Tiger Global, Tencent lead $59m Series C round in Chinese e-contract startup Fadada

FILE PHOTO: WeChat mascots are displayed inside Tencent office at the TIT Creativity Industry Zone in Guangzhou, China May 9, 2017. REUTERS/Bobby Yip/File Photo

New York-based investment firm Tiger Global Management and gaming giant Tencent have co-led a RMB398 million ($59.26 million) Series C financing round into Fadada, a Chinese online electronic contracts platform, according to a China Money Network report.

Other investors including global alternative asset manager Ares Management and Chinese venture capital firm Vision Plus Capital also participated in this round.

Fadada, also known as Shenzhen Fadada Network Technology Co., was founded in November 2014 to operate a SaaS (software as a service) platform, offering services of online electronic contracts signature, electronic documents signature, evidence custody and other related electronic signature SaaS services.

Tiger Global Management raised its last fund, Tiger Global Private Investment Partners X, in December 2015 with a corpus of $2.5 billion.

Its 11th fund will specialize in technology investments like consumer internet, cloud and industry-specific software. It will also focus on direct-to-consumer firms in the U.S., India and China.

Meanwhile, China’s Tencent Holdings said recently that it will not scale back on investments this year after a record high of 16 companies it invested in launched IPOs last year.

Tencent invested in more than 700 companies in the past 11 years, and 63 of those are now listed, while 122 are valued at more than $1 billion, President Martin Lau told Reuters.

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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.