Microsoft Ventures Accelerator Member 91Jinrong Raises 60 Million RMB
BEIJING, Oct. 31, 2013 /PRNewswire/ -- 91Jinrong, a member of Microsoft Ventures Accelerator's third class in China, received a second round of investments of RMB 60 million from CBC Capital, Matrix Partners and other institutions. 91Jinrong joins the ranks of emerging tech startups who see an accelerated success through Microsoft Ventures Accelerator (MVA).
91Jinrong, known as the "Wal-Mart of finance", matches of potential consumers with corresponding financial institutions to receive personalized services. 91Jinrong diverts traditional offline services online, resolving problems of high cost and differing service quality inherent in the traditional centralized business model, thereby promising more stable growth of its own business.
Founder and CEO of 91Jinrong Xu Zewei said: "By joining Microsoft Ventures Accelerator in China, we've been able to focus more on product and business innovations in the online financial services sector. With the help of MVA, we continuously improve technology, products and services to provide one-stop financial intermediary services for financial institutions, small and micro-size enterprises, and personal users. The model is lauded in the market and we have successfully received Series A funding. MVA provides us with Windows Azure service packages and technical support free of charge so that we can shift our business platform to the more efficient and economical Microsoft cloud. All our products are based on the Windows Azure cloud platform."
According to Xu Zewei, as of September, 2013, 91Jinrong has formed partnerships with over 300 financial institutions, including the Industrial and Commercial Bank of China, Standard Chartered Bank, Sunshine Insurance and China Continent Insurance, with over RMB 300 million in daily loan transactions, and more than 2,000 daily insurance transactions, serving hundreds of thousands of financial product consumers.
"Microsoft Ventures Accelerator has always been dedicated to helping technological startup enterprises to resolve major challenges from product development to market opportunities and fund raising. We are very glad to have witnessed the fast growth of 91Jinrong," said Vanessa GAO, CEO in Residence of Microsoft Ventures Accelerator Greater China. "Since its launch in July 2012, MVA in China has provided comprehensive entrepreneurship guidance and services for 47 startups. Over 90% of these companies have received investment in various phases. We expect to help more young companies in China to rapidly grow their business and overcome funding and other obstacles with Microsoft's strong technical support, unmatchable global market reach and in-depth cooperation with over a hundred investment institutions."
Backed by the venture environment created by Microsoft Ventures Accelerator, 91Jinrong was able to stand out in the rapidly developing and fiercely competitive internet financial service industry, and joins fellow MVA startups that have received investment funding. Mobile application testing service provider Testin received round A financing of USD 9.9 million from IDG. China's top personal knowledge management and notebook software Weizhi Note received pre-A round financing of 10 million RMB from Gobi Investment. The first mobile phone video social networking software in China Weipai and business intelligence and business information service provider EverString both received angel investments of over USD 1 million.
Recruiting of startups for Microsoft Ventures Accelerator Class 4 has recently commenced. After application and selection, the venture enterprises will be provided with free world-class working space, technical and operating guidance, mentorship, training, access to capital, talent recruitment and legal support through Microsoft's world-class corporate venture program.
Visit Microsoft Ventures at www.microsoftventures.com to learn more about how Microsoft is helping the next generation of smart companies take flight.
Microsoft Ventures Accelerator China Weibo: http://weibo.com/yunjiasuqi
SOURCE Microsoft Ventures Accelerator
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