Funding round
WeLab Series B
WeLab, which works in digital banking services in Hong Kong Island, raised $220M in a Series B round announced on 8 Nov 2017, led by Alibaba Entrepreneurs Fund and International Finance Corporation. 6 firms took part. It is WeLab's second venture round on record; the one before was a Series A in Jan 2015.
$220M
Amount raised
Not disclosed
Post-money valuation
6
Investors
2 leads
Valuation
What this round says about the price
WeLab did not disclose a valuation in this round. It came 34 months after WeLab's Series A. It is 36% of the $616M WeLab has raised in the venture rounds on record. WeLab raised again 25 months later: a Series C round of $156M in Dec 2019.
WeLab's funding rounds
WeLab has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Alibaba Entrepreneurs Fund and International Finance Corporation led the round with 4 other firms.
Lead investors
- backs 18 venture-backed companies new investor
- International Finance Corporation backs 92 venture-backed companies new investor
Also in the round
- CK Hutchison’s TOM Group new investor
- backs 12 venture-backed companies new investor
- Sequoia Capital backs 589 venture-backed companies new investor
- Credit Suisse new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Series B rounds in Banks & ATMs:
Sources
Where this comes from
Reported by 4 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did WeLab raise in its Series B round?
WeLab raised $220M in its Series B round, announced in Nov 2017.
Who led WeLab's Series B round?
Alibaba Entrepreneurs Fund and International Finance Corporation led it, with CK Hutchison’s TOM Group, Khazanah Nasional, Sequoia Capital and Credit Suisse.
What was WeLab's valuation at the Series B round?
It was not disclosed.
Did WeLab raise again after this round?
Yes: a Series C round in Dec 2019 of $156M.