China VC Weekly: Lalamove’s Big Move and More

Last week was a big one for Lalamove, China’s leading van-hailing platform – the company is steadily moving towards completing its financing target of $1.5 billion. One of China’s most prominent tech-focused VC firms, Matrix Partners China, also had a fruitful week, announcing a new flagship fund of roughly $1.2 billion. In other news, esports tournament organizer VSPN and autonomous driving firm Uisee both raised serious capital from investors.

Esports powerhouse VSPN raises $60 million Series B+ round

Chinese esports solution provider VSPN (Versus Programming Network) announced Friday it raised a $60 million Series B+ round of financing led by Prospect Avenue Capital (PAC). Other investors include Guotai Junan International and Nan Fung Group. Lighthouse Capital continued to serve as the exclusive financial advisor for this funding round, according to the announcement.

VSPN plans to use the proceeds of the round for the development of innovative esports technologies, the layout of esports IP trends, the creation of new content, and its related overseas business.

In 2016, VSPN closed its Series A funding round led by Focus Media Network, with the participation of Sequoia Capital China, China Media Capital (CMC), China Jiansheng Sports Industry Fund, Guangdian Capital, and Averest Capital. In October of 2020, the company raised close to $100 million in a Series B funding round led by Tencent Holdings, joined by Tiantu Capital, Susquehanna International Group (SIG), and Kuaishou.

SEE ALSO: VSPN Raises $60M Series B+ Financing Round

About VSPN
Founded in 2016 and headquartered in Shanghai, VSPN is the biggest esports tournament organizing company in China. The company currently employs more than 1,000 people and has hosted numerous Tencent-related esports tournaments, including premier competitions for Honor of Kings, PUBG Mobile (Peacekeeper Elite in China), CrossFire, FIFA, QQ Speed, and Clash Royale. VSPN also owns esports venues in Chengdu’s Taiguli complex, Shanghai Xintiandi, and Seoul.

Van-hailing giant Lalamove on track to raise $1.5 billion

On-demand logistics and delivery company Lalamove is said to be close to completing a $1.5 billion financing round that would bring its valuation to around $10 billion, according to Chinese media.

Founded in Hong Kong and headquartered in Shenzhen, the firm closed the first two investment tranches of its series F funding round late Wednesday, led by returning investor Hillhouse Capital. It raised $1.3 billion and is now working on closing another tranche worth $200 million, 36 Kr reported.

If confirmed, the fresh funds will come less than a month after the firm raised $515 million in a Series E funding round in December, led by Sequoia Capital and joined by Hillhouse Capital and Shunwei Capital.

Pandaily has reached out to Lalamove for comment.

SEE ALSO: Logistics Firm Lalamove Close to Raising $1.5b in Fresh Funding, Reaching $10b Valuation: Report

About Lalamove
Lalamove, also known as Huolala (货拉拉) in China, provides van-hailing and courier services for individuals and businesses. Its platform boasts 480,000 monthly active drivers and 7.2 million monthly active users across 352 cities in China.

Matrix Partners China raise $1.2 billion for flagship fund

Tech-oriented Chinese venture capital firm Matrix Partners China has raised a total of $1.2 billion for its flagship fund, according to its latest filing with the US Securities and Exchange Commission.

The total amount raised for Matrix Partners China VI is composed of capital commitments from its general partner and 54 other investors backing the firm’s early-stage investments in the Chinese market.

Matrix Partners China V had raised $750 million in 2018, while the third and fourth funds raised $350 million and $500 million, respectively.

About Matrix Partners
Founded in 2008, the VC firm focuses exclusively on early-stage investments in the Chinese market, targeting companies in technology, media and telecommunications (TMT) and healthcare.

Autonomous driving startup Uisee raises $154 million

Chinese autonomous driving startup Uisee Technology announced today that it has raised 1 billion yuan ($154 million) to strengthen its research and development capabilities in key technologies to develop “full-stack, fully unmanned, all-weather” driving solutions.

The round was led by government-backed Guokai National Manufacturing Transformation and Upgrade Fund.
Prior to this round, one of Uisee’s major investors included German firm Robert Bosch Gmbh, a company notable not only for its power tools but also for its industrial and mobility divisions — which include technology for cars.

Other investors in Uisee include Shenzen Group, Fujian Septwolves Industry Co., CICC Capital, CITIC Securities and the Xiamen Qipliang Energy Saving and Environmental Protection Fund.

About Uisee
Founded in 2016, Uisee offers a variety of autonomous driving solutions with a particular focus on unmanned driving. The company offers solutions for taxis, autonomous buses, logistics and airport services, leveraging artificial intelligence and big data to deliver safe autonomous driving solutions.