China’s K2VC closes $150m growth-stage RMB fund
K2VC, a Chinese early stage VC firm, has closed a new renminbi-denominated fund worth RMB1 billion ($150 million). It will target investments in growth-stage Chinese start-ups.
The vehicle - Xian Feng Qi Yun - will invest in technology, media and telecommunication (TMT), as well as healthcare companies. It looks to deploy RMB30 - RMB100 million in each round, typically in Series B, according to a statement.
K2VC was the result of a spin-out from Chinese VC firm Ceyuan Ventures in 2010 and a partnership with financial advisor China Renaissance. The firm is focused on investing in Series A and Pre-Series A rounds. Its previous investments include Chinese online beauty platform Jumei.com, steel trading platform Zhaogang.com, installment payment platform Fenqile and female social networking site Meet You.
In China, majority of the VC investments made through US dollar funds, while domestic VC investors are mainly focused on angel and pre-IPO investments, Keqi Chen, K2VC's co-founder, said in the statement. "As China's capital market becomes more mature, many high-growth internet companies will choose to list onshore instead of going for IPOs in the US. As such, they're looking for assistance from growth stage renminbi fund managers," he added.
In line with the latest fund close, K2VC has appointed two new partners. Shiyu Wang, previously worked in Qiming Capital Partners and China Renaissance, will cover TMT sector across media and entertainment, e-commerce and enterprise software. Another partner Yuan Cui, formerly a vice president in Qiming, will look after healthcare investments in the areas of medical device, drug discovery and healthcare services.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.