Hong Kong is a financial mecca, but it has few well-funded powerhouse technology companies.
This may be changing, as a DotC United, a Hong Kong-based mobile application developer, has announced a new cash infusion of CNY300 million from a group of venture capital firms including Banyan Capital, Chengwei Capital, Morningside Venture Capital, BAI and Lightspeed China Partners.
China Money Network reports that DotC United claims to have 200 million users for its global apps.
Parent company Avazu, headquartered in Shanghai and founded in 2009 by Chinese entrepreneur Shi Yi, raised USD48 million in series A financing in 2014 from investors including Lightspeed.
Shi Yi is also the founder of DotC United. After the new financing round, DotC United will aim to develop more popular mobile apps for the global audience, he says.