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A unique global investment platform with worldwide cross-border resources

cathay capital

An investement platform operating on
3 continents and 6 offices

Testimonials

  • cathay capital innovation« The close involvement of the Cathay Capital team with our activities allowed us to pursue our growth at a sustained level and to reach a higher level in terms of our international development, particularly in Asia. »

    Alexandre Crazover,
    Datawords

  • cathay capital innovation« By acting as a trusted shareholder, Cathay Capital has helped to strengthen mutual understanding and to secure our relationships with French partners. Thanks to Cathay Capital’s valuable role, Suofeiya today represents a real success story, which has successfully completed its IPO and continues to push forward its development with dynamism. »

    Ke Jiansheng,
    Suofeiya

  • cathay capital innovation« The strategic positioning of Cabio is to become an invisible champion of the niche market for high-end food ingredients based on highly effective biological technology. Cathay Capital has extensive resources and practical experience in the cross-border investment field and food industry, which will provide a strong support for Cabio`s development, »

    Dewei Yi,
    Founder and President of Cabio

News

  • Glovo closes 30M€ Series B funding round with investment from Rakuten and Cathay Innovation Glovo, the Barcelona based start-up has successfully closed its Series B funding round of €30 million led by Rakuten and Cathay. The operation has been closed as part of a new funding round to continue international expansion that also included investment from current investors, Seaya Ventures, Entreé Capital, Caixa Capital Risk and Bonsai Venture Capital. Read more

    Glovo closes 30M€ Series B funding round with investment from Rakuten and Cathay Innovation

    Glovo closes 30M€ Series B funding round with investment from Rakuten and Cathay Innovation

    Both investment funds along with Seaya Ventures lead the series B round of the on-demand delivery start-up.

    Niall Wass, former Senior Vice President, International at Uber, is also joining the company as an advisor.

    Barcelona, 4th October 2017.- Glovo, the Barcelona based start-up has successfully closed its Series B funding round of €30 million led by Rakuten and Cathay. The operation has been closed as part of a new funding round to continue international expansion that also included investment from current investors, Seaya Ventures, Entreé Capital, Caixa Capital Risk and Bonsai Venture Capital.  

    Founded in Barcelona in January 2015 by Oscar Pierre and Sacha Michaud, Glovo has revolutionized the way consumers can buy, receive and send products in their city, allowing them to order anything from anywhere and get it delivered within minutes. Rakuten Capital, the investment arm of Rakuten, a global leader in e-commerce and fintech services and the main global partner of FC Barcelona and the Global investment fund Cathay Innovation, both committed to supporting digital businesses, have seen in Glovo an innovative and promising business model that is transforming consumer habits and disrupting last mile delivery in major cities.

    "This funding will be used to strengthen our market position, continue to invest in our technology platform and to optimize the synergy between the three pillars of the marketplace: users, glovers and stores," explains Oscar Pierre, co-founder and CEO of Glovo, who adds that "we are very excited to have the support of these new investors who will also help us boost our international projection. In the same way, we are pleased to see our main current investors continue to believe in what we are doing"

    In this regard, the company will also be incorporating Niall Wass, who was previously in charge of leading the international expansion at Uber across more than 50 countries. Wass, who has a successful career in tech-companies, will be working with the management team and board directors, helping the company with the expansion strategy.

    According to Pierre “Glovo´s focus will be to continue to improve the customer experience of current categories as well as adding new ones in the future. By offering a great service in multiple categories we clearly differentiate ourselves from our competitors."

    "Rakuten Capital sees great potential in Glovo's unique value proposition with its innovative multi-category urban delivery services," says Oskar Mielczarek de la Miel, managing partner at Rakuten Capital. “We are very impressed with Glovo’s strong leadership, rapid volume growth and great potential to expand across multiple international markets."

