Participated · Equity · Nov 2020

Full Truck Alliance is a truck-hailing platform formed by a 2017 merger between Yunmanman and Huochebang that connects drivers with truck owners and their mutual clients. The company has over 10 million registered truck drivers and over 5 million truck owners on its platform. It raised $1.7 billion in a new funding round that valued the business at nearly $12 billion. The fundraising was led by SoftBank's Vision Fund, Sequoia Capital, Permira and Fidelity, with existing investors including All-Stars Investment, GGV Capital, Hillhouse Capital Group, Tencent Holding and Yunfeng Capital also participating. The company said it will use the funds for technology, service and business-model innovations and is planning an offshore IPO as early as next year, likely in New York. The Chinese on-demand logistics market is crowded, with rivals Manbang, Huolala and Kuaigou and Didi expanding into van logistics.

Led · Series D · Nov 2018

Ucommune operates a network of more than 200 co-working spaces across 37 cities, including locations in Singapore, New York, Taipei and Hong Kong, serving clients such as ByteDance, Ofo, Mobike and Kuaishou. The company’s core product is flexible workspace and related workplace services, and it has pursued aggressive consolidation, acquiring seven companies this year including Fountown (27 spaces) and several co-working brands plus an interior design firm and a workplace collaboration startup. Ucommune says it currently has about 100,000 workstations and plans to double capacity to 200,000 over the next three years while expanding to 350 cities across 40 countries. Financially, the company closed a $200M Series D that values it at $3 billion and brings total capital raised to around $650 million to date, according to Crunchbase. Ucommune was founded in 2015 and positions itself as WeWork’s main rival in China, where WeWork China has roughly 40 locations. The company is also moving into new international markets, with plans to open an inaugural Hong Kong space in December and a second in early next year. Ucommune operates flexible co-working and office spaces, claiming to manage 160 locations in over 35 cities. The company, formerly known as UrWork, competes directly with WeWork China and maintains a presence outside Asia in New York, London, Hong Kong and Taiwan. Ucommune announced a $43.5 million Series C at a $1.8 billion post-money valuation. The round was led by real estate-focused Prosperity Holdings and RK Properties, both described as strategic investors. Prosperity will help the company expand its presence in Southeast Asia (Ucommune already has operations in Singapore and an investment in Indonesia), while RK Properties will assist in upgrading existing office spaces, possibly akin to WeWork’s ‘Powered By We’ program. To date Ucommune has raised roughly $450 million and this year has completed four acquisitions, including Workingdom for around $45 million. UrWork is a Beijing-based co-working space provider founded in 2015 by Dr. Mao Daqing. The company offers long-term leasing, hot desk and corporate-customization solutions as well as professional services for SMEs. It currently covers over 100 locations across more than 30 cities worldwide, including Singapore, New York, Los Angeles, San Francisco and London. UrWork services over 3,000 enterprises and 40,000 individual members in total. The company completed a $45M Series C that valued it at $1.3 billion and plans to use the funds to drive further global expansion, community service and technology upgrading. The latest round was led by Qianhai Wutong Mergers and Acquisitions Funds with participation from CK Home — Key Investment Group and Context Lab. UrWork is a Beijing-based co-working leader that provides on-demand, short-term leasing and customized space solutions to startups, SMEs and corporate tenants. The company aggregates over 1,000 professional business service suppliers and serves over 40,000 individual members and more than 3,000 enterprises, including corporate members such as ofo bike, BlueGogo, Mobike, Amazon China, Jin Ri Tou Tiao, Netease and JD Logistics. UrWork offers an in-house Express Financing program, a series of acceleration programs, and the Link China Program to help foreign startups enter the Chinese market. As of August 2017 it operated 88 locations in over 22 cities and plans to open another 160 locations across 32 cities worldwide over the next three years. The expansion target covers a total area of over 7M sq.ft. The company raised a US$178M pre-C round resulting in a post-C valuation of US$1.5 billion and intends to use the funds for further global expansion and technology upgrading; it is led by founder and CEO Dr. Mao Daqing. URWork operates shared office space and offers complementary value-added services such as financial services, human resources, and healthcare to its community. The company reports annual revenue of around RMB 400 million ($58.5 million), with roughly 75% from core office space rentals and 25% from value-added offerings. URWork says it serves about 2,400 companies across 24 cities in China and has begun overseas expansion to Singapore, London, Taiwan and New York City. Since launching in April 2015 the company has completed six funding rounds and one merger. URWork aims to deepen and broaden its service portfolio to unlock additional monetization around its community. The partnership with Aikang is intended to bring traditional-sector resources to build a more specialized, service-oriented co-working experience beginning in the first half of 2018.

