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Hello readers,
These are dark days for startups that are looking to raise funds… or so a lot of people said.
But according to our latest funding wrap-up (🔒), fundraising is still alive and kicking, with startups entering into over 100 deals and raising US$1.24 billion last week.
So today, we’re taking a look at the rising startups in China as well as two young startups (less than a year old!) that you might not have heard. Scroll down if you fancy a longer read.
But first, your quick bytes for the day:
1️⃣ PSA to all Warframe players: Its parent company, Chinese gaming firm Leyou, is set to be acquired by Tencent – if talks go well, that is.
2️⃣ China’s largest co-working operator, Ucommune, finally went public through a backdoor listing and at a 75% discount from its 2018 valuation. On a related note, WeWork is said to be on track to be profitable and have positive cash flow in 2021.
3️⃣ Xiaomi said it’s an internet company, but people are questioning this after its recent revenue breakdown showed that internet service contributed only 9.6% to the company’s total revenue in 2019.
4️⃣ It looks like Indian online food-ordering platform Zomato is back up on its feet, announcing that its revenue for the financial year that ended on March 31 has more than doubled. The company also said that it’s on track to recover 60% of its monthly revenue in July compared to the period before Covid-19.
5️⃣ Ecommerce giant Alibaba’s five-year plan: To serve more than a billion consumers in China and facilitate consumption worth more US$1.4 trillion.
6️⃣ Hong Kong residents rushed to erase their digital footprint as China imposed the new national security law.
7️⃣ Apple supplier Foxconn is reportedly investing $1 billion in India. “There’s a strong request from Apple to its clients to move part of the iPhone production out of China,” one of the sources told Reuters.
50 rising startups in China
What are the latest trends (🔒) coming out of China? One way to tell would be to track startups that have raised a new round, though funding isn’t the full story.
This accounting startup hit eight-digit funding before its series A
Tax season to an accountant is like shipping a new app is to a startup. It’s a hell of a ride.
Would you join an auction for used cars?
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