China: QF Capital backs UUPaotui; Blue Lake invests in online ticketing firm

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QF Capital and Tianming Capital have led a $14-million series A plus funding round in UUPaotui while Ferris Wheel Ticketing, an online ticket sales platform, raises a $15-million series B round led by Blue Lake Capital.

QF Capital, Tianming lead series A+ in UUPaotui

QF Capital and Tianming Capital have jointly led a RMB100-million ($14 million) series A+ financing round in Chinese city express delivery services app UUPaotui, according to China Money Network.

UUPaotui, launched in 2015, currently operates in 72 cities in China with a monthly revenue of over RMB40 million. It has over 360,000 couriers for either full time or part time.

The new fund will be used to expand its delivery services to more than 200 cities in China by the end of this year as well as build up operating centres and teams in Zhengzhou and Beijing.

According to the company’s website, it can complete the delivery within a distance of 5 km in 60 minutes.

The company first raised a RMB10-million ($1.4 million) angel round in 2015 and a RMB96-million ($14 million) series A round in January this year.

Earlier this month, Beijing-based venture capital firm Shunwei Capital and Beijing Hualian Group led a $50-million series C+ round in a Beijing-based inner-city logistics startup Shansong Express.

Blue Lake Capital leads series B in Chinese online ticketing firm

Blue Lake Capital has led a $15-million series B round in an online ticket sales platform Ferris Wheel Ticketing, according to China Money Network.

The investors in this round include DCM Ventures, K2VC, Matrix Partners China, Nanshan Capital and ZhenFund. The company received an undisclosed amount in series A from DCM Ventures in 2016.

The latest proceeds will be used to recruit staff, develop new products and services and on marketing expenses.

The company claims it has around 60,000 ticket sales each month, worth RMB30 million ($4 million).

The Chinese online ticket market has grown continuously especially for the performing art tickets market, which has a big room to shift from offline to online. Three months ago, Alibaba acquired a Beijing-based online ticketing platform, Damai.cn, in order to merge its music application with concert ticketing.

Matrix Partners China, DCM Ventures and Nanshan also co-invested $10 million in series A and series A plus in Chinese online event ticket sales platform Tking.cn.

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