RELX Raises RMB 38 Million in Angel Round Led by Source Code Capital

源码资本·June 25, 2018·0·0

Could become a differentiated challenger to IQOS

On June 25, domestic e-cigarette brand RELX announced the completion of its first funding round of RMB 38 million, led by Source Code Capital with IDG Capital participating. RELX founder Kate Wang said the proceeds will be used primarily for continued investment in product R&D and upgrading the user service experience.

Following the launch of its first-generation product, which made a splash in the domestic market, RELX will roll out its second-generation product in China, Europe, the United States, and Japan by the end of 2018. The new generation will focus on improving user experience and personalization.

Compared to other products in the e-cigarette market, RELX is characterized by being lightweight, convenient, safe, and effective. Zero operational cost — pick it up and inhale, no waiting, no cleaning, fast charging, and long battery life. "RELX is the easiest-to-use e-cigarette you've ever seen," said RELX founder Kate Wang.

Compared to leading brands in the international e-cigarette market, such as IQOS, produced by Philip Morris International, the world's largest tobacco company, RELX has two major advantages:

First, zero cleaning or maintenance required. With the same health benefits, there's no waiting and zero cleaning requirements, sparing users from potential odors and hazards caused by improper maintenance.

Second, one pod equals sixty. With the same smoking-cessation effect, one RELX pod is equivalent to sixty IQOS pods, making it more portable and convenient to use — no frequent inserting, removing, and discarding of cigarette butts — and more economical. A single pod lasts for days; inhale when you want, stop when you don't, with all-day battery life.

Yungang Huang, Partner at Source Code Capital, said: "The RELX team has a global vision and is doing something of enormous social value. CEO Kate Wang previously worked at Procter & Gamble, Uber, and DiDi, demonstrating strong leadership in her career. This top-tier founding team combines expertise in hardware, consumer goods, and the internet — a perfect fit for this endeavor. We look forward to seeing the RELX team bring more innovation to the industry."

Kuiguang Niu, Partner at IDG Capital, said: "RELX has developed its own distinctive strengths in product innovation and user experience. Starting from user needs, the RELX team is earnest and dedicated, with deep accumulated expertise in both consumer and internet sectors. As investors, we are bullish on the RELX team and are pleased to participate in the company's first funding round."

RELX's founding team comes from OPPO, Huawei, the Chinese Academy of Sciences, L'Oréal, Procter & Gamble, and Uber. "Our happiest moments are when we hear users say, 'After using RELX, my bronchitis got better,' or 'I've been using RELX for a month and haven't touched a single cigarette' — hearing this feedback is what we call our team's 'moment of joy,' which is why the Chinese name is 'Yue Ke' (Joyful Moment)," Wang said.

RELX founder Kate Wang said: "Most of our team members used to smoke. As strivers in life, cigarettes were a companion for us. We weren't unaware of the health risks — one team member's father died of lung cancer from excessive smoking during a low point in his life. Now, we're committed to driving change. Our mission is to accelerate the shift of one billion smokers worldwide toward a healthier, more enjoyable way of smoking. May all who enjoy smoking find joy without worry."

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