It’s raining money in China, as we saw nine startups out of 13 covered in this roundup coming from China. The biggest fundraise has got to be online liquor store Jiuxian, which received US$48.8 million. Congratulations to all startups!
Chinese online education startup Xingshuai Teach received a US$30 million series B round of funding from Northern Light Venture Capital and Legend Capital. Founded in 2008, Xingshuai Teach began as a website for learning Photoshop. Since then, it has accumulated 32 courses, most in the areas of graphics, images, video, and design. The curriculum is a combination of interactive video and forum discussions. Xingshuai also has a mobile app so students can learn on the go.
Major Chinese online liquor store Jiuxian announced it received a RMB 300 million (US$48.8 million) equity investment from a handful of China’s state-run banks, including China Merchants Bank, Minsheng Bank, Shanghai Pudong Development Bank, and Jinzhou Bank, among others.
This is Jiuxian’s sixth round of financing, adding up to a total of RMB 930 million (US$151 million) in total funding since its series A in 2011. Previous investors include Sequoia Capital, Rich Land Capital, and Oriental Fortune Capital. It is reported that the company will soon seek an IPO, but the exact timeline isn’t known.
Mobile application testing platform Testin announced it concluded a series B funding round led by IDG Ventures. Its previous round was last raised in late 2011 and is also from IDG Ventures.
Mobile travel app TravelPi announced it raised RMB 5 million (US$813,000) in angel funding from WuYue Investments. It is currently in the midst of raising its next series A funding round.
Meeting venue booking platform Huixiaoer announced it raised series A funding from IDG Ventures.
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