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Venture Capital
FINANCE | Investment Firms & Funds
cathayinnovation.com

Investments

107

Portfolio Exits

11

Funds

7

Partners & Customers

1

About Cathay Innovation

Cathay Innovation is a multi-stage venture capital firm. It unifies technology investment across continents, investors, entrepreneurs, and corporations to accelerate startup growth with access to new markets. it was founded in 2016 and is based in San Francisco, California.

Headquarters Location

101 Mission Street Suite 1630

San Francisco, California, 94105,

United States

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Latest Cathay Innovation News

Cathay Innovation Portfolio Company Tuhu Car Debuts on Hong Kong Stock Exchange (HKEX) Cathay Innovation Invests in $10M Seed Ro...

Sep 28, 2023

September 28, 2023 Asia Tuhu Car becomes first automotive aftermarket service company to go public on the exchange, listing at HK$28.00 ($3.58) and valued at HK$22.75 billion ($2.9 billion) Shanghai, September 26, 2023 — This week, Cathay Innovation portfolio company Tuhu Car (9690.HK), China’s leading integrated online and offline platform for automotive services, started trading on the Hong Kong Stock Exchange. The first independent aftermarket service company in the auto industry to be listed on the exchange, Tuhu’s issue price was HK$28.00 ($3.58), valuing it at HK$22.75 billion ($2.9 billion). Founder and Chairman of Cathay Capital and Cathay Innovation, Mingpo Cai, stated: “Congratulations to Tuhu Car for its successful listing! We have witnessed Tuhu uphold the core value proposition of ‘customer first,’ overcome challenges in the supply chain, continuously innovate service models, and bring excellent experiences to Chinese consumers, thereby establishing a strong brand reputation. Sine investing in 2021, the Cathay team has worked closely with Tuhu to connect them with key partners and industrial resources, including Fortune 500 companies like Total and Valeo. We look forward to supporting the company in its next stage of growth.” Seizing Opportunities Over the past decade, China has become the world’s largest car ownership country — bringing new challenges in maintenance, upkeep and supply. Tuhu Car was established in 2011 when the number of automobiles owned in China was around 107 million. At the time, the market was highly fragmented, service was inconsistent and the Internet had yet to become a part of the Infrastructure of China’s automobile aftermarket. Car owners faced numerous problems with service such as lack of high-quality, restricted scope, low trust, and the absence of seamless and integrated online and offline options. Meanwhile, the supply chain was inefficient and complex with a myriad of SKUs and auto service shops dispersed across the country. Tuhu Car got its start with tires, enabling the company to establish clear market recognition and value proposition and becoming known as the go-to outlet for tires. By 2016, the company had grown to become China’s largest tire retailer while car ownership exceeded 280 million. The same year, with the Internet rapidly penetrating the market, Tuhu launched its mobile app along with Workshops to address the issue of quality control in offline services and the urgent need to establish consumer trust. It also brought standardization to services with its unified digital platform for its stores, providing more convenient and transparent maintenance and repair services. In 2021, the annual sales of Tuhu’s Auto Services surpassed 10 billion, and the cumulative number of user transactions exceeded 20 million. In the first half of 2023, Tuhu has opened 5,129 Workshops in more than 300 cities and has over 100 million registered users. It has also demonstrated strong performance with revenue exceeding 6.5 billion RMB, 19.3% year-on-year growth, and gross profit margin surpassing 24% —setting a new historical high. Future Growth Potential The company is positioning itself in a trillion-scale blue ocean market. With the growth in car ownership, the aging of vehicles, and the increase in travel distance in China, the market still possesses vast potential and development opportunities. We believe that this is just the prologue for Tuhu Car with a bright future ahead. A company with a clear value proposition and a customer-centered business will have sustainable and evergreen growth prospects. About Cathay Innovation Cathay Innovation is a global venture capital firm, created in affiliation with Cathay Capital, investing in startups at the center of the digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $2B assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology. To learn more, please visit www.cathayinnovation.com .

Cathay Innovation Investments

107 Investments

Cathay Innovation has made 107 investments. Their latest investment was in Ghost as part of their Series B on July 7, 2023.

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Cathay Innovation Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/1/2023

Series B

Ghost

$30M

Yes

3

5/29/2023

Series B

Beem Energy

$21.43M

Yes

4

3/30/2023

Series C - II

Ledger

$108M

No

8

3/29/2023

Series A - II

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$99M

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10

3/15/2023

Series C

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$99M

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10

Date

7/1/2023

5/29/2023

3/30/2023

3/29/2023

3/15/2023

Round

Series B

Series B

Series C - II

Series A - II

Series C

Company

Ghost

Beem Energy

Ledger

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Amount

$30M

$21.43M

$108M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

3

4

8

10

10

Cathay Innovation Portfolio Exits

11 Portfolio Exits

Cathay Innovation has 11 portfolio exits. Their latest portfolio exit was Finalcad on October 31, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/31/2023

Merger

$99M

1

10/10/2023

Acquired

$99M

1

9/7/2023

Acquired

$99M

2

1/6/2022

Acquired

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$99M

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10

12/31/2021

Corporate Majority

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$99M

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10

Date

10/31/2023

10/10/2023

9/7/2023

1/6/2022

12/31/2021

Exit

Merger

Acquired

Acquired

Acquired

Corporate Majority

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

1

2

10

10

Cathay Innovation Fund History

7 Fund Histories

Cathay Innovation has 7 funds, including Cathay Smart Energy Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

9/21/2023

Cathay Smart Energy Fund

1

7/19/2022

Cathay Africinvest Innovation Fund

$99M

10

6/8/2022

Ledger Cathay Capital

$99M

10

1/11/2021

Cathay Innovation Fund II

$99M

10

6/29/2017

Cathay Innovation Fund

$99M

10

Closing Date

9/21/2023

7/19/2022

6/8/2022

1/11/2021

6/29/2017

Fund

Cathay Smart Energy Fund

Cathay Africinvest Innovation Fund

Ledger Cathay Capital

Cathay Innovation Fund II

Cathay Innovation Fund

Fund Type

Status

Amount

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Cathay Innovation Partners & Customers

1 Partners and customers

Cathay Innovation has 1 strategic partners and customers. Cathay Innovation recently partnered with Seaya Ventures on April 4, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

4/14/2021

Partner

Spain

Cathay Innovation Partners with Seaya Ventures to Fuel Co-Investments and Startup Growth Across Europe, North America, Asia and ...

The partnership comes after years of collaboration through six co-investments including leading Spanish companies such as Glovo , Savana , Housfy , Coverfy and Wallbox as well as Paris-based Alma .

3

Date

4/14/2021

Type

Partner

Business Partner

Country

Spain

News Snippet

Cathay Innovation Partners with Seaya Ventures to Fuel Co-Investments and Startup Growth Across Europe, North America, Asia and ...

The partnership comes after years of collaboration through six co-investments including leading Spanish companies such as Glovo , Savana , Housfy , Coverfy and Wallbox as well as Paris-based Alma .

Sources

3

Cathay Innovation Team

2 Team Members

Cathay Innovation has 2 team members, including current Founder, Chief Executive Officer, Denis Barrier.

Name

Work History

Title

Status

Denis Barrier

Founder, Chief Executive Officer

Current

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Name

Denis Barrier

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Work History

Title

Founder, Chief Executive Officer

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Status

Current

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