China Digest: Juventas bags $69m; Sinovation backs Idol Group

Shanghai, China

Biotech firm Juventas has raised 450 million yuan ($69 million) led by CMG-SDIC Capital, while Idol Group has secured a Series C round of financing led by Sunshine Insurance Group, and participation from Sinovation Ventures.

Juventas bags $69m led by CMG-SDIC Capital

Cellular immunotherapy-focused biotech firm Juventas announced the completion of a new round of fundraising, bagging 450 million yuan ($69 million) led by CMG-SDIC Capital.

The round was also joined by new investors Shenzhen-based Tzitzit Asset, Tianjin Venture Capital, Ruisheng Investment, and Xiangrong Capital. A string of existing investors, including healthcare-focused Dalton Venture, Parkland Group’s investment arm Daxie Pengchuang Investment, Kaixin Biotechnology, and Jiadao Fanghua Investment, participated.

The lead investor CMG-SDIC Capital is an over 100 billion yuan ($15 billion) private equity fund co-launched by state-owned SDIC and China Merchants Capital.

The proceeds will be used for the development of clinical-stage injection, besides pipelines.

With headquarters in Tianjin and a research centre in Beijing, Juventas is designed to deliver affordable and safe cell therapy for patients who suffer from oncology diseases such as acute lymphatic leukemia and haematologic tumour.

In 2019, Juventas had secured 100 million yuan ($15 million) in a Series A+ round from Dalton Venture, Shanghai-listed Vcanbio Cell and Gene Engineering Corporation, and Panacea Venture, among others.

Sinovation invests in Idol Group

Idol Group, a developer of e-commerce infrastructure services, has closed an undisclosed Series C round of financing led by Sunshine Insurance Group with participation from new backer Noah Holdings, as per a company statement on Wednesday.

Existing investors who joined the round are Dr. Kai-Fu Lee’s Sinovation Ventures, and Legend Capital. 

Headquartered in Shanghai, Idol creates an advanced e-commerce supply chain and ecosystem by connecting retailers, brands, logistics players, and consumers. It claims to have helped over 10,000 brands to sell more than 3 million items. Set up in 2017, it has launched three flagship brands — Xiangdian, Aikucun, and Idol School.

“We will further enhance our competitive capacity through leveraging new technologies such as big data and AI,” said Leng Jing, the co-founder and CEO at Idol, in the statement. 

Previously, in October 2018, Sinovation had teamed up with GGV Capital, BA Capital, and Zhongyuan Capital collectively pumping $110 million for Idol’s Series B+ round funding.

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.