Fosun VC leads Series B round for Chinese animation producer
Fosun Venture Capital Investment, a VC arm of Fosun Group, has invested in a Series B round of funding for Beijing Dream Castle Culture, a Chinese animation producer. Existing backer GGV Capital also participated. Financial terms were not disclosed.
The transaction was completed in August. Lilian Huang, executive general manager at Fosun VC, has joined the Dream Castle Culture board.
The company was founded by Hans Xu in 2009. He is also the creator of the firm's popular cartoon character - a red fox named Ali. Dream Castle Culture is a content provider to Tencent and Renren. It also publishes fairytale picture books.
The new round of funding will be used to expand Ali animation production, as well as creating other cartoon figures. Fosun will help promote Ali's brand name, as part of effort to support Chinese original animation industry, Huang told local media.
According to AVCJ Research, GGV committed an undisclosed sum to Dream Castle Culture in May of last year.
Fosun VC operates both renminbi- and US dollar-denominated funds, focusing on early-stage companies across tech, media and telecom, cleantech and services.
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