China VC Weekly: MissFresh Raises New Funds, NIO Capital Invests in PaaS and More

MissFresh Raises New Funds

Missfresh bags $495 million in its latest funding round

Chinese grocery e-commerce platform MissFresh announced Thursday a new $495-million funding round led by a fund under state-backed China International Capital Corporation. ICBC International Securities, Tencent, Abu Dhabi Capital Group, Tiger Global and a fund managed by the government of Changshu county, also participated in the round.

The proceeds from the round will be used to build the company’s supply chain and spur innovation in its business model, according to Wang Jun, CFO of Missfresh, who added that the company has reached profitability.

About Missfresh

Missfresh offers 30-minute grocery delivery to households in 16 cities across China. The company’s business model relies on a massive network of mini-warehouses that it has built to be closer to its customers.

Digitization solutions provider Mingdutech raises $11 million in Series A+ round

Digitization solutions provider Mingdutech has raised 80 million yuan ($11 million) in its Series A+ round of funding led by the state-owned China Merchants Venture, Zheshang Venture Capital and Topping Capital.

Mingdutech’s previous pre-A and Series A rounds were both led by Cash Capital, Macalline Group’s investment arm and Zhejiang Innovation Huiying Investment Management in 2019.

The company will use the proceeds of the round for business development and product upgrade purposes.

About Mingdutech

Mingdutech helps provide digitization solutions to life science companies. It serves leading pharmaceutical companies including Sanofi, Johnson and Johnson, Shanghai Pharma and CR Sanjiu

NIO Capital pours funds into BoCloud’s Series C+ round

Chinese platform-as-a-service (PaaS) developer BoCloud bagged an undisclosed amount in its Series C+ round of financing dominated by the state-owned CETC Fund and returning investor NIO Capital.

NIO Capital previously joined hands with JD Cloud, Oriza Holdings, Tianjin Venture Capital, Bondshine Capital and Kangli Junzhuo to pour 100 million yuan ($14 million) in the company’s Series C round in January 2020.

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The raised funds will be invested in cloud product innovation, market expansion, its business ecosystem and partnership network reinforcement, according to the company’s statement.

About BoCloud

Founded in 2012 in Suzhou, BoCloud offers PaaS and cloud-management-platform (CMP) services to over 200 companies across finance, energy, manufacturing, retail, software, telecommunication and healthcare industries.

Driving system developer Soterea announces a successful Series A round

Chinese intelligent driving system developer Soterea announced that it had raised tens of millions of dollars in a series A round from SK Group in April this year.

Proceeds of the round will be used to develop a commercial vehicle intelligent driving technology, accelerate the industrialization of its big data and IoV (Internet of vehicles) products.

Soterea claims that their system has been implemented in logistics vehicles, muck trucks, urban buses and highway buses, with a cumulative total delivery of more than 20,000 units, with the mileage under actual road conditions in China exceeding 1.12 billion kilometers.

About Soterea

Established in 2014, Soterea develops safe driving solutions and data service products for commercial vehicles. Its main product is an active and safe driving system for commercial vehicles with an AEBS automatic emergency braking system at its core. The system can monitor the driving environment around the vehicle in real time, and automatically activate the vehicle braking system to slow down the vehicle in case a collision hazard occurs.