China Digest: Ant Financial leads MSParis round; Biothus secures $25m | #VentureCanvas
Chalida Ekvitthayavechnukul | DealStreetAsia – VC
Online fashion rental startup MSParis has secured a new funding from Ant Financial while Chinese biotech firm Biothus has closed a $25- million round from Zhuhai government-owned investment firm, Highlight Capital and Zhuhai Huajin Asset, China Money Network reported.
Ant Financial leads new round in MSParis
Alibaba’s payment affiliate Ant Financial has led a Series B extension round in Shanghai-based online fashion rental platform MSParis.
The company plans to use the proceeds to expand its customer base, transform its model from rental to circular economy and add more product lines.
In April this year, it set up a laundry centre in Hangzhou to support its core business as it offers a storage service in the warehouse.
MSParis raised $18 million series A from Northern Light Venture Capital in 2017 before closing an undisclosed amount in Series B from Matrix Partners China, Northern Light Venture Capital and Oriental Fortune Capital in early 2018.
Biotech firm Biothus secures $25m in new round
Biothus, a Chinese biotech firm, has raised RMB180 million ($25.83 million) in a new funding round from Zhuhai government-owned investment firm, Highlight Capital and Zhuhai Huajin Asset.
CMN reported that Biothus will put the proceeds into six research projects to develop new drugs. Prior to closing this round, it had established a research facility in the high-tech zone in Zhuhai City of Guangdong province in July.
Founded in February 2018, Biothus focuses on antibody-based drugs to treat cancer, immunotherapy and metabolic diseases.
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