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ZhenFund CEO Anna Fang. Photo by Bloomberg
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Venture Capital Asia

China’s Venture Capitalists Start Making Deals, Amid Signs of Recovery

Photo: ZhenFund CEO Anna Fang. Photo by Bloomberg

A global epidemic that’s forcing billions of people to work and study from home, or wear masks whenever they go out, might not seem like the ideal time to sell cosmetics. But in China, Perfect Diary, a four-year-old online makeup retailer selling items like brightly hued lip gloss and eyeliner, has been thriving. Perfect Diary’s sales grew 250% in both January and February compared to sales a year ago, according to people who have direct knowledge of the company’s performance. 

No wonder, then, that earlier this month, Tiger Global Management led Chinese private equity firms Hopu Management Investments and Boyu Capital in a $100 million investment in the startup. The fundraising valued the company at $2 billion, doubling its previous valuation from last September when it most recently raised money, according to people with direct knowledge of the deal. 

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