China-based music entertainment provider Shanghai Star48 Culture and Media Group has raised a nine-figure renminbi (RMB100m = $14.5m) amount in a series C round featuring conglomerate Legend Holdings, China Money Network reported yesterday.
The round was led by CMB International Capital Management, part of financial services firm China Merchants Bank, and included private equity and venture capital firm CMC Capital Partners. Legend Holdings took part in the round through its Legend Capital vehicle.
Star48 is best known for having put together SNH48, a Chinese pop group made up of literally dozens of young female members. The company is expanding on the SNH48 model by forming a series of additional ‘idol’ bands along similar lines.
In addition to its idol groups, Star48 is also involved in film and television production as well as animated games.
VC firm Sinovation Ventures supplied an undisclosed eight-figure renminbi sum for Star48 in the form of a 2014 series A round, before being joined by Legend Capital for a 2015 series B round that was also of undisclosed size.