HongShan raises RMB 18 billion fund amid challenging climate
HongShan, formerly Sequoia Capital’s China unit, has raised RMB 18 billion (USD 2.5 billion) for its latest fund, according to the Financial Times. Despite a challenging fundraising environment, this marks the largest fundraising by a privately-owned VC firm in China over the past year. The fund, backed by the Hangzhou city government and several private and state-owned insurance companies, aims to invest in technology startups in China.
The fund is smaller than HongShan’s USD 9 billion fund raised in 2022 but demonstrates the continued influence of its founder, Neil Shen. The new RMB fund allows for investments in sensitive technologies more easily compared to its USD fund, which faces stricter constraints due to geopolitical tensions.
Partior raises USD 60 million in Series B round
Partior, a fintech company facilitating real-time clearing and settlement over a unified ledger, has announced the first close of a USD 60 million Series B round.
The round was led by Peak XV Partners and included new investors Valor Capital Group and Jump Trading Group, alongside existing shareholders JP Morgan, Standard Chartered, and Temasek.
Partior plans to use the funds to enhance financial market infrastructure and improve global financial connectivity.
Miridih raises KRW 20 billion in Series B funding
Miridih, known for its software-as-a-service design platform MiriCanvas, has secured KRW 20 billion (USD 14.5 million) in a Series B funding round. The investors include Kiwoom PE, the Industrial Bank of Korea (IBK), Shinhan Venture Investment, and GN Tech Venture Capital.
The company plans to use the funds for talent acquisition and global marketing to accelerate its expansion.
Packworks secures USD 60,000 to support sari-sari stores
Packworks, a startup operating a B2B marketplace for fast-moving consumer goods (FMCG) targeting sari-sari stores in the Philippines, has received USD 60,000 from the Department of Science and Technology (DOST).
The funding, provided by the DOST-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) startup grant program, will be used to develop a machine learning-powered marketing model that offers customized recommendations on sellable items and promotions for sari-sari stores. This feature will be launched on the startup’s Sari.PH Pro app.
Recent deals completed in China:
- UniXell Biotechnology, a company developing next-generation cell therapies based on human pluripotent stem cell technology, has raised RMB 10 million (USD 1.38 million) in a Series A funding round from CASVC. —36Kr
- Quanten Technologies, a developer of automotive electric drive systems, has completed its angel round of funding. The investors include InnoAngel Fund, Orinno Capital, Chengdu Capital Group, Panlin Capital, and Parkland Group. —36Kr
- Maize Yufeng, a germplasm R&D company, has completed a pre-Series A round of financing, raising RMB 10 million. The investors include CITIC Agri Fund and Nest.Bio Ventures, while Yue Capital was the sole financial advisor. —36Kr
- Ligu Renewable Energy, a company specializing in hydrogen energy storage and renewable energy project development, has raised an eight-figure RMB sum in a pre-Series A round led by Ying Capital, with follow-on investment from K2VC. —36Kr
Nika.co, Validus, Airs Medical, and more led yesterday’s headlines:
- Nika.eco, a Singapore-based climate tech company, has closed an oversubscribed seed funding round led by Silverstrand Capital, with additional backing from Timbul Ventures, DMV Investments, Orvel Ventures, and Ascend Network.
- Validus Group, a Singapore-headquartered fintech company, has received USD 15 million in debt financing from Dutch development bank FMO, routed through its Indonesian arm, Batambu.
- Airs Medical, a healthcare-focused AI company, has closed a USD 20 million Series C funding round. This investment was co-led by BSK Investment and Shinyoung Securities.
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