Panshi IT gets $20 million from NewMargin
Shanghai-based venture capital firm NewMargin Ventures has invested $20 million in PRC digital marketing firm Panshi Information Technology.
According to ChinaVenture, Hangzhou-based Panshi will use the funds to bolster its R&D capabilities, operations and staff benefits. Panshi largely provides internet marketing solutions to software companies in Zhejiang Province and Hangzhou City. This is reportedly the company’s first round of external funding.
NewMargin Ventures focuses on technology, healthcare and high-margin manufacturing targets. Founded in 1999, it is headquartered in Shanghai and has offices in Beijing, and currently manages $15 billion in assets. According to NewMargin’s website, its PRC investors include Shanghai Alliance Investment Co. and the China Foundation of Science & Technology for Development while its foreign investors include the Government of Singapore Investment Corporation (GIC), Kerry Group, K.Wah Group, SUNeVision, JAFCO, Motorola, Alcatel and several family offices. To date, it has invested more than $10 billion in 90 companies, of which 28 have gone public in domestic or overseas bourses.
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