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36氪 | 关注互联网创业

The TechCrunch and Angellist of China. Focuses on covering startups, both Chinese and foreign ones (mostly U.S.).
 

虎嗅网

Trendy news and opinions on tech and business. The founders have business journalist background, so it’s strong in business model analysis.
 

创业邦

Broadly cover from traditional restaurant chain business to frontier internet technology. Model is more like Entrepreneur.com, which also publish magazine.  《创业邦》
 

硅谷密探

Curated website by Silicon Valley’s startup, which covers 25% of US audience and 75% of China audience. Highly recommended by influencer 罗辑思维. Local SV “detectives” go out there to discovery the “most trendy,innovative, and business potential” internet startups and introduce through regular podcasts.
 

PingWest

Introducing the current tech/startup trend in the Silicon Valley to the tech community of China

TechCrunch中国


TechNode
 

Trendy Blogs

爱范儿 · Beats of Bits

I黑马

IT桔子

Recent Tech Deals

 

Q1’2016 deals:

  • Lu.com $1.2B // Series B (Peer-to-peer lender)

  • China Internet Plus Holding $500M // Growth Equity-II (Location-based dining information and discount group-buying website)

  • Zhaogang $153M // Series E (Steel e-commerce platform)

  • Welab Holding $160M//Serie B (Peer-to-peer lender)

  • Douyu TV $100M//Venture Capital (Live video streaming website)

 

2015 deals:

  • Didi Kuaidi (transportation)

    • Total funding: 4.8 billion

    • China Investment Corporation, Alibaba, Pingan Ventures

    • Undisclosed
       

  • China Internet Plus Holdings (ecommerce)

    • Total funding: 3.3  billion

    • Tencent, Trust Bridge Parnters, CDB Capital

    • Series D
       

  • Xiaomi (hardware)

    • Total funding: 2.44 billion

    • Ratan Tata, Gic Investment Corporation, Hopu Fund

    • Undisclosed

 

Investors to Know

Early Seed/Angel
 

真格基金 - Zhen Fund

  • TMT focused fund, with investments in IOT, mobile internet, gaming, enterprise software, O2O, e-commerce, and education sectors.

  • Over 150 high-growth companies, such as Shiji Jiayuan (Nasdaq: DATE), Lightinthebox (Nasdaq: LITB), Jumei (NYSE: JMEI), 17zuoye, Meilele, Zhaogang.com, Dayima, and 51talk (IPO on June 2016)

  • Founder XiaoPing Xu’s investment theory for entrepreneurs: 1. What have you learned? 2. What have you accomplished? 3. Do you have influence?
     

 隆领投资 - Longling Capital

  • Angel that focuses on investing on internet companies.

  • Highest return of 600+ times on deals, total investment of  9.35 billion RMB, and 42 portfolio companies.

  • Founder Wensheng Cai has invested in more than 5 companies that went IPO, including 58 Tongcheng (58同城 NYSE:WUBA) in US, TTG Taotaogu (TTG 淘淘谷) in Austrilia, Forgame Holidng Ltd. (云游控股 00484. HK) & Feiyu Technology International Company Ltd. (飞鱼科技 01022.HK) in Hong Kong, and Baofeng Technology (暴风科技) in China.


Corporate Ventures/CVCs and other VCs
 

Alibaba Capital Partners - Alibaba Big Family  阿里巴巴生态圈

  • Venture arm of Alibaba Group, established in 2008. Mission is to create long-lasting wealth through strategic investment, M&A and business development. 151 deals and 3 members.

  • Invest in internet, mobile internet, healthcare, lifestyle, education, fintech, entertainment, hardware, agriculture, e-commerce, transportation and travel. It funds Series A, Series B, Series C and above, IPO, post-IPO, acquisitions, and strategic investment.

  • Largest investment round is on Jet ($140M Venture and $350M Series B), most famous deals are Didi Kuaidi & Xiaomi.
     

Tencent Collaboration Fund

  • It’s a investment platform for corporations under Tencent. Invest in internet games, social media, telecom & value-added services, e-commerce and new media. 283 deals and 32 members.

