China’s Yi Capital closes $116m VC fund

LPs include national and local level government guidance funds, Chinese listed companies and entrepreneurs. Home appliance manufacturer Joyoung, CICC Qiyuan National New Industry Venture Capital Guidance Fund, Shanghai Zhangjiang S&T Investment, E-Town Capital, How Buy Fund-of-funds, CICC Wealth Fund-of-funds and CITIC Industrial Fund of Funds are all represented.

Yi Capital was founded by Vivian Chen, formerly a senior partner at CDH Venture, and Muqing Li, who was a partner at the same firm, in 2014. Focusing on technology, media and telecom (TMT), Yi Capital targets finance, automotive, logistics, e-commerce and local services, according to a statement.

The firm already invested in several companies including online real estate agency Lianjia and 5i5j.com, and online lending firm Daihoubang. It also co-led a $50 million Series C round for Shansong Express, a Chinese start-up that provides intercity courier services, alongside SIG Asia.

In February, Shenzhen-listed company Kunming Sinobright acquired a 100% stake in 5i5j.com, facilitating an exit for Yi Capital.

Recent China VC fundraising activity includes Morningside Venture Capital closing its debut renminbi fund at $143 million in March, and Banyan Capital raising $725 million across US dollar and renmibi vehicles. Source Code Capital, which closed its third US dollar fund at $260 million, also reached a first close of $218 million on its third renminbi fund. 

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• Topics
• Greater China
• Fundraising
• Venture
• Renminbi fund
• Technology
• China
• TMT
• CDH Investments Management
• Venture