China Edtech Market
Soaring to $54 Billion
In Stay At Home Era
One lasting impact of the COVID-19 pandemic is a surge in China's online education market, with virtual tutoring growing the fastest.
One of the main contenders is
, which has raised
mega-financing of more than $1.1 billion from leading venture capital firms that include
Sequoia Capital China
, as well as Chinese tech giant
Chinese fitness app
becomes the first sports unicorn, completing an $80 million E round of financing led by
, with prior investors
Morningside Venture Capital
Digital credit ledger
has raised $60 million in a new equity financing round led by
the investment firm founded by
This takes the total funding raised by the two-year old firm to $87 million. Existing investors from Sequoia Capital, DST Global, Tencent, GGV Capital and RTP Global joined the round.
Chinese technology companies
JD.com have set dates for secondary listings in Hong Kong, according to Reuters. The two transactions could raised a combined $5 billion.
Meanwhile, as U.S.-China tensions increase and a once-active cross-border tech bridge lengthens, Chinese tech titan
Baidu is mulling a secondary listing in Hong Kong.
All three Chinese tech companies are listed on Nasdaq.
India's Iron Pillar Brings In $45M
Adding fuel to India's burgeoning startup ecosystem that now has 38 tech unicorns, Indian fund
Iron Pillar closed on $45 million to top off its earlier fund of $90 million raised in 2018. The capital will go toward shoring up its most promising portfolio companies, 8 of which were invested in from the venture growth investor firm's first fund.
Founded in 2016 with bases in Palo Alto and Bangalore, Iron Pillar added three global institutions, including global alternatives investor 57 Stars and one large European family office to its investor base.
A top Disney executive,
Kevin Mayer, has been hired to run the highly popular app
TikTok, made by Chinese titan
ByteDance, in the U.S. -- a move seen to further distance itself from its original parent and quell critics who contend the app is censored.
The surprise move led U.S. Senator
previously told me they couldn’t attend hearings and testify because executives were located in
. But this new executive lives in the USA. I look forward to hearing from him. Under oath
Prompted by the
to make initial public offerings more difficult for some
companies. The tightening will
require companies to raise at least $25 million in equity capital in an IPO or a sum equivalent to a quarter of the value of the group once listed. They must also have managers familiar with US transparency and accounting standards.
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