Start-Up WeLab Raises $14 Million From Sequoia Capital and Hong Kong Tycoon
Monday, June 16, 2014
(The New York Times by Neil Gough) – WeLab Holdings, an Internet finance start-up in Hong Kong, said on Monday that it had raised $14 million from Li Ka-shing, Asia’s richest man, and Sequoia Capital, a stalwart of Silicon Valley.
In a deal that highlights the strong demand among investors for the Chinese Internet sector, WeLab said it would use the cash to finance a push into mainland China, where it plans to bring “big data” to finance, employing vast amounts of information to help companies better evaluate and price their credit risk. WeLab did not disclose any stake amounts or valuations of the company based on the latest fund-raising.
The financing round is a so-called Series A investment, the first attempt to raise money after WeLab’s initial solicitation of seed capital when it started up a year ago. It secures backing from Mr. Li’s TOM Group, which invests in the media and Internet businesses and has a joint venture e-commerce business with mainland China’s postal service operator.
