DeHeng Advised NAIVE BLUE on Completing Series A Financing

2020-03-03

Recently, the image service brand "NaiveBlue" has completed the closing of Series A financing of RMB 45 million from Ventech Capital, Evershine Capital and V Star Capital.

The pointcut of NaiveBlue entering the market in 2010 is portrait photography, pitching "exquisite photography", with the basic vision of providing "more beautiful" portrait photography service. In order to expand to lower-tiered markets, it integrated offline resources in non-first-tier cities, and in 2017, it launched the franchised brand EASYFAST and its sub-brand EASYFAST Plus to remodel offline private photo studios to reach to clients in lower-tiered cities. The parallel development of NaiveBlue, EASYFAST and EASYFAST PLUS has attracted a large number of users in first-tier and non-first-tier cities with different consumption preferences, and built a unified brand image and integrated brand effect among users and cities of different levels, thus expanding sources of revenue.  According to data provided by NaiveBlue, as of October 2019, it had opened 58 stores in 20 large and medium-sized cities, in such high-end locations as Taikoo Hui and Grand Gateway in Shanghai and Deji Plaza in Nanjing. EASYFAST and EASYFAST PLUS had opened 182 stores in 45 small and medium-sized cities across the country.

As a long-term partner, the DeHeng team, led by partner Xu Dong, with primary support from business partner Chen Zhe and lawyer Xu Zhangqi,  provided high-quality, efficient and comprehensive whole-process legal services for the Series A financing, including, demonstrating the deal structure, drafting and revising investment documents, negotiating terms and conditions, legal consultation, assistance with closing.