Participated · Series F · Aug 2018

Grab operates as a Southeast Asian "super app" combining on-demand transportation, delivery, and financial services. The company said it will use the latest $300M investment to further strengthen its regional presence and unlock more opportunities across those business lines. Grab is also exploring opportunities and collaborations beyond Southeast Asia, including a recent investment and deeper partnership with London-based Splyt. That partnership and an $8M Series A investment in Splyt allow Grab users traveling outside Southeast Asia to book rides through Grab’s platform fulfilled by Splyt partners. The $300M from US-headquartered Invesco brings that firm's total investment in Grab to $703M, which includes $403M that OppenheimerFunds invested in July 2018. Grab previously raised $1.46B from the SoftBank Vision Fund in March 2019 and is targeting $6.5B in total capital between June 2018 and the end of the year. Invesco, which has a presence across several Asian markets, manages approximately $1.1 billion in assets for its clients worldwide. Grab provides an on‑demand O2O mobile platform across Southeast Asia, offering services such as payments via GrabPay, food ordering through GrabFood, parcel delivery with GrabExpress, and ride‑hailing. The company is aiming to expand the range of everyday O2O services and evolve into a regional "super app." It recently launched GrabFresh, an on‑demand grocery delivery service in Jakarta with plans to roll out to other cities later in 2018. Grab said it will use proceeds from its current financing to broaden partnerships and the universe of services available to users. A significant portion of the funds will be invested in Indonesia. The company raised a large financing round (see deal details) to support these growth initiatives. GrabTaxi is a Singapore-based automated, location-based smartphone booking and dispatch platform for the taxi industry in Southeast Asia. Launched in 2012 and led by Anthony Tan, the company operates in 23 cities across six countries: Malaysia, Singapore, the Philippines, Vietnam, Thailand and Indonesia. GrabTaxi raised $350m in this funding round, bringing total funding to over $700m. Backers included Coatue and China Investment Corporation among others. The company is hiring. The platform focuses on taxi booking and dispatch. GrabTaxi, founded in 2012, operates a GPS‑enhanced smartphone taxi‑dispatch service that allows passengers to hail the nearest taxi. The company serves 17 cities across six Southeast Asian countries, including Malaysia, the Philippines, Thailand, Singapore, Vietnam and Indonesia. Tens of thousands of taxi drivers use GrabTaxi’s smartphone technologies to receive bookings, and the app has over 2.5 million downloads and about 500,000 monthly users. GrabTaxi’s stated mission is to revolutionize the taxi industry by creating safer, more reliable rides and improving drivers’ livelihoods. Following rapid growth, the company plans to accelerate regional expansion and leverage partnerships to drive further adoption. GrabTaxi operates a mobile app for booking licensed taxis and has expanded into private car (GrabCar) and motorbike taxi services across 16 cities in Malaysia, Singapore, Thailand, Vietnam, the Philippines and Indonesia. The company has seen its app downloaded more than 2.1 million times, with over 400,000 monthly active users and a claimed network of more than 50,000 drivers. CEO Anthony Tan said the new funding will be used to hire talent to build a world-class app, improve driver loyalty programs and generally grow and expand the service. GrabTaxi has been rolling out new service types and plans to announce an additional city expansion before month-end. The company has not disclosed revenue or profitability timelines. It views increased competition, including from Uber, as a way to drive consumer awareness and improve service levels for drivers.

