# Panshi funding: rounds and investors

> Panshi has raised $540M across 3 rounds since 2011. Investors include NewMargin Ventures, WI Harper Group and JD Capital. Every round with its source.

Source: https://millionrounds.com/company/panshi (Millionrounds; every figure on the page links to its filing or article)

China · [Series D startup](https://millionrounds.com/companies)

# Who invested in *Panshi*

3 rounds we have observed, with the 4 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Advertising & Adtech Martech

Valuation: $1.0B, Oct 2024

Funding summary Updated 26 Oct 2026

**$540M** raised across 3 rounds since 2011, from 3 sources

**$20M** Series A **$200M** Series B **$320M** Series D

- **Latest round:** Series D, $320M Oct 2018
- **Step-up i:** 1.6×
- **Investors:** 4

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2011 2012 2013 2014 2015 2016 2017 2018

**$20M** Series A

**$200M** Series B

**$320M** Series D

- **First round:** Series A, $20M
- **Biggest round:** $320M
- **Usual gap between rounds:** 4.3 years

## The rounds

- **Oct 2018** Series D **$320M** *1 new* CBB Reported by China Money Network
- **May 2015** Series B **$200M** *2 new* *1 returning* [WI Harper Group](https://millionrounds.com/fund/wi-harper-group) [NewMargin Ventures](https://millionrounds.com/fund/newmargin-ventures) [JD Capital](https://millionrounds.com/fund/jd-capital) From a historical funding record
- **Jan 2011** Series A **$20M** *1 new* [NewMargin Ventures](https://millionrounds.com/fund/newmargin-ventures) From a historical funding record

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Series A** 2011 **Series B** 2015 **Series D** 2018 [NewMargin Ventures](https://millionrounds.com/fund/newmargin-ventures) [WI Harper Group](https://millionrounds.com/fund/wi-harper-group) [JD Capital](https://millionrounds.com/fund/jd-capital) CBB

## Everyone who backed them

[NewMargin Ventures](https://millionrounds.com/fund/newmargin-ventures) VC firm **2** rounds

[WI Harper Group](https://millionrounds.com/fund/wi-harper-group) VC firm **1** round

[JD Capital](https://millionrounds.com/fund/jd-capital) Private equity **1** round

CBB no record of our own yet **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=panshi).

## Quick answers about Panshi

### Who invested in Panshi?

Panshi's investors include NewMargin Ventures, WI Harper Group, JD Capital and CBB.

### How much has Panshi raised?

Panshi has raised $540M across 3 rounds since 2011.

### When did Panshi last raise?

Panshi's most recent round was a Series D of $320M in Oct 2018.

### What was Panshi's biggest round?

Its most recent round, $320M in Oct 2018, is also its largest on record.

### Who backed Panshi first?

Panshi's first round on record, in Jan 2011, was backed by NewMargin Ventures.

### What stage is Panshi at?

Panshi's latest named round is a Series D, in Oct 2018.

### Where is Panshi based?

Panshi is based in China.

## Companies like Panshi

In the same sector, and raised in the last eighteen months.

[**Kevel** $75M · Oct 2026](https://millionrounds.com/company/kevel)[**Cashbanx** $4.1M · Oct 2026](https://millionrounds.com/company/cashbanx)[**Cuttable** $29M · Oct 2026](https://millionrounds.com/company/cuttable)[**Whop** $400M · Oct 2026](https://millionrounds.com/company/whop)[**Different** $48M · Oct 2026](https://millionrounds.com/company/different)[**Gradient** $24M · Oct 2026](https://millionrounds.com/company/gradient)

## Find investors like these

Search every investor by what they have actually funded, then narrow to your stage and market. Free.

Open the investor searchOr these rounds in the app