Sunday, 2024 July 21

ByteDance co-founder Zhang Yiming steps down as CEO | China Venture Roundup Volume 36

Understand what moves China tech with us — we roundup what you need to know about the local venture scene every Thursday morning 8am (GMT +8). The big investment stories, MNC partnerships, noteworthy startups, most invested industries of the week and more. 

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Top Investment Story

WeRide (文远知行)

Autonomous driving startup WeRide closed its Series C round, collecting hundreds of millions in US dollars, bringing the company’s total valuation to USD 3 billion. Investors include IDG Capital and K3 Ventures. It is the first autonomous driving company in China to secure an official license for online car-hailing operations. In April 2021, WeRide received a permit to test its driverless vehicles on public roads in California.

Startups on our Watchlist

vipSing (海豚音乐)

Founded in June 2019, vipSing is a music education platform designed for kids between 3 and 14 years of age. It provides comprehensive courses on instruments, singing, music theory, and composition. vipSing provides AI-powered courses to supplement students’ learning before and after their actual lessons. These AI courses give students personalized practice based on their level of knowledge and skill. vipSing raised an eight-figure amount in yuan (more than USD 1.5 million) in its Series A round led by Shunwei Capital and with the participation of Agora.

Dongchi (咚吃)

Diet food subscription provider Dongchi raised RMB 50 million (USD 7.75 million) in its Series A+ financing round led by 37 Interactive Entertainment, a leading Chinese game publisher and developer. Dongchi makes pre-packed meals. The company provides options that cater to the Chinese consumers’ eating habits and physical fitness preferences, enabling consumers to stay fit while enjoying healthy and tasty food. The company’s 2020 annual revenue saw more than 300% growth year-on-year.

KrASIA News Picks

ByteDance co-founder Zhang Yiming steps down as CEO

The ByteDance’s co-founder made his announcement through an internal memo. The company’s head of human resources, Liang Rubo, will step in as CEO.

China Venture Roundup
China Venture Roundup
China Venture Roundup is a weekly insight newsletter published by 36Kr Global's KrASIA team since 2020, covering top news, market moves and major trends in the Chinese startup and venture investment scene.

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