IDG invests $20m in China file transfer app
IDG Capital Partners has committed $20 million in Series B funding to Zapya, a Chinese file transfer mobile app.
The new funding will help the company grow in the domestic market as well as expanding overseas, local media reported.
The Zapya app, which is available in both Chinese and English, aims to make it easier for users to transfer files through mobile phones and computers. It claims to provide a faster and more reliable service than Wi-Fi, 3G or Bluetooth.
The company previously raised seed and Series A funding from Innovation Works, Tsinghua University's accelerator program Tuspark Ventures and Northern Light Venture Capital.
IDG's China VC operation was formed in 1993 and has more than 300 companies in its portfolio. The VC firm recently reached a final close of $586 million on its latest China venture capital fund, which will make early-stage investments in the technology, media and telecom (TMT) space.
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