The Michelin Guide to Venture Capital News of the Week, Venture Capital Weekly, see you on Monday~
After two years of silence, car-sharing leasing has once again ushered in the favor of capital. This week, Shouqi Car-hailing completed the C round of hundreds of millions of dollars in financing, and the car-sharing platform GoFun Technology has recently reached the final intent of the B round of financing with several investors. After the National Day holiday, the venture capital market gradually heats up, and the corporate services and medical and health track continue to remain hot. We will wait and see what the future looks like.
Organization: Xiaoyun
Editor: Li Nianzhen
Picture source: Pixabay
Venture Hot Spots of the Week
From October 1st to October 18th, a total of 60 financings occurred this week, a significant increase compared to last week (15).
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In terms of track distribution, the most popular financing track this week is: corporate services (19 deals, accounting for 31.67%), followed by medical and health care (14 deals, accounting for 23.33%). The corporate services and medical and health track maintained their popularity in the past and gained the most capital.
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From the perspective of financing rounds, projects are concentrated in round B financing (19 projects, accounting for 31.67%), followed by round A (13 projects, accounting for 21.67%). Similar to the trend last week, financing events were mainly concentrated in the A and B rounds.
36 Krypton has been compiled by public information, and the specific financing track and round distribution are as follows:
The distribution map of the financing track is organized according to public information
Financing rounds distribution map compiled according to public information
One week financing event
There have been many large financing incidents this week. Two financing events in the field of automobile transportation are particularly noticeable. Among them, First car hire car C rounds hundreds of millions The dollar financing event set a record for the largest financing event this week. In addition, I also learned exclusively that GoFun Technology, a shared car platform, has recently reached a final B round financing intention with several investors, with an amount of hundreds of millions of RMB. According to people familiar with the matter, GOFUN Technology has plans to go public in the future. It is not difficult to find that there is another wave of waves in the shared car field.
In addition, in the field of education, Spark Thinking completed the $100 million E2 round of financing also attracted much attention. After launching in August last year and launching the English enlightenment AI class in August last year, Spark Thinking has developed from a small math class to a general education brand.
Since 2019, the trend of the education industry’s market concentrating on leading companies has intensified. In 2020, the Matthew effect will also appear on the capital side, and funds have poured into the first echelon of various subdivisions.
One-week financing event
Fundraising events of the week
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Chuangshi Partners Capital CCV’s new US dollar fund over-raised
On October 12, CCV of Genesis Partners Capital announced the completion of the new US dollar fund over-raising. The fund size exceeded US$300 million and reached the upper limit of the fundraising scale. The fund will continue to focus on early investment in China’s industrial Internet, cutting-edge technology, artificial intelligence, digital healthcare, and new populations. The new fund of Genesis Partners Capital is not only fully supported by the existing LPs of the US dollar fund, but also attracted many new LPs, including top endowment funds, retirement funds, well-known funds of funds, insurance funds, family offices and other institutional investment Those are distributed in North America, Europe, and Pan-Asian regions.
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The Baoji City Cultural Industry Investment Fund was established, focusing on cultural industry projects
On October 14, Baoji City Finance Bureau, Baoji City Party Committee Propaganda Department, Baoji City Culture and Tourism Bureau, Baoji City Cultural Heritage Bureau and Baoji City Sports Bureau jointly initiated the establishment of Baoji City Cultural Industry Investment Fund (Limited Partnership), Management Measures Said that the fund has a target size of RMB 300 million and a duration of 7 years. The fund is mainly market-oriented in the form of equity investment and can directly invest in projects or participate in cultural industry sub-funds. The specific investment scope includes: (-) Cultural tourism, eco-tourism, cultural industry demonstration bases, cultural relic protection and utilization projects, cultural tourism big data platform construction and other cultural industry projects: (2) Press and publishing services, radio, film and television services, cultural information Transmission services, cultural and creative design services, cultural leisure and entertainment services, cultural-related product production and other types of enterprises and other cultural industry fields; (3) Stadium operations, sports goods manufacturing, sports consumption services and other specialty sports projects; (4) (5) Other major cultural, tourism, sports, and cultural relic projects.
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The subsidiary of Career International intends to participate in the establishment of Shangxian Fund
Cree International subsidiary Tianjin Xinrui Network Technology Co., Ltd. on October 13, 2020 Signed a limited partnership agreement with Tianjin Shangxian Asset Management Partnership (Limited Partnership) and natural person Yi Jingchun. The company intends to jointly invest and establish Shangxian (Tianjin) Venture Capital Fund Partnership (Limited Partnership) as a limited partner with related investors. (“Shangxian Fund”). Shangxian Fund’s target raising scale is no more than 200 million yuan, of which the company will subscribe to contribute 40 million yuan. The source of funds for this investment is the company’s own funds. Shangxian Fund is centered around Human Resources is an industrial investment fund in the service industry. The investment fields include but are not limited to technological innovation Serving the market for upstream and downstream enterprises in the driven human resources industry.
