IDG Invests in Chinese Personal Finance App Developer (Asia)
Source: Asian Venture Capital Journal | Author: Winnie Liu
China-focused investment firm IDG Capital Partners has participated in a Series A funding round for Hangzhou Wacai Science, a China-based personal finance management mobile app. The transaction amount was reportedly more than US$10 million. Hangzhou Wacai Science, which has developed two mobile apps that record a user’s daily spending and manage credit card expenditure, previously received a seed investment for RMB10 million (approximately US$1.6 million) from hedge fund Amoeba Capital two years ago.