Kunlun Tech Leads Series B Funding of Online Crowdfunding Platform 'Kai Start'
36Kr.com, 6/15/16
Hangzhou-based Buyi Network Technology, operator of online and mobile rewards-based crowdfunding platform Kai Start, has announced its completion of RMB 100 mln Series B funding led by PC and mobile online game developer and operator Kunlun Technology (300418.SZ), and with participation from Daosen Capital and Qingcong Capital. Four existing investors, namely Yuanjing Capital, Matrix Partners China, Yibaodian Capital, and Incapital, all also increased their stakes in the company.
Kai Start has a website, mobile app and official account on Tencent's (0700.HK) WeChat mobile messaging app. It features crowdfunding projects for movie productions, album recordings, travel and culinary projects, among others.
Kai Start said that more than RMB 50 mln has been raised each month on its platform since March this year, and that the platform is already turning a profit. Kai Start has approximately 10 mln users, of which more than 100,000 are now fee-paying, and the average per-customer transaction value now stands at RMB 3,000. The repeat investment rate has climbed above 20%, and this year more than RMB 1 bln is expected to be raised through the platform.
Buyi, established in September 2014, received RMB 8-digit Series A+ funding in February this year.
Editor's Note: For more information on this topic, please see "Online Rewards Crowdfunding Platform 'Kai Start' Raises Series A+," MD 2/02/16 issue.
Keywords: Daosen VC M&A business model Internet funding Series B Yuanjing crowdfunding Incapital 300418.SZ Kunlun Tech Qingcong Buyi Kai Start Yibaodian
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