Fun Projects of the Week
A week of fun projects, organized by public information
Consumer Entertainment
The male trend community edge (Hey City)edge positioned the C2C trendy brand trading platform in the early days of its establishment. On this basis, the team launched a community function with trendy outfits as an entry point in March this year, aiming at the unmet consumer demand of Gen Z male consumers in terms of lifestyle, hoping to become the entrance to this group of users’ consumption decisions platform.
PlustwoPras Bunny was launched in 2020 and is positioned around girls’ bedroom and bathroom scenes The fragrance personal care brand injects high-end fragrance into professional ingredients to meet the dual needs of users in terms of efficacy and spirituality. Currently, its products cover three categories of hair care, body care and fragrance. The representative products include light custom shampoo, shower gel, and moon fragrance using separate ampoule technology paste. Among them, sales of balm products exceeded 60,000 in September.
More than thirteen brands were established in Hangzhou in 2016. The founder Cardamom and CEO Lu Yang are two traditional culture lovers born in 1993 and 1994. The brand was founded for more than three years and mainly focused on content creation and construction supply. chain. More than Thirteen had sales of nearly 30 million on Double Eleven in 2019 and nearly 300 million in annual sales that year.
Smart Hardware
Yimi Liangcang was established in 2019, cutting into the home appliance market from the purification of staple foods, and developed a plasma smart rice box for the storage and purification of staple foods.
Oxidation reaction occurs when rice comes into contact with air, which is easy to breed mold. The main purpose of rice box is to prevent mildew, insects and moisture. In Japan and South Korea, rice box has been popular for 40 years and is a must National products, but not popular in China. Combining the kitchen scene, starting with rice, a household staple, the team wants to fill the gap in the domestic market with smart rice boxes.
Corporate Services
Container’s business is positioned in the field of container logistics services. The company was established in November 2015. Founder Yu Xiao said that the goal of Boxxin is to provide ports with a transportation platform that reduces logistics costs and use AI technology to solve the container transportation industry. The widespread problem of idle and empty vehicles exists to reduce platform logistics costs.
Medical Health
Woshi Technology focuses on the fields of intelligent manufacturing and process optimization, aiming to build an industrial-grade intelligent decision-making platform for customers, and use the advantages of data and algorithms to optimize production processes, reduce costs, and improve production efficiency. At present, the intelligent decision-making platform independently developed by Woshi Technology can be used in the fields of medicine, chemical industry, energy, and parts manufacturing.
Menxlab cuts into the big health track from men’s health management, benchmarking Hims, a well-known American male consumer company, focusing on “medical health + male consumption upgrade”, targeting high-net-worth men aged 25-45 to prevent hair loss, health care, Provide a matrix of medical consumer products and comprehensive service solutions for skin management and other health issues.
Car traffic
Qingzhou Zhihang was established in Silicon Valley in 2019. It is based on a large-scale intelligent simulation system and can be autonomous Learn about core technologies such as decision-making planning framework, multi-sensor fusion and timing fusion solutions, and develop L4 autonomous driving solution “Driven-by-QCraft” for complex urban traffic scenes, currently in Beijing, Shenzhen, Suzhou, Silicon Valley, China and other cities Testing and operations.
One week policy
On October 18, the National Development and Reform Commission officially released the “List of the First Batch of Authorized Items for the Pilot Comprehensive Reform of Shenzhen’s Construction of the Pilot Zone of Socialism with Chinese Characteristics”. Articles include advancing the reform of the Growth Enterprise Market and the implementation of the pilot registration system, establishing a mechanism for the transfer of companies listed on the NEEQ; launching Shenzhen stock index futures, continuously enriching the stock index futures product system; launching innovative companies to issue shares or depository receipts (CDR) ) Pilot projects, improve the domestic issuance and listing system of innovative companies, promote the issuance of stocks or depository receipts (CDR) and listing on the Shenzhen Stock Exchange by companies with an innovative leading role in innovation, strengthen the disclosure of innovative corporate information, and protect the legitimate rights and interests of investors. In addition, there are 8 items in the business environment, 6 items in the technological innovation system, 7 items in the opening up, 3 items in the public service system, and 3 items in the ecology and urban space governance.
The Growth Enterprise Market has accepted 414 corporate issuesListing application
Yan Qingmin, vice chairman of the China Securities Regulatory Commission, stated at the press conference of the State Council Information Office on the 18th that from the implementation of the GEM reform and the pilot registration system on August 24, the effect was good. As of October 15, GEM has accepted a total of 414 applications for the issuance and listing of companies. The Shenzhen Stock Exchange has approved 93 companies, 42 companies have been registered by the China Securities Regulatory Commission, and 36 companies have been listed. Refinancing and major asset reorganization have implemented the registration system simultaneously, and the first major asset reorganization of a listed company has been registered.
