By Evan Vitale
What new in venture capital news?
According to the Wall Street Journal, Justworks – a benefits and payroll company – has secured $33 million in Series C funding, which brings the total amount the company has raised to $53 million. Redpoint Ventures led the round and had participation from existing investors Bain Capital Ventures, Thrive Capital and Index Ventures.
You can read the full story here: on.wsj.com/1TOM8Xu
Who is the biggest venture capital firm in the world? China.
Fortune is reporting that China has funneled $338 billion into startup investment funds.
In bid to ease the slowing Chinese economy into a consumer-based rather than heavy industry-focused one, the country reportedly raised about 1.5 trillion yuan, or $231 billion, in state-backed venture funds through 2015, according to Zero2IPO.
That tripled its assets under management to $338 billion. The money, which is almost five times the amount raised by any other venture firm in the world in 2015, comes mostly from tax revenues or state backed loans, and is funneled into some 780 funds across the country.
The full report is here: for.tn/1p9jFht
Bustle, a New York City-based news site aimed at millennial women, has raised $11.5 million in new funding led by Saban Capital, with participation from GGV Capital and existing investors General Catalyst Partners, Time Warner Investments, and Social Capital. Richard Yen of Saban Capital will join the company’s board.
The media company, founded in 2013, has amassed an audience of 32 million, most of which are young women between the ages of 18 and 34, according to comScore. The site’s advertisers, including Campbells and Adidas, purchase packages that include a mix of native advertising, traditional display ads, and video. Last year, Bustle hit its revenue goal of $10 million. The company expects to “substantially outperform” its goal of $20 million for 2016, according to CEO and founder Bryan Goldberg.
The story is here: for.tn/1UlvBsp