Participated · Equity · Aug 2018

Grab Financial Group operates as Grab's financial-services arm, delivering digital payments, AutoInvest micro‑investment features, insurance products and other consumer and SME financial services through the Grab app. The unit launched several new financial products for consumers and SMEs in August 2020 and has expanded offerings including micro‑investments and loans. Its revenue grew more than 40% in 2020 versus 2019, driven by consumer adoption of AutoInvest and insurance products. GFG benefits from close operational synergy with Grab, the region’s largest unicorn, which has supported scale and distribution. The broader market for digital financial services in Southeast Asia expanded during the COVID‑19 pandemic, supporting GFG’s growth trajectory. Related strategic moves include Grab-Singtel’s consortium being awarded a full digital-banking license by the Monetary Authority of Singapore in December 2020, which could further enable financial-services expansion. Grab began as a ride-hailing service and has expanded into food delivery, hotel booking, and payments. It is especially popular across Southeast Asia, including Indonesia, Malaysia, Thailand, Vietnam, and the Philippines. The app has been downloaded onto more than 166 million mobile devices in the region. The company has raised nearly $10 billion in total, including a recent over $700 million funding from Mitsubishi UFJ Financial Group. Mitsubishi UFJ Financial Group has said it wants to make its financial services available to Grab’s users, indicating deeper fintech integration. Grab was founded by Anthony Tan and Tan Hooi Ling in June 2012. Grab is a Singapore-based ride-hailing and super app operator that became Southeast Asia’s undisputed ride-hailing leader after acquiring Uber’s regional business. The company offers on-demand services and payments and is pursuing further expansion across markets such as Indonesia, Vietnam, Thailand and the Philippines. Grab is exploring a spinout of its financial services business that could attract investors including PayPal and Ant Financial. It is Southeast Asia’s highest-capitalized startup and has been running a large, rolling Series H to fund growth and fend off rivals like Go-Jek. The company has raised $7.5 billion to date following a new $300 million investment from Invesco announced in this article. Prior Series H activity includes a $1 billion capital injection from Toyota last June and contributions that swelled the round to $4.5 billion, with Grab later saying it would add $2 billion to reach a $6.5 billion close. Grab is a Singapore-based ride-hailing company that has expanded into a super app offering mobility, food delivery, parcel delivery, digital payments and financial services. The company is pursuing further platform expansion and plans to build more services on its app across on-demand mobility, delivery and financial services. Recent partnerships include a content streaming tie-up with Hooq and a joint venture with Ping An Good Doctor to develop AI-based medical services. Grab is in an active Series H fundraising process and has attracted significant strategic investors. SoftBank Vision Fund invested $1.46 billion as part of a $4.5 billion Series H round that values the company at about $14 billion, according to CNBC sources. The round also includes strategic capital from automakers Toyota and Hyundai Motor as well as Microsoft, Ping An Capital and OppenheimerFunds, which Grab says demonstrates shareholder and partner interest for continued growth across Southeast Asia. Grab operates ride-hailing, food delivery (Grab Food) and logistics services across eight markets. The company says it has completed three billion rides and claims 130 million downloads. Grab is pursuing an ongoing Series H fundraising, aimed at a sizable capital raise and anchored by a $1 billion investment from Toyota. Other Series H contributors named in reports include Microsoft, Booking Holdings and Yamaha Motors, and SoftBank is transferring its investment to its Vision Fund with plans for further investment. To date Grab has raised $6.8 billion and was most recently valued at $11 billion. The company faces competition from Go-Jek as it expands its regional footprint.

Led · Equity · Oct 2017

Tujia operates an online booking marketplace for short-term alternative accommodations and competes directly with Airbnb in China. The company separated its online booking business from its offline unit earlier this year. CEO Luo Jun says the firm will use new capital to standardize elements of its accommodations—such as linen washing, cleanliness, and smart capabilities—and to invest in the domestic high-end real estate market and overseas expansion. Tujia reports 180 million downloads, several hundred thousand daily booking inquiries, coverage of 345 destinations in China and more than 1,000 overseas via partnerships, and about 650,000 listings. The company has pursued M&A, acquiring rival Mayi.com in June.