  • Recently acquired China Music Corp for $2.7billion. Largest acquisition is for Supercell at 8.6billion (publicly disclosed). Large investment rounds are Didi Chuxing for $4.5billion and Meituan-Dianping $3.3billion
     

Baidu Investment Department

  • Baidu IPO on Aug 5, 2005 (NASDAQ: BIDU), investing internet and mobile internet.

  • Recently acquired China Music Corp for $2.7billion. Largest acquisition is for Supercell at 8.6billion (publicly disclosed). Large investment rounds are Didi Chuxing for $4.5billion and Meituan-Dianping $3.3billion
     

IDG Capital Partners China

  • Focus on VC/PE investments. Fund size from $1 million to $100 million. 503 deals and 72 members.

  • Invest in consumer products, chain services, internet and wireless application, new media, education, healthcare, new energy, and innovation. It funds Seed, Pre-A, Series A,Series B, Series C and above, and Pre-IPO.

  • Many $100M and above rounds as lead investor in Chinese companies Zhaogang, Beibei, and Facishare.
     

Sequoia Capital China

  • Sequoia Capital is founded in 1972, has developed almost 30 funds and 10 billion under management. Sequoia Capital China has 8 funds of total 2.5 billion. 369 deals and 64 members.

  • Invest in high-growth companies with focus on technology/media, consumer/service, healthcare and new energy/recycle/innovation. It funds Seed, Pre-A, Series A,Series B, Series C and above.

  • Famous portfolio companies include Vip.com (唯品会 NYSE:VIPS), 360 (NYSE: QIHU), Meituan-Dianping, DJI (大疆创新- The Future of Possible) etc.
     

Matrix Partner China - 经纬创投-中国

  • Established in 2008. Headquater is in Beijing. 389 deals and 39 members.

  • Invest in renewal technology, education, energy, fintech, healthcare, internet and software. If funds Seed, Pre-A, Series A,Series B, Series C and above.

  • The team behind Matrix Partners China has been a part of the creation and growth of many influential businesses, including Focus Media, Eachnet, Baidu, iKang, 3g.cn, DivX, Kanghui Medical, P-Cube, AAC Acoustics, and others. Current portfolio includes promising companies such as 21ViaNet, Anjuke, Baofeng, BabyTree, Career International, Edan Instruments, DidiKuaidi, Liepin, Beisen, Koudai, Zhaogang, Eleme, Kingnet (Taiya), MoMo and Cheetah Mobile.


Most Active VCs in Asia Q1’16
 

  • VC-backed companies companies raised $6.5 billion. The biggest winner is fintech, Chinese mega-rounds propel Asia fintech funding. China accounted for US$2.4 billion of Asia fintech funding and 49 percent of fintech funding across all geographies, primarily as a result of US$1 billion+ funding rounds to JD Finance and Lu.com.

  • 500 Startups was the most active VC in Asia including China, having recently launched several Asia-focused microfunds from Q4’15 through Q1’16 (e.g. 500 Startups Japan, 500 Durians, 500 TukTuks and 500 Vietnam).
     

Most Active VC Investors in Asia Q1’16 Rank Investor Rank Investor
 

 1 500 Startups                             5 IDG Capital Partners

 2 Accel Partners                         10 Sequoia Capital India

 2 East Ventures                            10 IMJ Investment Partners

 4 CyberAgent Ventures               10 SAIF Partners

 5 Matrix Partners China             10 Blume Ventures

 5 BEENEXT                                    10 Ping An Ventures

 5 Gobi Partners                            10 Lightspeed Venture Partners

 5 Sequoia Capital China
 

 *Highlight are PE/VC that invest in China or Chinese investment firms

 Source: KPMG International and CB Insight


Incubators and Accelerators


 

Incubators and Accelerators

Innovation Works returns. After Kai-Fu Lee recovered from his illness, Innovation Works pushes hard for its QunYingHui (群英会). It’s similar to YC batch program; moreover, it’s non-profit. It’s a collaboration among Innovation Works, ZhenFund (真格基金), and LongLing Capital (隆领投资). Now they’re open for the 3rd batch application. “The incubator for 100 million RMB entrepreneurs”, Innovation Works has produced more than 25 startups that have valuation more than 100 million RMB.

创新工场 – Innovation Works

• Founded by Dr. Kai-Fu Lee (previously, head of Google China and founder of Microsoft Research Asia).

• Invest broadly across the software-enabled IT space, including mobile Internet, consumer Internet, e-commerce and cloud computing.

