Chinese audio equipment maker Fiil raises $20m
Fiil Headphones, an audio equipment maker founded by Chinese musician Feng Wang, has raised a Series A round of funding worth $20 million.
The round, which values the start-up at RMB1 billion ($152 million), was led by domestic venture capital firm Yuanjing Capital, alongside Plum Ventures and Haofang Capital. Zhuangli Fengjing Cultural Media, an entertainment events start-up set up by Wang, also invested in Fiil.
Operated by Fengfan Technology, the company has launched three lines of headphones, namely Fiil, Fiil Wireless and Fiil Bestie, which are priced from RMB599 to RMB1,599 each. The products are sold through online e-commerce platforms such as Alibaba Group's Taobao, Amazon and JD.com. It's also distributes through offline retail shops.
The company plans to use the new capital to develop its hardware and software technology, and to create a music-related ecosystem around its products, Jinzhou Peng, CEO of Fiil, said in a statement posted on its Weibo microblog. The company is looking for some acquisition targets in the supply chain.
Yuanjing was founded by Yongming Wu, a co-founder of Alibaba who is no longer with the company. The GP manages a RMB2 billion renminbi fund and a $302 million US dollar fund, and has backed Chinese start-ups such as Dianping, Fanli.com and Chemao.
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.