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Digital counseling platform Yidianling serves urban China’s mental health needs | China Venture Roundup Volume 34

Written by KrASIA Venture Roundup Published on     2 mins read

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China Venture Roundup Volume 30 covers China’s investment activity from April 26 – May 2, 2021.

Understand what moves China tech with us — we roundup what you need to know about the local venture scene every Thursday morning 8am (GMT +8). The big investment stories, MNC partnerships, noteworthy startups, most invested industries of the week and more. 

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Startups on our watchlist

Yidianling (壹点灵)

Yidianling is an online psychological counseling service platform that raised eight digits in yuan (more than USD 1.5 million) in its Series B financing round from 58 Industry Fund, the VC arm of China’s leading local services provider 58 Group.

Nowadays, 73.6% of urban residents in China have suboptimal mental health conditions, while 16.1% suffer from various psychological disorders, according to a report issued by the National Health Commission. More than 30,000 psychological counselors use Yidianling’s system. They have so far served nearly 2.4 million customers.

Top Investment Story 

FITURE has secured USD 300 million in a Series B round led by Sequoia Capital, Tencent, and GSR Ventures. This round further cements the company’s leading position as one of the world’s fastest-growing smart fitness equipment manufacturers. The funds raised will be allocated to expand FITURE’s partner network and offer free trials for new customers nationwide.

Founded in 2019, FITURE introduced its first household fitness product FITURE Slim—a full-length smart mirror that allows users to access fitness courses and track their workout sessions.

KrASIA News Picks

China’s B2B tech startups are flourishing under the radar

B2B tools have an incredibly broad footprint in China. Just look at how various mom-and-pop stores utilize e-wallets like Alipay and WeChat Pay, and how small-scale merchants located in every corner of the country use e-commerce channels and livestream platforms to showcase their products to millions of people.

In this flurry of business transformation that moves paper to pixel, and human undertaking to automation, a cluster of ascendant B2B startups have emerged, many flush with venture capital.

From viral videos to dining and trips: Douyin takes a bite out of Meituan’s business

Thanks to its wide reach and stickiness, Douyin quickly established itself as an engine for advertising revenue, partnering with top local and foreign brands across consumer product categories. According to Reuters, ByteDance generated over RMB 180 billion (USD 27.2 billion) in advertising revenue last year in China, second only to Alibaba, with Douyin accounting for around 60% of this revenue.

The next step of evolution for fast-growing Douyin in 2021 seems to be on-demand services, where it will compete directly against sector incumbents like Meituan and Ele.me.

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