Fidelity, F&H invest in Chinese video site Mtime

The new capital will be used to explore new business and solidify the existing user base, leveraging movie-related infrastructure such as database and nationwide show time provision. China Renaissance Partners acted as the financial advisor on the deal.

"F&H has always been very supportive of mobile internet, especially in the movie industry," said John Wu, founder and managing partner of F&H, which was also an angel investor for Alibaba. "As a professional movie-related e-commerce company, Mtime not only has the largest mobile user base in China, but also operates the most comprehensive movie database, movie media, movie community and movie promotion business."

Albert Cheng, a partner at Fidelity, added that Mtime has the potential to build up a substantial business along the media value chain, based on its unique platform and accumulated industry resources.

Founded in 2006, Mtime is competing for market share with the likes of Youku Tudou and Xunlei. According to AVCJ Research, Draper Fisher Jurveston committed an undisclosed sum to Mtime in 2007. Three years ago, Tiger Global invested approximately $10 million.

Last week, Shenzhen Capital Group led in a RMB200 million ($33 million) Series A round of funding for Le Vision Pictures, a Beijing-based film making arm of online film and TV portal LeTV, valuing the enterprise at RMB1.55 billion. Earlier in May, Chinese filmmaker Zhang Yimou signed up as director and artistic director with the two-year-old company.

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• Topics
• Greater China
• Expansion
• Technology
• China
• Growth capital
• Fidelity Growth Partners
• TMT
• Tiger Global Management
• F&H Fund Management
• China Renaissance Capital Investment
• Draper Fisher Jurvetson