China’s Orchid Asia leads funding in delivery platform Fantuan, edtech startup Ivydad

Ivydad

Chinese private equity firm Orchid Asia has led Series B funding rounds in two startups – Canada’s delivery service platform Fantuan and Beijing-based edtech brand Ivydad.

Orchid Asia leads $35m funding in Fantuan Delivery

Canada-based Asian food and services platform Fantuan Delivery has closed a $35-million Series B round led by Chinese PE firm Orchid Asia, per a company statement on Tuesday.

With this round, the total corpus raised by the platform to date touches over $50 million. 

The latest round was joined by existing investors including Vision Plus Capital, Celtic House Asia Partners, and China’s Meituan co-founder Jing Li. The three investors had together participated in Fantuan’s $12-million Series A round funding in March last year. 

Chinese global investment bank Taihecap served as the financial advisor for the deal.

The company will use the proceeds to recruit talent and to improve its delivery services. 

Vancouver-headquartered Fantuan has three flagship services – food delivery, reviews and errands management. It has a presence in 40 cities across Canada and the US.  In 2020, Fantuan generated annual revenue of $400 million. 

According to the German global market and consumer research giant Statista, the size of global online food delivery is expected to reach $32.3 billion by 2024. 

Orchid leads $30m Series B funding in Ivydad 

Orchid Asia has led a $30-million Series B round in Beijing-based edtech brand Ivydad, according to a company statement on Tuesday.

Nanjing-based home appliances supplier Fivestar Holdings’ investment arm Focustar Capital participated in the latest round as a new investor. Returning investor V Star Capital re-upped in the round. V Star Capital had invested 50 million yuan ($7.7 million) in Ivydad’s Series A round in 2018. 

Ivydad, founded by Harvard and Yale University graduate Ren Huang, offers learning courses in Maths, Chinese and foreign languages, music and animation to children up to 8 years old.

Ivydad’s early-stage investors include Sinovation Ventures, Crystal Stream Capital and others.

China’s online education industry was pegged at 486 billion yuan ($75 billion) in 2021, per market research company iiMedia Research. 

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.