Microsoft’s China startup incubator programme, Microsoft Ventures Accelerator in China, has helped boost the cloud computing services of China online financial services company 91Jinrong as part of a $10m (RMB 60m) series B round that includes China Broadband Capital, Matrix Partners and other investors.
Known as the “Wal-Mart of finance”, 91Jinrong matches potential consumers with corresponding financial institutions to receive personalised services. To date, the company has formed partnerships with over 300 financial institutions, including the Industrial and Commercial Bank of China, Standard Chartered Bank, Sunshine Insurance and China Continent Insurance, with over RMB 300m ($49m) in daily loan transactions, and more than 2000 daily insurance transactions.
“We are very glad to have witnessed the fast growth of 91Jinrong,” said Vanessa GAO, chief executive officer in Residence of Microsoft Ventures Accelerator Greater China. “Since its launch in July 2012, MVA in China has provided comprehensive entrepreneurship guidance and services for 47 start-ups. Over 90% of these companies have received investment in various phases.”
Other MVA deals include mobile application testing service provider Testin, which raised $9m in a series A round of funding from IDG; China knowledge management and notebook software Weizhi Note, which received pre-A round financing of RMB 10m from Gobi Investment. And the first mobile phone video social networking software in China, Weipai, and business intelligence and business information service provider EverString, both of which received angel investments of over $1m.