• Fund from seed stage through Series A financing rounds, and follow-up at Series B selectively.

• Offer value-added operational services, including in  areas such as user experience/design, product, marketing, hiring, legal, government relations.

• Founded by Dr. Kai-Fu Lee (previously, head of Google China and founder of Microsoft Research Asia). Popular portfolio companies include WanDouJia (豌豆荚), ZhiHu (知乎),  HahaPingChe (哈哈拼车), LeTV (乐视TV), Meitu (美图网), BaoZou Manga (暴走漫画), etc.


With the rise of Incubator 3.0 in China, incubators become more diverse, creative, and integrable with multiple layers of services. The space + basic services model can’t full-fill the increasing needs from entrepreneurs, expedite the formation of  many value add services such as connecting with corporate ventures and institutional investors, providing open platforms, and integrating with mentorship programs. 3W is one of the examples.

3W

• WeWork of China. Invest in e-commerce, games, social, online education, fintech, two-dimensional content, big data, cyber marketing, smart hardware, and mobile healthcare.

•Offer seed funding 3W fund of 500K RMB and incubate ideas from 0 to 1.   

• Provide complete services Including 3W Co-Work Space + 3W Venture + 3W Startup School + Lagou.com /3W Headhunter + 3W Coffee (product marketing/distribution)

• Rapid expansion to 9 cities and 12 spaces. Successful portfolio companies include Dudu Bus (嘟嘟巴士, internet + transportation,Series B 1billion RMB), Miaoji Travel (妙计旅行, AI+ big data, Series B $2 million), and Sexy Salad (好色派沙拉, O2O delivery, Series A)


天府软件园创业园 -Tianfu Software Park

• 12 months program. Move in co-working space. Invest in mobile internet, mobile games, fintech, e-commerce, smart hardware (wearable, IOT), digital healthcare, and life style.

• Include both incubator and accelerator program which fund seed stage (ideation) and later stage (company has incorporated, product launches, and has a team of more than 15)

• Government support. Up to 5,000,000 RMB seed funding, and up to  5,000,000 RMB angel funding. Up to 400,000 RMB government special funding support.

• Total of 888 startups (624 has graduated, 264 currently in the program). 4,200 deal flow. Total revenue of the portfolio companies have produced in 2015 is 2.1B RMB. Total VC funding is $200 million.

• End-to-end ecosystem from college innovation hub -> co-working office -> incubator -> accelerator  -> industrial park (product sales and distribution)


氪空间 –  Kr Space

• “创业公司完成第一轮融资的地方”,0 RMB - 0 Equity.

• Fund pre-A startups and product-driven teams with less than 15 people (optimal 5-10).

• A community of more than 100 talented entrepreneurs, total valuation of the graduated companies is 4.5billion RMB, 97% of the startups complete series A.

• Eliminate the medium, Kr Space has developed an app (创投推手) to connect entrepreneurs and investors directly to build a new movement of (全生态投行时代). IDG, Northen Light(北极光创投)、FreesFund (峰瑞资本)、Banyan Capital (高榕资本)、China Growth Capital (华创资本) become the pioneer users of the app and many other thousands of investors.


With the dominance of BAT in China’s internet landscape, the kingmakers Baidu, Alibaba, and Tencent have developed their own incubators/accelerators.

• 百度创业中心

• 阿里百川创业基地

• 腾讯开放平台/众创空间


General Tips To Follow

  1. When you network with investors and partners, Wechat is your business card

  2. The major cities are startup hubs: Beijing, Shanghai, Guangzhou, Hangzhou, Shenzhen, and Chengdu

  3. Zhong Guan Cun (中关村) is Silicon Valley, Innovation Works (创新工场) is Y Combinator

  4. China is big on cloning ideas. Today’s Chinese Internet giants can nearly be traced back to an origin where the founders “borrowed” from their foreign counterparts; however, they all need to be adjusted to Chinese users and grow to something new

  5. If you want to do business in China, make sure you have a local business partner in China or have good relationship with the government

  6. Baidu is Google, Wechat is Facebook, Youku is Youtube. Quora still works in China :), but also has a clone in China: Zhihu知乎

  7. Angellist has a China version: China Startups

  8. TechCrunch has a China version: TechCrunch中国