Meituan Dianping's investment arm has raised $300m from a consortium featuring the corporate itself as well as Tencent and New Hope.
Longzhu Capital, the corporate venturing arm of China-based local services portal Meituan Dianping, has closed its first fund at RMB2bn ($300m), China Money Network reported yesterday.
The capital came from Meituan Dianping, internet group Tencent and agribusiness New Hope Group as well as China Merchants Capital, Noah Holdings, Guochuang Kaiyuan Fund and Xiangjiang Shengshi Fund.
Longzhu Capital focuses on sectors such as catering, new retail and local services, and aims to leverage Meituan Dianping’s expertise and resources. It had originally…
