Magnum Research, the China-based operator of online wealth management platform Aqumon, has closed a pre-series B round featuring e-commerce group Alibaba and consumer electronics producer Lenovo at $30m.
Alibaba’s Hong Kong Entrepreneurs Fund and Lenovo subsidiary Lenovo Capital were joined by investment manager Zheng He Capital Management, Wing Lung Family Office and Cyberport, a government-backed business park located in Magnum’s home territory of Hong Kong.
Aqumon is a robo-advisor with more than 10 million users that counts about 70 financial services providers including Bank of China International among its partners.
The company which was incubated within the Hong Kong University of Science and Technology, claims the platform has experienced roughly 300% of year-on-year growth.
Alibaba Hong Kong Entrepreneurs Fund led a series A round of undisclosed amount for Magnum in 2017 before joining the Bank of China International-managed Bohai XingWang in a September 2018 series A-plus-plus round that took its total funding to $10m.
Magnum has not disclosed details of additional early funding but said it had closed four rounds before this one, all of which included Alibaba Hong Kong Entrepreneurs Fund.