    Likewise, Jacky Abitbol, partner at Cathay Innovation explains that "we have been impressed by Glovo's excellent business model, which fits perfectly with Cathay Innovation's ambition to support the growth and international development of start-ups. Delivery is booming in Europe and we are convinced that Glovo, with its talented team and differentiating approach, is very well positioned to scale up in a very competitive market. "

    Currently the app is available in Barcelona, Madrid, Valencia, Zaragoza, Seville, Malaga, Palma de Mallorca, Bilbao, Rome, Milan and Paris and has over 250,000 users and 3,000 partners. In July 2017 the platform passed one million orders.

     

    About Glovo

    Glovo is an app that allows you to buy, receive and send any product within the same city. It has more than 250,000 users and 3,000 associated partners. Today, the service is available in the urban areas of Barcelona, Madrid, Valencia, Zaragoza, Seville, Malaga, Palma de Mallorca, Rome, Milan and Paris and is expected to expand and open in new cities in the coming months.

     

    About Rakuten Capital

    Rakuten Capital is a corporate venture capital group that provides funding, sector experience and operational support to its portfolio companies across the world. Rakuten Capital is part of the Rakuten Group, one of the world’s leading internet service companies. Rakuten has built and invested in innovative internet businesses in e-commerce, financial services, digital content and advertising since 1997. Rakuten is ranked as one of “Top 30 Most Innovative Companies” by Forbes and operates in Asia, Europe and the Americas. The company is headquartered in Tokyo and is publicly traded on the Tokyo Stock Exchange. For more information visit: https://capital.rakuten.com

     

    About Cathay Innovation

    Cathay Innovation is a global venture capital fund, created in affiliation with Cathay Capital Private Equity. It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Such transformation is accelerated by leveraging Cathay Capital Private Equity's extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing and Shanghai. To learn more, please visit www.cathayinnovation.com.

     

     

     

  • Chime Announces $18 Million Series B to Accelerate Growth; Surpasses 500,000 Bank Accounts Cathay Innovation, Omidyar Network, Northwestern Mutual and returning investors lead funding for the mobile banking company Read more

    Chime Announces $18 Million Series B to Accelerate Growth; Surpasses 500,000 Bank Accounts

    Cathay Innovation, Omidyar Network, Northwestern Mutual and returning investors lead funding for the mobile banking company

     

    Chime, the leader in mobile banking that helps members avoid fees and automate their finances, today announces $18 million in Series B financing, led by global venture fund Cathay Innovation. With over 500,000 bank accounts opened since the company’s 2014 launch, this latest round of financing will be used to accelerate growth and to develop new products to improve financial lives.

     

    “At Cathay, we look at fintech investment opportunities across the globe and we’ve never seen so much customer love for a banking service,” said Denis Barrier, General Partner at Cathy Innovation. “Chime members engage daily with the app and trust Chime as the deposit account for their paycheck. It’s much more than just a mobile app-- with triple digit growth in new bank accounts, Chime has emerged as the clear leader in the US challenger banking segment.”

     

    Cathay Innovation led the round from its $320 million venture fund and offers a global investment network bridging North America, Europe and China. Strategic investor Northwestern Mutual invested through its Future Ventures group and Omidyar Network through their Financial Inclusion platform. Existing investors Crosslink Capital, Aspect Ventures, Forerunner Ventures and Homebrew also participated in the round bringing Chime’s total funding to $36MM.

     

    “Look at any of the headlines these days and it’s clear that traditional US banks continue to fail millions of Americans with adversarial practices and opaque fee structures” said Chris Britt, CEO and founder of Chime. “This financing allows us to rapidly scale a new approach to mobile banking that actually improves financial lives.”

     

    Chime’s Bank Fee Finder exposed the impact of traditional banks’ predatory practices and found that on average bank customers pay $329 in fees annually. By eliminating overdrafts, Chime has saved its members an estimated $100MM in potential overdraft fees to date. Chime has also helped members increase their savings. While the majority of Americans have less than $500 in savings according to Bankrate, members who enrolled in Chime’s automatic savings program have increased their monthly saving by 3x.

