Gobi, Sequoia Add Sizeable Funds For More Asian Startup Deals
Plans for the new fund comes in quick succession to several earlier efforts, including a fourth fund of $530 million in May 2014.
Closing the new fund should give Sequoia a substantial advantage in a market that is bound to heat up just as China cools down.
Uber is set to close $1 billion-plus in funding for its China unit as the U.S.-based ride service competes against well-funded market leader Didi Kuaidi.
Investors in Uber’s Chinese unit include Hillhouse Capital, Asia’s biggest hedge fund, Chinese Internet giant Baidu Inc, China CITIC Bank Corp Ltd, China Life Insurance Co Ltd and Ping An Insurance Group Co of China.
The round values Uber China at $7 billion, with the unit planning to be spun off from Uber and list on the mainland by 2020.
Uber China manager Candice Lo detailed the company’s expansion strategy at a Silicon Dragon forum in Hong Kong on April 22.
Unicorn startups may be fewer and farther between if the current market volatility continues, say in-the-know venture investors. The number of privately funded startups with billion-dollar valuations had climbed to 49 this year. Now valuations could be cut for the unicorn club.
China unicorns in particular may be in for a rougher time in the economic slowdown underway. Silicon Dragon will discuss this issue at its Shanghai venture and tech forum, Sept. 16.
Coursera Eyes India, China With Near $50M Funding
Aiming to penetrate the key growth markets of China, India and Latin America, Coursera Inc., a provider of massive open online courses, has raised $49.5 million in a Series c led by New Enterprise Associates with Kleiner Perkins Caufield & Byers, International Finance Corporation, GSV Asset Management and Learn Capital. The new rounds brings the company’s total funding to more than $130 million to compete in the rapidly expanding educational technology startup market.
In the hard-to-crack China market, Coursera under the leadership of John Hayes has been gaining through local partnerships for translation and distribution. More localized content for China is on the way for the company based in Mountain View.
Made-In-China Drone Startup Raises $42 Million
Amidst a wave of high Chinese drone startup valuations, Beijing-based drone maker Ehang Technology Co., Ltd. has closed a $42 million round of financing. This Series B was led by GP Capital, with participation from GGV Capital, ZhenFund, Lebox Capital, OFC, and PreAngel.
The company had raised $10 million in Series A funding in January. Ehang’s latest funds will be used on product and business development, marketing, and hiring.
Ehang was featured at a Silicon Dragon forum in the Valley in January 2015.
The startup has been pumped up in part by such venture superstars as GGV investor Jenny Lee.