Source Code Capital leads $320m Series C in IT product rental startup Edianzu

Shanghai. Photo by zhang kaiyv on Unsplash

Source Code Capital a venture capital firm from China, has led a $320 million Series C round in Edianzu, a Beijing-based online computer and IT product rental startup, the China Money Network reported.

Other investors who contributed to the latest round include existing investors Shunwei Capital, Matrix Partners China, Aplus Capital and a fund affiliated with Lakala, a Beijing-based payment firm backed by Legend Holdings.

The latest investment is said to have valued Edianzu at $200 million. Prior to this round, Edianzu has completed five financing rounds worth RMB500 million ($79 million).

This includes a RMB70 million ($10 million) pre-Series B round raised in January 2017 led by Lakala and contributed by Matrix Partners China and Shunwei Capital.

The round was followed by a $18-million Series B raised in late 2017 led by Matrix Partners China, Aplus Capital, Shunwei Capital, Lakala.

Edianzu provides leasing of office equipment including laptops, desktops, projectors, and printers to small and medium-sized enterprises with operations in large cities like Beijing, Shanghai, Shenzhen, Guangzhou.

The firm, in early 2017, attempted a reverse merger with Tibet Tourism but failed due to tightening regulations.

Beijing-base Source Code capital has assets under management of $750 million and its investor base include sovereign wealth funds, foundations and Chinese central government’s guidance funds.

Also Read:

China: Online computer rental firm Edianzu bags $10m from Lakala affiliated funds

China DB: Perfect Corp gets $25m; CassTime bags $22.7m; Matrix Partners leads $18m round in Edianzu

 

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.