     

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    Today, Chime’s product helps members in two key areas of financial management -- spending and saving. Chime will use this latest investment expand into two other key areas -- debt reduction and investing. Through a combination of product and partnership initiatives the company will expand their service as a connected, api-driven hub that lets members to choose the services they prefer and manage all of their finances through their Chime account.

     

    About Chime

    Chime is the leader in mobile banking with an service designed to help people avoid fees, save money automatically, and lead healthier financial lives. Founded by financial and tech industry veterans Chris Britt and Ryan King, Chime has created a new approach to banking that doesn't rely on fees, doesn't profit from members' misfortune or mistakes, and helps members get ahead financially. Chime members get a debit card, a Spending Account, a Savings Account, and a powerful app that keeps them in control. The Chime mobile app is available for iPhone and Android devices and has been featured as one of the best new Money Management apps on the App Store. To learn more about Chime visit www.chimebank.com.

     

    About Cathay Innovation

    Cathay Innovation is a global venture capital fund, created in affiliation with Cathay Capital Private Equity. It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Such transformation is accelerated by leveraging Cathay Capital Private Equity's extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing and Shanghai. To learn more, please visit www.cathayinnovation.com.

     

  • Cathay Capital invests in The Independents, a newly formed communications agency Cathay Capital Private Equity (« Cathay Capital ») invested via its Sino-French SME Fund et Cathay Capital III funds in The Independents, a communications agency specialized in fashion, luxury, beauty and lifestyle sectors. Read more

    Cathay Capital invests in The Independents, a newly formed communications agency

     

    Cathay Capital Private Equity (« Cathay Capital ») today announces that it has invested via its Sino-French SME Fund et Cathay Capital III funds in The Independents, a communications agency specialized in fashion, luxury, beauty and lifestyle sectors. Located in the USA, Europe and Asia, the agency has raised 15m€ from Cathay Capital, in addition to financing capacities from European Capital and Tikehau Capital. The Independents is notably willing to attract new partners in events management, digital production and influence marketing services.   

     

    Created in 2017 following the merger of K2 and Karla Otto’s activities, The Independents offers communications, event management and marketing services to its clients, combining the expertise of both companies which will pursue their activities under their original name. Indeed, K2 and Karla Otto are very complementary: they together have subsidiaries in New-York, Los Angeles, London, Paris, Milan, Tokyo, Shanghai, Beijing and Hong-Kong, they rely on 400+ experts in fashion and luxury and they share a specific expertise on China and its customers. 

     

    K2 and Karla Otto’s founders are the most important shareholders at The Independents. Isabelle Chouvet is now the CEO of The Independents’, Karla Otto is the Co-Chair and still the CEO of her agency and Alexander Werz from Karla Otto joined the newly formed agency’s partners.

     

    Isabelle Chouvet and Karla Otto, declared: “We are delighted to rely on Cathay Capital, a company reputed for its attachment to entrepreneurship and for its global network, as part of this operation. We are convinced that Cathay Capital will be a key partner in continuing to develop our activities.”

     

    Edouard Moinet, Managing Partner at Cathay Capital, concluded: “We are proud to be investing in The Independents and determined to help its team grow initially in the three continents in which Cathay has a local presence and strong networks, i.e. Europe, Asia and North America. We believe that the newly created agency’s global ambition, entrepreneurial spirit and comprehensive range of services will make it a dominant force in an ever-evolving industry. ”

     

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    About The Independents

    The Independents is a newly formed global communications, brand strategy, marketing and events group for luxury and lifestyle brands, of which its lead companies are K2 and Karla Otto.

    For more information, please visit http://www.the-independents.com/

     

    About Cathay Capital

    Cathay Capital Private Equity, founded in 2006 by Mingpo Cai and Edouard Moinet, is a leading international private equity firm in the field of cross-border investment, committed to supporting the international expansion of companies from China, Europe and the United States. As a fund made by entrepreneurs for entrepreneurs, Cathay Capital’s team leverages on Cathay’s unique business model and platform to help create value for companies by removing borders. Cathay’s Group presence across three continents materialises through offices in Shanghai, Beijing, Paris, Munich, New York and San Francisco. At the end of 2016 the team was composed of 60 employees – among which 41 investments professionals – managing 7 funds and USD 1.5 billion in assets.

