Just four months after its launch in February 2018, Chinese blockchain news platform Mars Finance has announced it raised $51 million in a funding round led by Ceyuan Ventures and Huobi Global Ecosystem Fund.
Phenomenal Growth of Mars Finance
In his speech at the World Blockchain Conference in Singapore on June 8, 2018, Mars Finance founder Wang Feng revealed the funding round has a post-money valuation of 330 million RMB ($ 51.3 million).
Launched in February 2018, Mars Finance is a Chinese news and reports platform focussing on the blockchain and cryptocurrency sector. It provides free and publicly accessible hosting services for blockchain and cryptocurrency reference material, market segments, and online blockchain communities. The website operates in China under the name Houxing Finance, and its most popular platform is Mandarin-language Huoxing24.com.
Feng revealed the raised funds would be used to develop Mars Finance towards becoming a globally-accessible blockchain information service platform. Additionally, the website will be expanded to include English and Korean versions to serve more readers across the world.
Speaking at the conference, Wang Feng said:
“I hope we can think of how to combine the blockchain with the financial system to create new and more powerful forces, and put it into practice. Mars Finance has quickly established itself and obtained a Series A round worth 150 million yuan in valuation and financing. Just now, we have completed the A+ round of investment, and the valuation after the investment is now 330 million.”
Mars Finance closed a Series A financing round in March 2018, just a month after launch. The company was valued at 150 million RMB ($23.4 million) after the round, which featured IDG Capital, Fun City Capital, OK Blockchain Capital, and Future Cap amongst others.
Who are the Deep Pockets?
Based in Beijing, Ceyuan Ventures is an IT-focused early stage venture capital firm with a key interest in emerging growth companies. The Huobi Global Ecosystem Fund is a financing initiative set up by Huobi to invest in and form close partnerships with blockchain projects, in addition to working together and making the blockchain ecosystem more robust.
Mars Finance will be given access to Huobi’s plethora of internal resources and potential synergies that make its operations more efficient.