May 26, 2016

chalida@dealstreetasia.com May 26, 2016: &nbsp China’s fresh produce e-commerce Benlai Life has raised $117 million in series C and series C+ financing round, partly joined by Joyoung Co Ltd. Woman-led ad tech startup PapayaMobile goes public on China’s National Equities Exchange and Quotations (NEEQ) today. Healthcare-focussed venture capital and private equity firm Highlight Capital is about to complete raising $229 million for its second vehicle. Benlai Life closes $117m in Series C and C+ Chinese online fresh fruit and vegetable retailer  Benlai Life has completed $117 million financing round in Series C and Series C+ from China Urban Realty Association, ChinaEquity Group Inc and a subsidiary of Joyoung Co Ltd, according to China Money Network. CDH Investments and Integral Group also participated in the round, it reported. Kitchen appliance manufacturer Joyoung has injected $30 million for a 3.8 per cent stake in Benlai since December last year. Kindler’s Information Technology Co Ltd, the operator of Benlai Life, reported RMB268 million in revenues and a loss of RMB209 million in the fiscal year of 2014 ending March 31, 2015, according to the filing. The company says it will use the proceeds from the latest round to strengthen its supply chain, improve its logistics services and expand into more regions in China. Benlai Life, operated by holding company Kindler’s Information Technology, sells fresh produce in 22 major cities in China. It has warehouses in Beijing, Shanghai and Guangzhou. It received tens of million dollar funding from unnamed investors in 2015, after CDH Ventures, Banyan Capital and China Consumer Capital had invested in Series A round. Other backers include Dadi, Best Link Investment Holdings, Leap High, Future Bright Global, Green Shield Enterprises, Future Bright Global, Green Shield Enterprises and J&Z, according to the filing last year. PapayaMobile to mull $40m from IPO Venture-backed PapayaMobile, a Chinese programmatic advertising firm, has started trading today on China’s National Equities Exchange and Quotations (NEEQ) and will raise $40 million in net proceeds for its acquisition in overseas market, according to the company’s announcement. “Listing on the NEEQ is strategic to our international expansion into markets like the United States, India, and Southeast Asia,” says Si Shen (pictured), CEO of PapayaMobile. “We saw a great opportunity to go public in China and the NEEQ will enable us to raise more funds to implement an aggressive international M&A plan,” she adds. PapayaMobile expects to close at least two multi-million dollar acquisition transactions in 2016, with more in the pipeline for 2017 and 2018, according to its statement. The company previously received $4 million series A round led by DCM and a $18 million series B round from Keytone Ventures and DCM. PapayaMobile started as a mobile social gaming platform in 2008. It projects the revenue will hit $153.3 million in 2016, six times of its revenue in 2015, with $15.3 million expected in net profit. HighLight Capital to close $229m for fund II HighLight Capital , a healthcare-focused venture and private equity firm, is close to complete raising RMB1.5 billion ($229 million) for its second fund, according to China Money Network. It took around three months to raise 90 per cent of the fundraising, which 85 per cent of the firm’s existing limited partners committed to this new vehicle. HighLight Capital, founded in 2014 by  CDH Venture  partner Wang Hui and and former  SB China Capital (SBCVC)  partner Zhao Gang, raised $300 million in its debut US dollar fund a parallel RMB fund in that year. It has invested in a child healthcare center founded by well-known Chinese pediatrician Dr. Cui Yutao, the China unit of Malo Clinic Health & Wellness Group, and healthcare technology and smart device firm Kyee, among others. Want a deals roundup direct to your inbox? Sign up for our daily email on Asian M&As, PE, VCs, IPOs & Startups. Email *