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StarVC co-founder launches new China VC fund

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Xiaoming Huang, a Chinese actor who co-founded celebrity fund StarVC, has launched a new venture capital firm called Ming Capital.

Ming Capital, which has invested independently since 2014, is co-led by Xiaoting Zhang, who was responsible for due diligence at StarVC. The firm expects to reach a first close of RMB500 million ($77 million) on its debut renminbi-denominated fund in June, receiving LP commitments from strategic investors, local government funds and fund-of-funds, it told local media in a press conference. 

Ming Capital invests in pre-A and Series A rounds - typically committing RMB10 million per round - and focuses primarily on the culture, consumer, media and entertainment sectors.

Prior to launching the fund, Huang and Zhang committed seed capital to eight start-ups. Each investment was about RMB5 million. They included fitness app Hotbody and auto lending platform Chedai.com.

Huang launched a super angel fund - StarVC - together with Chinese actress Bingbing Li and actor Quan Ren in 2014. Early investments included e-commerce site Handu and video app Miaopai. Numerous Chinese celebrities have entered the VC space on the back of the technology boom. For example, Huang's wife Angelababy set up a venture capital firm AB Capital.

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