Beyond named as partner for Hong Kong venture fund

The selection means Beyond can mobilize up to HK$400 million from the ITVF for select deals, according to a statement. Beyond focuses on start-ups in technology, media and telecom (TMT), biotech, artificial intelligence, and healthcare spaces.

The ITVF was set up in 2016 with HK$2 billion ($255 million) to provide co-investment capital to select GPs for investments in Hong Kong start-ups, committing up to HK$400 million per GP. It invests on a passive basis at the invitation of the partner firm, amounting to 50% of the firm's contribution per deal.

Selection is open to VC firms incorporated in Hong Kong or overseas, provided the applicant focuses on innovation and technology start-ups, includes Hong Kong in its investment coverage, has a remaining fund life of five years or more, and remaining committed capital of at least HK$120 million. To be eligible for co-investment, a start-up must have been incorporated within the last seven years, have at least part of its R&D or production chain in Hong Kong, and have no more than 250 employees in and outside of Hong Kong.

Beyond was launched last year by several serial Hong Kong entrepreneurs in partnership with eGarden Ventures, a local VC firm that focuses on start-ups in mainland China. The firm is currently raising its first fund, which has a target of HK$1.2 billion and is backed by Hony Capital.

Beyond concentrates solely on Hong Kong, aiming to help start-ups grow and extend their business networks in mainland China and overseas. Its investments include forestry monitoring system developer Insight Robotics, electric motor creator ePropulsion Innovation, and genetic testing start-up Prenetics.

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• Topics
• Greater China
• Venture
• GPs
• Technology
• Hong Kong (China)
• Beyond Ventures
• TMT