Niangao-mama, an online parenting startup bagged a RMB$60 million (US$8 million) investment, and the round was led by its existing investor, the Chinese arm of US venture capital firm, Matrix Partners China, and it also included Ziniu Fund, a RMB angel investment firm.
The news was first reported by China Money Network, which also said that Matrix Partners China was an existing investor in the company, and had provided Niangao-mama with seed funding as well as Series A investment.
Founded in 2015, Hangzhou-based Niangao-mama is a platform that has created a broad network of maternity and childcare communities with quality content. The platform claims to have over seven million views and it also boasts of having about 100,000 articles online. The company also runs an e-commerce platform, Gaoma Youxuan, which it claimed had a monthly transaction volume of RMB80 million ($11.5 million).
The latest funding round will help the company develop their “supply chain and products improvement,” the news report quoted it as stating.
Matrix Partners China invests in seed-stage, angel, early stage as well as late stage companies, focusing on communications, digital media, Internet, healthcare, cleantech and consumer related businesses. The VC firms’s parent entity in the U.S. has been an investor in companies like Apple, JBoss and SanDisk, in addition to having more than 200 other firms in its portfolio.
Matrix Partners has been active in China since 2008, and it also has a strong presence in India.
Back in 2011, it had raised $350 million for its second China fund – Matrix Partners China II – and during the same year, it had also raised $300 million for its second vehicle in India – Matrix Partners India-II. In 2014, it had raised another $350 million for its third China fund. Last year, Matrix Partners had raised raised $500 million for its fourth Chinese vehicle.
Ziniu Fund, the China based fund is also known for bringing on board Zhang Quanling, a TV host as their partner in 2016.