PE-backed Chinese horse breeder gets Series B round
China’s largest non-farming horse breeder and horse feedstock trader has received RMB45 million ($7.3 million) from CDF Capital as part of a Series B round of funding. This comes nine months after the company’s RMB120 million Series A round, half of which was contributed by SMC Capital China, a subsidiary of Hong Kong-based private equity and alternative asset manager Simon Murray Group.
Originally known as Khorchin Rider Horse, the company was restructured as Inner Mongolia Rider Horse Industry after its Series A round. San Eng, a partner with SMC, said that the company has seen tremendous growth since the previous investment and will use the latest round of funding to consolidate its position as the leading integrated horse business in China.
Rider Horse is building China's largest horse breeding center to develop thoroughbred, half-blood, warm blood and Mongolian horses to serve the growing needs of domestic horse lovers and equestrian clubs. The Khorchin Prairie, where the company is headquartered, sits on the same latitude as Kentucky, Ireland and Hokkaido so it is hoped the region can provide an optimal climate for horse rearing.
Rider Horse also wants to introduce international quality feedstock to the Chinese market and expand into horse club management services. According to industry statistics and SMC's own research, China's recreational horse market is worth less than $1 billion, but growing rapidly at over 20% a year. There are 700-800 clubs nationwide, up from less than 100 in 2007.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.