UPS has joined existing investor Motorola and several venture capital firms for drone manufacturer CyPhy Works' series B round.

The company has created a folding electric bike and will use the capital to support a full launch of the product.

Womai.com, the food and beverage-commerce platform formed by state-backed firm COFCO, has closed a series C round co-led by Baidu and Taikang Life Insurance.

The merger of Dianping and Meituan is emblematic of the consolidation in China's internet sector, where growth is essential to prevent being overtaken by businesses with bigger wallets.

SoftBank and AOL have both returned to back a $15m funding round for the on-demand beauty service, which has now raised $24m in total.

Furniture manufacturer Spacewood has received $14m from the wood materials supplier, also now a strategic partner, in return for a 26% stake.

SAP-backed Sapphire Ventures will exit the ticketing technology platform through an acquisition that will expand music recommendation service Pandora's product offering.

The China-based local services and group buying companies had raised a combined $2.6bn from backers including Alibaba, Tencent, Xiaomi, Fosun and Wanda Group.