare-focused BioTrack Capital, and Cash Capital.

The latest round saw participation from new investors including Kai-Fu Lee’s Sinovation Ventures and Shiyu Capital. Existing investors such as Matrix Partners China, BioTrack Capital, Frees Fund, and Cash Capital re-upped in the round.

OnQuality will invest the proceeds to support clinical trials and pipeline programmes that are poised to enter clinical developments in the next 18 months.

The company also announced the appointment of Michael McCullar as its new CEO. McCullar is an industry veteran who had stints with Tolero Pharmaceuticals and Astex Pharmaceuticals previously.

With headquarters in Shanghai, OnQuality has been active in the discovery and development of innovative drugs to meet the needs of cancer patients.

The global market for cancer therapies is projected to reach $220.5 billion by 2025, driven by the rise in prevalence of cancer, advances in cancer detection, and innovation in cancer therapeutic development, it said.

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.