China’s IMS New Media Group secures $90m in series C round

Photographer: Nelson Ching/Bloomberg

IMS New Media Group has closed an RMB600 million ($90 million) series C round from Morgan Stanley, China Merchants Bank and CSC Financial Co Ltd.

Existing investors including Sina Weibo and SAIF Partners also joined in this round.

The company, founded in 2009 by Li meng, is a provider of new media marketing solutions based on big data. Currently, it has five products including SMART, WEIQ, TopKlout, Fengli Technology and Liuda APP.

It claims to offer social media marketing solutions to over 400 companies including giants Alibaba Group, Ping An Insurance, Procter & Gamble Co, and New Balance Athletics Inc.

Since its establishment, it has raised a $4-million series A round from Sina and SAIF in 2010 and a $12-million series B round from Sina, SAIF Partners and JAFCO Asia in 2013.

In the latest round, IMS New Media Group’s valuation has raised over RMB10 billion ($1.4 billion), making it another Chinese unicorn startup, according to China Money Network’s report.

Also read:

China Merchants, Ping An among bidders for AirAsia plane leasing unit
SAIF Partners on road to raise $350m for new India-focused fund
China’s tech giants Alibaba and Tencent looking riskier, placing bigger bets
Chinese Internet majors compete to dominate ASEAN tech ecosystem