    For more information, please visit www.cathay.fr  

     

    Media contact

    Yoann Besse, Citigate Dewe Rogerson

    yoann.besse@citigate.fr – Tel : +33 (0)1 53 32 78 89 / +33 (0)6 63 03 84 91

     

  • Record fundraising for Cathay Innovation’s first fund Today Cathay Capital announced the closing of Cathay Innovation’s first investment vehicle for a total of $320 million. This sum constitutes a record for a first-time venture capital fund raised in Europe. The success of this fundraising can largely be explained by the unique approach proposed by Cathay Innovation and how this approach resonated among investors. Read more

    Record fundraising for Cathay Innovation’s first fund

     

    Today Cathay Capital announced the closing of Cathay Innovation’s first investment vehicle for a total of $320 million. This sum constitutes a record for a first-time venture capital fund raised in Europe. The success of this fundraising can largely be explained by the unique approach proposed by Cathay Innovation and how this approach resonated among investors.

     

    Cathay Innovation was effectively founded on the conviction that supporting digital entrepreneurs through a platform available on 3 continents – North America, Europe, and China – constitutes a particularly valuable strategy. By connecting these three major ecosystems and by relying on the platform constructed over the last 10 years by Cathay Capital Private Equity, Cathay Innovation provides mission driven entrepreneurs both a global vision of the evolution of technologies and multi-continent operational support.

     

    This unique model attracted well beyond the initially targeted size with investors of varying profiles. Besides the initial and decisive support of Bpifrance and CDB Capital, Cathay Innovation was also able to count on the support of numerous leading companies including BNP Paribas Cardif, Groupe ADP, Groupe Artemis, Groupe SEB, Joyoung, Michelin, Total, and Valeo.

     

    Working with these partners is an integral part of Cathay Innovation’s approach as our strategic investors form a leading strategic committee that gathers on a regular basis to anticipate the impact of the digital revolution with a consistent global vision covering a multitude of industries. Combined with Cathay’s international platform, this network of partners brings enormous added value to the companies we support such as facilitator of links, catalyst of opportunities, and provider of sector expertise” explains Denis Barrier, Managing Partner and co-founder of Cathay Innovation with Mingpo Cai.

     

    Cathay Innovation’s team – which today comprises of 11 professionals spread between France, China, and the US – has already closed more than 10 investments in the span of just 20 months. Cathay Innovation has also had the opportunity to contribute to the product launch and then the rise of its first unicorn, Pinduoduo (PDD), now already the largest social commerce platform on the planet and the fastest growing e-commerce merchant ever.

     

    Cathay Innovation is committed to investing in 20 to 25 innovative companies in this fund, with initial commitments between $3 million and $15 million, and a strategy allowing portfolio companies to connect at the outset to a global ecosystem (Europe / China / USA) to accelerate their international growth.

     

    Mingpo Cai, President of Cathay Capital Private Equity, concludes: “Connecting French, Chinese, and American start-ups with the whole world may look obvious. But this approach did not exist until now in the world of venture capital and meets a real need of digital entrepreneurs. The entrepreneurs must accelerate the diffusion of their innovations and quickly scale up globally. We are very grateful to our historical investors for having adhered to this vision and very pleased to welcome with this fund new partners in our ecosystem.

     

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    About Cathay Innovation

    Cathay Innovation is a global venture capital fund, created in affiliation with Cathay Capital Private Equity.  It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy.  As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Cathay Innovation has offices in San Francisco, Paris, Beijing, and Shanghai.

