/Qianbbaomu secures investment despite China’s cooling fintech market, & more

Qianbbaomu secures investment despite China’s cooling fintech market, & more

Fintech platform Qianbaomu receives strategic investment of USD 14.5 M

Qianbaomu

Founder: Chen Feng

Founded in: 2014

Financing status: Strategic investment of RMB 100 million (USD 14.5 million) in 2017

Qianbaomu is a fintech platform that started its business by providing financial products to women, and now it focuses its product offerings to supply chain assets. Founded in 2014 in Hangzhou, its core team members previously worked at Alipay, Tencent, China Construction Bank and some other financial institutions.

The company first picked women in big cities with disposable income as its main target group. It then developed new financial products for its female customers, which contributed to its large user base. Qianbaomu has 1.4 millions users so far with a turnover of more than RMB 10 billion, and the assets it currently manages has reached RMB 500 million.

This strategic investment was made by IMCIC, and the investment will be used to expand its company by recruiting more employees who are professionals at risk management and fintech technology, and create new financial products for its users.

Sports social network Rejoice Sport Tech receives USD 14.5 M in Series C round

Photo from 58pic.com
Photo from 58pic.com

Rejoice Sport Tech

Founded in: 2014

Financing status: RMB 100 million (USD 14.5 million) Series C financing in 2017

Rejoice Sport Tech is a high-tech enterprise that provides users with health services via the development of a sports app and the sale of smart sports gadgets and sportswear.

The app Yodo Run, which was developed by the company, is a data recording tool for running, fitness, cycling, and other sports. The app also has an online community where users share their sports experience and communicate with others to seek help with sports related matters. Launched in 2014 in Guangzhou, it has more than 100 million users.

Rejoice Sport Tech also has an online store that sells smart sports gadgets including smart step counter bracelets, smart sport watches, smart weighing scales, and so on. In addition, all its smart sports gadgets can be linked to its app Yodo Run.

Rejoice Sport Tech previously received investment from Xiaomi and Tencent, and this Series C financing round was led by Nokia Growth Partners, with Xiaomi also an investor in this round. It will use the fund to improve its technology for manufacturing new smart sports gadgets and developing new app features.

(Top photo from 58pic.com)

Kaikai Shi majored in Biotechnology at Zhejiang University. He now runs the Tech Financing column for AllChinaTech. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.