Ex-KPCB China executive Wei Zhou launches new VC firm

China Creation Ventures, which Zhou set up with his ex-KPCB colleagues Xin Tang and Yu Liang, will focus on early and growth stage companies in China’s telecom, media and technology (TMT) sector. In addition to the renminbi fund, the firm is raising a US dollar vehicle.

The renminbi fund received commitments from domestic institutional LPs including CreditEase’s private equity fund-of-funds and CICC Qiyuan National New Industry Venture Capital Guidance Fund, as well as from assorted Chinese internet entrepreneurs, according to an announcement.

Financial services, big data, artificial intelligence, and media and entertainment platforms are the primary areas of interest. The fund will also support Chinese companies expanding overseas.

“Technology innovation will be the key driver for Chinese businesses in the next 10 years,” Zhou said. “Chinese companies have reached a turning point – they have become more competitive and adaptive to local innovation. Companies that intend to expand overseas or firms that adopt advanced technology to lower operational costs and increase efficiency will be the focus of our investments.”  

Zhou joined KPCB China in 2007 and led its China digital practice group. Before that, he served as the CEO and chairman of Shanghai Hanbo Technology, an online payment solutions provider. Tang and Liang were both directors at KPCB China, and they have worked alongside Zhou for about 20 years.

The China Creation Ventures founding team has previously invested in JD.com, JD Finance, Rong 360, and Yixia Technology, among others. Nearly 20 of their former portfolio companies are now worth over $1 billion, the GP said.

KPCB China was set up in 2007 by TDF Capital and US-based KPCB. It was led by TDF’s Tina Ju, David Su and Forrest Zhong, and Joe Zhou, formerly of the SoftBank Asia Infrastructure Fund (SAIF). KPCB’s first US dollar fund closed at $360 million in 2008. A debut renminbi fund of RMB380 million followed in 2010 and a second US dollar fund worth $250 million closed in 2011.

By that point, the original KPCB China team had begun to break up. Joe Zhou departed in 2008 to set up Keytone Ventures, while Zhong left in 2011 and formed South River Capital Partners. Wei Zhou and Ju were responsible for managing KPCB China’s second fund.

In 2014, Ju reactivated the TDF Capital franchise and tried to raise a new fund.

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• Topics
• Greater China
• Fundraising
• Early-stage
• Renminbi fund
• Technology
• China
• TMT
• KPCB China Management
• Growth capital
• Venture