Corporate-backed investment fund Everbright-IDG Industrial Fund has provided RMB500m ($72m) of funding for China-based e-commerce platform Daling, China Money Network reported yesterday.
Founded in 2014, Daling operates a mobile-focused platform that specialises in imported consumer goods like cosmetics or accessories.
IDG Capital had already taken part in Daling’s $45m series C round, which was led by an undisclosed Chinese fund, in August this year.
The series C also featured venture capital firm Sequoia Capital and private equity firm Capital Today, the latter of which led a round of undisclosed size for Daling in 2014.
Everbright-IDG Industrial Fund was established in June this year by IDG Capital Partners, which invests as US media firm International Data Group’s local venture capital affiliate, and state-owned investment entity China Everbright.
The fund is targeting $3bn of growth-stage investments in China-based companies. The investment in Daling is the first deal it has announced.