    Follow Cathay Innovation on Twitter (@Cathayinnov) and on our website (cathayinnovation.com)

     

    About Cathay Capital

    Cathay Capital Private Equity, founded in 2006 by Mingpo Cai and Edouard Moinet, is a leading international private equity firm in the field of cross-border investment, committed to supporting the international expansion of companies from China, Europe and the United States. As a fund made by entrepreneurs for entrepreneurs, Cathay Capital’s team leverages on Cathay’s unique business model and platform to help create value for companies by removing borders. Cathay’s Group presence across three continents materialises through offices in Shanghai, Beijing, Paris, Munich, New York and San Francisco. At the end of 2016 the team was composed of 60 employees – among which 41 investments professionals – managing 7 funds and USD 1.5 billion in assets.

    For more information, please visit www.cathay.fr

     

    Media contact

    Yoann Besse, Citigate Dewe Rogerson

    +33 (0)1 53 32 78 89 / +33 (0)6 63 03 84 91 or yoann.besse@citigate.fr

     

     

     

  • Cathay Innovation invests in Lechebang, to participate in the Chinese car aftermarket opportunity Cathy Innovation recently completed an investment in Lechebang, China’s largest mobile car maintenance and services platform that uniquely leverages 4S (“Sales, Spare parts, Service, Survey”) shop networks. This $40M series-B round of financing was led by Far East Leasing, along with Cathay Innovation and existing investors, Sequoia China, Joyson Electronics and Vertex Ventures. Read more

    Cathay Innovation invests in Lechebang, to participate in the Chinese car aftermarket opportunity

     

    Cathy Innovation recently completed an investment in Lechebang, China’s largest mobile car maintenance and services platform that uniquely leverages 4S (“Sales, Spare parts, Service, Survey”) shop networks. This $40M series-B round of financing was led by Far East Leasing, along with Cathay Innovation and existing investors, Sequoia China, Joyson Electronics and Vertex Ventures.

     

    The Chinese automotive industry has entered a new phase, characterized by the slowing growth of new car sales, and, as the car population expands and the average car age increases, the increasing growth of the car aftermarket. With 190 million cars on the road today, with an average car age reaching 5.2 years in 2022 – which means that more and more cars are getting out of their warranty period – the demand for maintenance and aftermarket services is expected to explode. The Chinese aftermarket market is expected to grow to close to a trillion RMB this year.  

     

    The car maintenance and aftermarket services sector is still highly fragmented, and 4S shops represent 70% of the market – independent roadside workshops represent the remainder. Lechebang is uniquely positioned to leverage the spare resources in 4S shops and its advanced data and transactional platform to provide Chinese car owners with a mobile-first, one-stop-shop, car maintenance experience with competitive prices and highly customized services. Lechebang has more than 10 million registered users, cooperates with nearly 3,000 4S shops and covers 24 cities.

     

    This investment illustrates the on-going commitment of Cathay Innovation to the automotive and mobility sector, catalyzed by the world-class resources, knowledge and experience brought to the portfolio companies in this sector by its limited partners Valeo, Michelin and Total.

     

    Jinwen LIN, founder and CEO of Lechebang, said: “I believe the 4S shop market in China is severely underdeveloped and has a tremendous development potential catalyzed by mobile services and a better allocation of capital. Lechebang plans to deepen its cooperation with 4S shops across the countries, and we will keep expanding our geographical footprint to build China’s largest car maintenance network. We are thrilled to welcome Cathay Innovation as an investor and to gain access to Cathay Capital’s global resources and sector expertise, which we believe will support the fast growth we expect in the coming years.”

     

    Nicolas DU CRAY, Partner at Cathay Innovation, said: ”by uniquely leveraging underused offline maintenance service resources and by making them available to car users via mobile phones, Lechebang is a perfect illustration of the kind of innovative business models China is able to create. By creating new business opportunities for our investors, the company will also be fully integrated in the Cathay Capital ecosystem, which aims to facilitate cooperation between innovative companies and large companies, and to add value through increase connections between China, Europe and the US. We are thrilled to add such an exceptional team to our family of entrepreneurs.”

     

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