New Horizon Leads $80M Series B+ Round In Wacai

Hangzhou-based Chinese personal finance bookkeeping and management app maker Wacai has received US$80 million series B+ financing round led by New Horizon Capital, according to an announcement posted on the company’s Weibo account.

Ally Bridge Group, GX Capital, as well as existing investors China Broadband Capital, China International Capital Corporation (CICC), IDG Capital, CDH Investments and Qiming Venture Partners all participated.

Together with a US$50 million series B round completed in December 2014, the company has raised US$130 million in total for its latest funding round.

Founded in 2009, Wacai received angel investment of nearly RMB10 million ($1.6 million) from Ameba Capital in 2011.

In 2013, the company received US$10 million series A investment from IDG Capital, and US$30 million series A+ from CDH Investments. In 2014, Qiming invested US$15 million in another A+ round, according to information on the company’s website.

Wacai’s mobile apps provide personal bookkeeping and wealth management products for Chinese individual investors. The app currently has over 100 million registered users, says the statement.

China Expert network