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GGV, Chengwei lead $20m round for Chinese animation studio

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GGV Capital and Chengwei Capital have led a $20 million Series B round of funding for Light Chaser Animation Studios, a Chinese animation producer.

Existing investors Hillhouse Capital and IDG Capital Partners also participated in the round.

The studio was founded in March 2013 by Gary Wang, founder of online video company Toudou.com, which was bought by rival Youku.com in a transaction worth over $1 billion in 2012. The company aims to create "world-class animated films with Chinese cultural touch."

"The movie market in China is booming, and certainly there is a very significant growth space for Chinese animated feature films," Jixun Foo, managing partner at GGV, said in a statement.

He added that GGV was impressed by the Light Chaser team, noting that the company has built up a world-class animation production pipeline and its animation and CG capabilities are "already at a level close to Hollywood."

Light Chaser has spent the last 15 months accumulating technology and talent. Its first 3D animated feature film - Little Door Spirits - will be finished by July 2015 with a budget of RMB70 million ($12 million). The firm has also started a second film project.

China Renaissance was the financial advisor for this transaction.

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