Baidu-backer, Alibaba co-founder invest in Chinese crowdfunding platform
Kaistart funds passion projects such as planting trees in deserts, building antique Chinese books museum, to setting up astronomical observatory in a forest
Lifestyle projects crowdfunding platform KaiStart announced on Tuesday they have secured a series A+ funding round led by Matrix Partners and Vision Capital. KaiStart’s crowdfunding campaign includes films, books, and small business ideas.
Two core figures of China’s first generation tech giants participated in the round. Managing partner of Matrix Partners, Xu Chuansheng, previously led investments in Baidu. Wu Yongming, founder of Vision Capital, was one of the first 18 members of Alibaba. The two managing partners also have now also joined Kaistart’s board of directors.
Two months ago KaiStart completed a RMB33.5 million (US$5.2 million) series A financing round. Launched in April 2015, KaiStart secured funding from Incapital and domestic first-line angel investors, followed by nine institutional investors including Meridian Capital China, Tipping Point Partners, Jiusui Capital, and Zhejiang Wenchuang Group.
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Left to right: KaiStart Founder Xu Jianjun, Managing Partner of Matrix Partners Xu Chuan-sheng, Kaistart Co-Founder Zuo Chi-kin, Partner at Matrix Partners Cong Zhen
The crowdfunding platform is unique in China, funding primarily passion projects. Past campaigns include planting trees in China’s deserts, building a museum for antique Chinese books, a craftsman who makes toys out of old stools, and an astronomical observatory in a forest in Hangzhou.
Every campaign posts a documentary-quality video to sell a highly personalised concept. Some of the videos are produced by crowdfunding campaigners but most of the projects are filmed by the Kaistart, who went to visit the founders. While filming the campaign is free, the company takes the five per cent of the successful campaign’s total amount.
“We believe Xu Chuansheng and Wu Yongming’s professional background can help us in rapid growth,” said KaiStart founder Xu Jianjun.
The company has a current goal of four million users to participate in their crowdfunding campaigns.
The article Baidu-backer, Alibaba co-founder invest in Chinese crowdfunding platform was first published on TechNode.
Image Credit: Kaistart
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