Chinese investors continue to pour money into startups, with e-commerce platform Yunji raising $120 million in a Series B round from CDH Investment and Huaxing Growth Capital and Shenzhen Capital Group backing a $30-million Series C round in Formlabs.
E-commerce platform Yunji raises $120m in Series B
Yunji, a Chinese e-commerce platform focused on online retailers, has raised $120 million in a Series B funding round co-led by CDH Investment and Huaxing Growth Capital, according to a China Money Network report.
Founded in 2015, Yunji targets small and medium distribution sellers, who have lost their competitive advantage, by helping them establish and maintain their platforms, the company said.
The company raised about $36.1 million in a Series A round led by Crescent Point Capital and joined by Eastern Bell Venture Capital in 2016.
Xiao Shangluo, founder and CEO of Yunji, was quoted in the report as saying that the company will use the latest funds to further integrate the company’s upstream supply chain and improve its AI and Big Data infrastructure.
Yunji also seeks to enhance regional logistics and warehousing capabilities, and empower more small and micro entrepreneurial groups in the field of social e-commerce.
Shenzhen Capital backs $30m round in US 3D printing firm Formlabs
US-based 3D printing firm Formlabs has raised $30 million in a Series C funding round led by Tyche Partners and backed by Shenzhen Capital Group, UpNorth Investment Limited, and existing investors, according to a company statement.
The fundraising comes as Formlabs, designer and manufacturer of powerful and accessible 3D printing systems, seeks to broaden its product portfolio and scale operations to meet increasing demand in China and Asia.
“For many years, China has been catching up in manufacturing capabilities to the U.S. and Europe, but recently it has matched or surpassed in many areas. Chinese manufacturers will be critical to figuring out how to adopt 3D printing into higher volume manufacturing applications,” said Max Lobovsky, co-founder and CEO of Formlabs.
Formlabs is headquartered in Boston, with offices in Germany, Japan, and China. It was founded in 2011 by a team of engineers and designers from the MIT Media Lab and Center for Bits and Atoms.
The Series C round brings the total investment to date to $85 million, the company revealed.