China smart projector brand JMGO raises $158m

Oppo is participating as a new investor with a view to generating strategic synergies with JMGO. On one hand, Oppo is keen to deepen its exposure to the internet-of-things (IoT) segment and JMGO has expertise in smart home scenarios. On the other, JMGO can leverage Oppo's supply chain resources and retail channels.

JMGO raised hundreds of millions of renminbi in Series E led by Yuanda Venture in 2020. This followed a CNY 600m Series D in 2018 led by Alibaba Group and a round of equal size in 2016 with Golden Brick Capital taking the lead.

IDG was one of the company's first institutional investors, participating in a CNY 60m round in 2014, alongside Fortune Venture Capital and Star VC. According to AVCJ Research, a CNY 200m round closed in 2015 with Shenzhen Greenpine Capital among the participants.

JMGO launched in 2011 as a home projection hardware specialist, but then expanded into software and operating systems. IDC expects projector delivery volumes in China to grow at a compound annual rate of more than 16% through 2025.

JMGO was the biggest seller in the project category on Tmall during China's November 11 Single's Day shopping festival last year. It ranked second on JD.com.

The company has developed 16 offline experience stores and six directly-operated retail outlets in the past year. Its products are also available at Costco, Sam, and Metro. Earlier this month, a flagship store launched in Shanghai. There are plans to open 100 experience stores in 2022.

Function Capital served as financial adviser for the latest round.

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• Topics
• Greater China
• Expansion
• Consumer
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• China
• IDG capital
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• manufacturing