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Suning to become lead investor in Dong Qiudi

Tuesday, 06 Dec 2016 18:09   |   By Mei Zhu

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In the C round of financing the Dong Qiudi App confirmed that Suning will be the lead investor, while Tianxing Capital and Sequoia Capital will invest 350 million Yuan. Dong Qiudi said that there may be further investments by institutions later.

Up to now, Dong Qiudi has won the favour of many investors. In February 2014, K2VC invested millions of Yuan as angel investment in it. The same year in May, Sequoia Capital invested 4 million US dollars in the A round of financing. In September 2015, Arena Capital invested 10 million US dollars in the B round of financing, which was valued in total at about 50 million US dollars.

The lead investor Suning announced that it had spent 270 million euros on acquiring a 70% stake of Inter Milan in June this year. Suning is also the owner of the CSL club Jiangsu Suning. The Investment in Dong Qiudi is another move by Suning into the sports area.

The latest data of Dong Qiudi shows that currently the App has 28.6 million registered users. Users aged from 18 to 35 accounted for 66.15% of these. 200-300 million people use the App every day and on average they open the App 8-12 times per day. Its revenue mainly comes from advertising revenue. Hengda, Suning and other companies are its main customers.

Proofread by Sean O Diobhilin

Tags: Suning,investment,App

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