Chinese private equity firm Orchid Asia has led Series B funding rounds in two startups – Canada’s delivery service platform Fantuan and Beijing-based edtech brand Ivydad.
Orchid Asia leads $35m funding in Fantuan Delivery
Canada-based Asian food and services platform Fantuan Delivery has closed a $35-million Series B round led by Chinese PE firm Orchid Asia, per a company statement on Tuesday.
With this round, the total corpus raised by the platform to date touches over $50 million.
The latest round was joined by existing investors including Vision Plus Capital, Celtic House Asia Partners, and China’s Meituan co-founder Jing Li. The three investors had together participated in Fantuan’s $12-million Series A round funding in March last year.
Chinese global investment bank Taihecap served as the financial advisor for the deal.
The company will use the proceeds to recruit talent and to improve its delivery services.
Vancouver-headquartered Fantuan has three flagship services – food delivery, reviews and errands management. It has a presence in 40 cities across Canada and the US. In 2020, Fantuan generated annual revenue of $400 million.
According to the German global market and consumer research giant Statista, the size of global online food delivery is expected to reach $32.3 billion by 2024.
Orchid leads $30m Series B funding in Ivydad
Orchid Asia has led a $30-million Series B round in Beijing-based edtech brand Ivydad, according to a company statement on Tuesday.
Nanjing-based home appliances supplier Fivestar Holdings’ investment arm Focustar Capital participated in the latest round as a new investor.
Returning investor V Star Capital re-upped in the round. V Star Capital had invested 50 million yuan ($7.7 million) in Ivydad’s Series A round in 2018.
Ivydad, founded by Harvard and Yale University graduate Ren Huang, offers learning courses in Maths, Chinese and foreign languages, music and animation to children up to 8 years old.
Ivydad’s early-stage investors include Sinovation Ventures, Crystal Stream Capital and others.
China’s online education industry was pegged at 486 billion yuan ($75 billion) in 2021, per market research company iiMedia Research.
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