China Digest: Sequoia China invests in Quan Zhi Tech; SF Express unit raises funds

Data security services provider Quan Zhi Tech has garnered “tens of millions of US dollars” in a Series B round co-led by Sequoia Capital China, while SF Express’s Phoenix Wings has raised Series A funding.

Sequoia invests in Quan Zhi Tech

Quan Zhi Tech, a provider of data security services, has announced the completion of a Series B round funding raising “tens of millions of US dollars”, per a company statement on Friday.

Sequoia Capital China along with GGV Capital jointly led the round, while existing investorsLenovo Capital, F&G Venture, and Volcanics Venture, among others — also participated. Investment bank Voyagers Partners served as the financial advisor. 

Lenovo Capital had made an undisclosed investment in Quan Zhi Tech’s Series A+ round in 2020. The Hangzhou-based company is also backed by Kinzon Capital, IN Capital, and Apple Funds (APU).

Its data security offerings are widely used by clients such as China Telecom, China Minsheng Bank, and China Merchants Securities.

SF Express unit raises funds

Phoenix Wings, a subsidiary of Chinese global delivery services giant SF Express, has secured “tens of millions of US dollars” in a Series A round led by an undisclosed strategic investor. 

New investors that participated include: state-backed CR Group’s investment arm CR Capital, COFCO Capital, Everest Venture Capital, Tianqi Capital, and Country Garden Venture Capital, the venture capital unit of real estate major Country Garden that invests in supply chain, technology, healthcare, and consumption. 

Taihecap facilitated the transaction. 

Proceeds of the funding will be allocated to drone technology innovation, and global expansion. 

Phoenix Wings’s parent company SF Express is the controlling shareholder in Phoenix Wings. With headquarters in Shenzhen, Phoenix Wings designs and produces unmanned aerial vehicles for logistics across highlands, mountainous regions, cities, and islands. 

It claims that its products — catering to healthcare, security, and emergency, among others — are exported to nearly 10 countries and regions.

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.