GGV and Chengwei Capital lead $20m round for Chinese animated film studio



film-reel-series-174731-mChina-focused venture capital firms GGV Capital and Chengwei Capital have led a $20m financing round for Light Chaser Animation Studios.

Hillhouse Capital and IDG re-upped in the now closed Series B round, having previously laid down capital in the animated film company’s Series A financing initiative.

Light Chaser was founded in March 2013 and aims to create world-class animated films with Chinese cultural touch.

GGV Capital managing partner Jixun Foo said, “The movie market in China is booming, and certainly there is a very significant growth space for Chinese animated feature films.

“We are impressed by the vision and execution capability of Light Chaser. Within a very short period of time, they have built up an excellent team and a world-class animation production pipeline.”

Light Chaser is in production for its first 3D animated feature film Little Door Spirits which is expected to be completed by July 2015 with a budget of $12m.

Chengwei Capital’s Sha Ye who has read the script said, “The film tells a novel and interesting story. You will laugh and you will be touched.”

US and China-focused venture investor GGV Capital announced in May that after raising $620m for its latest fund it led a $15m investment in Asian startup cab provider company GrabTaxi.

Shanghai-based firm Chengwei Ventures recently participated in a $88m investment in China CBM Investment Holdings, as part of an management buyout of green energy company Asian American Gas.

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