Yi Huiman: Choose the right time to comprehensively promote the registration system reform
The chairman of the China Securities Regulatory Commission, Yi Huiman, reported to the Standing Committee of the National People’s Congress on the reform of the registration system for stock issuance. Yi Huiman said that the pilot registration system continues to deepen from the incremental market to the stock market, and my country’s capital market is undergoing profound structural changes. Taking the integrated circuit industry as an example, 24 related companies have been listed on the Sci-tech Innovation Board, IPO financing 85 billion yuan, and a total of 12.2 billion yuan in R&D investment. After two pilot projects on the Science and Technology Innovation Board and the Growth Enterprise Market, the conditions for the entire market to implement the registration system are gradually being met.
Premier Li Keqiang of the State Council sent a congratulatory letter to the International Commercial Dispute Prevention and Resolution Organization established in Beijing on October 15. Li Keqiang said that the rules and the rule of law are trade Easy Investment A “protective net” for entities to deal with uncertainties and risk challenges It is also a “fair scale” to properly resolve commercial disputes. In recent years, the Chinese government has continued to promote marketization, rule of law, and an international business environment to maintain fair competition through fair supervision. China will continue to deepen reform and expand opening up, treat domestic and foreign companies equally, and provide a better environment for various market players to invest and start businesses, and to innovate and start businesses.
Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, said that from the perspective of economic, policy, and market considerations, 2020 may be the peak year of China’s auto market, and 2021 is expected to achieve recovery and positive growth.
Popular views of the week
Cai Shuning@36kr
Statistics show that China’s medical beauty market reached 176.9 billion yuan in 2019. In 2012, the market volume was only 2.98 billion yuan. The CAGR was 29% from 2012 to 2019, making it the second largest medical beauty market in the world.
The wave of medical beauty has come. The expanding market and the adjustment of imported domestic competition are giving domestic brands a chance to rise. “Second Huaxi Biology“, there should be enough market space.
Based on the background of high industry concentration, there is a high probability that the championship battle will be launched among the existing giants.
Wang Xiaohan@BT金融
Looking at the Chinese concept stocks, Mushroom Street, which is also the main vertical e-commerce company, is also listed on the US stock market. After more than a year , Still can’t get rid of the shackles of operating losses, as of the closing price of 2.4 on October 14US$9, which is far from the release price of US$14 in December 2018, Mushroom Street’s market value has shrunk.
The reason is that the lack of core competitiveness can be eaten away by other large e-commerce companies. This lesson is worth thinking about.
At present, the key to Boch’s turnaround is to discover and improve his core competitiveness. The continued current business model will undoubtedly follow in the footsteps of Mogujie. How to turn his “ecosphere” and reduce dependence on external resources? Poch’s urgent question.
→”Porch’s pet bleeds on the market, the prospect of “the first stock of pet ecology” is slim? 》
Ton Yuting@36kr
In addition to laying out the next future, CXO, together with innovative drugs, is also regarded as a capital game.
Snowball previously introduced the growth model of CXO: the use of capital investment The innovative drug company then locked the CXO order of this drug company as a shareholder, eating the money from the two paths of capital and industry.
Taking the domestic CRO leader WuXi PharmaTech as an example, it is backed by Sequoia, Temasek, Fidelity Investment and other institutions. Among them, Fidelity Investment is holding a share of Zhongmei National Pharmaceutical Company, while buying WuXi AppTec and directly transferring these drugs The service orders of the company’s innovative drug R&D outsourcing in China were transferred to Mingkant, realizing both capital and industry.
After making a lot of money by relying on this model, WuXi AppTec also continued this model: buying pharmaceutical companies on the left and selling CRO services on the right.
Nowadays, with Hillhouse Capital’s continued “buy, buy, and buy” blessings in the pharmaceutical track, Kailaiying is also expected to embark on such a path, once the corresponding new drug industrialization is smooth, or a new profit explosion point.
Pluto@格隆汇研究
Despite the strong supply chain, Haidilao has two major risks in attracting consumers on the demand side.
One is innovation. The previous Haidilao plagiarism exposed on September 15Banu hair belly hot pot is an example . With the increase in the number of Haidilao stores, the scarcity of Haidilao has decreased, and the margin of pleasure that its ultimate service brings to consumers has declined. The current consumers’ pickiness has undoubtedly reached the highest level in history. It requires catering companies to maintain appropriate innovation to maintain a sense of fashion and freshness. This is a huge challenge for large-scale restaurants that have been very successful in the past.
The second one is on consumer wallets. The per capita consumption level of Haidilao is not low, which is equivalent to harvesting the top domestic food consumers. As the top consumers are harvested, even if Haidilao has a reserve store manager, how can there be so many good locations in China that can provide top-level traffic (high-income consumers) for Haidilao to harvest?
→“What kind of wonderful story is needed to support the myth of Haidilao”