Chinese product design platform Lanhu joins unicorn club with $ 157 million round led by GGV

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Lanhu, a startup that operates an online product design collaboration platform, has secured 1 billion yuan ($ 156.6 million) in company-led Series C + funding round venture capitalist GGV Capital to become the latest unicorn in cloud-based software in China.

The startup announced at a press conference in Beijing last week that it had reached the unicorn valuation of over $ 1 billion at the end of the new round.

The company’s current shareholder, Sequoia Capital China, has also invested in the new round. MM Capital, a new economy-focused investment bank, served as the exclusive financial advisor.

The latest investment follows the completion of its 500 million yuan ($ 78.3 million) Series C cycle in May. Previously, Lanhu announced in April that it had raised a total of 300 million yuan ($ 47 million) over three funding rounds, including Series A, A + and B. Investors in its previous rounds include Lightspeed China Partners. and GSR Ventures.

Beijing-based Lanhu, whose clients include Chinese tech giant Tencent and smartphone brand Xiaomi, is an online collaboration platform that helps designers, front-end engineers and product managers improve performance. efficient design and production of Internet products.

Along with the new funding, Lanhu has also released its new one-stop product design collaboration tool, MasterGo, which it plans to offer free to individual users and participants in the education industry.

Beijing Jinwei Zhiguang Information Technology, the developer of Lanhu, registered nearly five million registered users and “tens of thousands of paying business customers” in May 2021.

Its corporate account bills emerging companies on average about 2,000 yuan ($ 313.3) per year, or 200 yuan ($ 31.3) per person each year, under a subscription model of workforce-based business.

The new product will mainly be used to increase investments in and upgrade existing products, as well as to incubate and create new product lines. The startup also plans to accelerate the development of its ecosystem in China, with the goal of becoming “a world-class cloud-based software company,” she said at the press conference.

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