The Venture Codex

Participated · Series C · Sep 2018

Founded in 2012, Origami operates a cash-free payment platform with the mission to “create the future of money, payments and commerce.” The company introduced mobile payment services in 2015 and officially launched the Origami Pay product in May 2016. Origami Pay is now accepted nationwide across convenience stores, international fast-food chains, taxis, department stores and many other retail verticals. Consumers access the service via the Origami app on iOS or Android, while merchants use the separate Origami Business app for transactions. The company’s newly announced financing will be directed toward hiring global talent, bolstering product development and accelerating expansion into additional verticals. Including the latest round, Origami has secured a total of USD 88 million in funding to date.

Participated · Equity · Mar 2017

UCAR operates a fleet-based ride‑hailing and chauffeured service model using licensed drivers, positioning itself as an alternative to crowd-sourced platforms. Its business spans four product lines: Car. Inc (a Hong Kong‑listed car rental arm), Shenzhou Zhuanche (chauffeured car service), an online car marketplace, and a car loan service. CEO Charles Lu said all of the company’s business units are on track to record a profit this year. Management has signaled further expansion into new areas, with car manufacturing cited as a possible future move. The company has completed multiple large financings, including an initial RMB 4.6 billion in new funds announced in the current raise and a prior RMB 10 billion private placement last October; it is listed on the Chinese OTC market and is valued at RMB 40.93 billion (~$5.95 billion). The newly raised capital is planned for marketing, recruitment, expanding UCAR’s offline presence and increasing its fleet.