China Digest: Qiming backs car rental provider Zuzuche; GF Xinde invests in edtech firm

Photo: Reuters

China’s Qiming backed car rental service provider Zuzuche in a Series C funding round, while GF Xinde Investment invested $14.79 million in Series C2 round in edtech startup Acadsoc.

Qiming backs car rental service provider Zuzuche 

Chinese overseas car rental service provider Zuzuche has raised an undisclosed amount in a series C funding round, led by the country’s venture capital firm Qiming Venture Partners, China Money Network reported.

Zuzuche.com was launched in July 2011 to provide car rental service, online scenic spot tickets purchase, local feature food and restaurant recommendation, insurance, and other tourism services for overseas self-driving travelers.

Business users can use Zuzuche.com to search car rental information for designated driving, car chartering, and wedding celebrations in more than 200 cities in China. It aims to provide favorable renting search and booking services for overseas regions.

ZuzuChe has raised a total of CN¥10M in funding over three rounds, according to Crunchbase. It raised Series B in 2017 and Series A in 2011.

Recently, Chinese chauffeured car service provider UCAR has entered into an agreement to acquire 67 per cent interest in auto parts manufacturer Beijing Borgward Automobile in a 4.1 billion yuan ($610 million) cash deal.

Edtech startup Acadsoc raises close to $15m in Series C2 round

Hong Kong-based edtech startup Acadsoc has secured nearly RMB100 million (US$14.79 million) in a series C2 funding round, led by its existing shareholder GF Xinde Investment, China Money Network reported.

This investment round comes in less than three months after the company completed a series C1 round, which was jointly led by IDG Capital and Shenzhen Capital Group. Other investors included Venture Factory and Bofu Fund Management.

Acadsoc, fully known as Shenzhen Acadsoc Information Co Ltd, was registered in June 2013 to start its business by providing one-on-one English tutoring services.

In 2016, it diversified its services, providing online English courses for primary school and middle school students, adults, and those preparing for BEC, IELTS, and TOEFL tests.

GF Xinde Investment Management is a private equity and venture capital firm specializing in angel, startup, early, pre-IPO, growth capital, mature-stage, mezzanine, mergers and acquisitions investments. The firm seeks to invest in sectors that are supported or encouraged by the People’s Republic of China.

Also Read:

China’s Qiming Ventures leads $42m funding for Abbisko Therapeutics

China’s Qiming Venture to lead up to $50m Series B round for RedDoorz

China’s edtech startup iTutorGroup seeks $2b valuation ahead of IPO

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.