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Fosun’s VC arm is now Fosun RZ Capital
Release Time: 2017-07-21
China: UCAR secures $350m funding; Fosun’s VC arm is now Fosun RZ Capital
Deal Street Asia | 2017-07-11
https://www.dealstreetasia.com/stories/china-ucar-350m-fundraising-fosun-rz-capital-77439/
UCAR, a mobile app-based chauffeured car service provider, has raised funds from China’s leading car insurance firm. FosunKinzon Capital has changed its name to Fosun RZ Capital.
UCAR completes $350m fundraising DidiChuxing’s competitor UCAR has completed raising RMB2.4 billion ($350 million) from the country’s largest car insurance company People’s Insurance Company of China Holdings.
In return, People’s Insurance Company of China Holdings will own 142 million shares in UCAR at the price of RMB16.8 apiece and offer car insurance and automobile financial services on the platform.
UCAR will use the proceeds to finance and develop its O2O car trading platform Maimaiche and set up offline stores.
With the latest round, UCAR has so far raised RMB7 billion. Earlier, it had secured RMB4.6 billion ($669 million) from China UnionPay and Shanghai Pudong Development Bank.
Warburg Pincus and Legend Holdings led a $550-million Series B funding round in UCAR in 2015. A year later, it raised RMB3.68 billion ($569 million) from a group of investors including Alibaba, China International Capital Corp, CITIC Securities and ShenwanHongyuan.
FosunKinzon Capital renamed as Fosun RZ Capital FosunKinzon Capital, the venture capital arm of Shanghai-based conglomerate Fosun Group, has been renamed as Fosun RZ Capital.
The company saidit needs to change its name to avoid confusion as its former chairman Wang Jun has set up a new fund called Kinzon.
Fosun RZ Capital has been active in exploring and investing in industrial internet application and frontier technologies, and specializes in finance, education, healthcare, B2B, automotive related and consumer services.
“Fosun’s venture capital unit aims to find the best investment opportunities in the fields where our group has the industry advantage, especially in the health, happiness and abundance industries,”
GuoGuangchang, founder of Fosun Group, said. Fosun RZ Capital has offices in Shanghai, Shenzhen, Silicon Valley, New Delhi and Bangalore. Its current investments include WeDoctor, JPush, QuantGroup, Uniquedu, Hecom, Molbase, Dehlivery and Ixigo.
Deal Street Asia | 2017-07-11
https://www.dealstreetasia.com/stories/china-ucar-350m-fundraising-fosun-rz-capital-77439/
UCAR, a mobile app-based chauffeured car service provider, has raised funds from China’s leading car insurance firm. FosunKinzon Capital has changed its name to Fosun RZ Capital.
UCAR completes $350m fundraising DidiChuxing’s competitor UCAR has completed raising RMB2.4 billion ($350 million) from the country’s largest car insurance company People’s Insurance Company of China Holdings.
In return, People’s Insurance Company of China Holdings will own 142 million shares in UCAR at the price of RMB16.8 apiece and offer car insurance and automobile financial services on the platform.
UCAR will use the proceeds to finance and develop its O2O car trading platform Maimaiche and set up offline stores.
With the latest round, UCAR has so far raised RMB7 billion. Earlier, it had secured RMB4.6 billion ($669 million) from China UnionPay and Shanghai Pudong Development Bank.
Warburg Pincus and Legend Holdings led a $550-million Series B funding round in UCAR in 2015. A year later, it raised RMB3.68 billion ($569 million) from a group of investors including Alibaba, China International Capital Corp, CITIC Securities and ShenwanHongyuan.
FosunKinzon Capital renamed as Fosun RZ Capital FosunKinzon Capital, the venture capital arm of Shanghai-based conglomerate Fosun Group, has been renamed as Fosun RZ Capital.
The company saidit needs to change its name to avoid confusion as its former chairman Wang Jun has set up a new fund called Kinzon.
Fosun RZ Capital has been active in exploring and investing in industrial internet application and frontier technologies, and specializes in finance, education, healthcare, B2B, automotive related and consumer services.
“Fosun’s venture capital unit aims to find the best investment opportunities in the fields where our group has the industry advantage, especially in the health, happiness and abundance industries,”
GuoGuangchang, founder of Fosun Group, said. Fosun RZ Capital has offices in Shanghai, Shenzhen, Silicon Valley, New Delhi and Bangalore. Its current investments include WeDoctor, JPush, QuantGroup, Uniquedu, Hecom, Molbase, Dehlivery and Ixigo.
