Joy Capital seeks $300m for China opportunity fund

According to a source familiar with the situation, the fund is targeting a hard cap of $330 million, and will focus on later-stage venture and growth rounds. More than 80% of the corpus is expected to be invested in follow-on rounds for existing portfolio companies.

The launch, confirmed in a US regulatory filing, follows the launch last year of the firm’s second vehicle, which is also targeting $300 million, as well as the closing of its debut fund in 2016 at $200 million.

Joy typically invests across Series A and B rounds in technology-related segments. Focus sectors include technology, media and telecom (TMT), e-commerce, consumer, automotive, entertainment, and traditional industries integrated with the internet. It has backed companies such as luxury goods trading platform 91Xinshang and e-commerce start-up The Good Stuff.

Last year, Joy led an approximately $105 million Series D round for Shanghai ShopEx Network Technology, a software and services provider for e-commerce companies. ShopEx had previously received investment from Legend, as well as investors such as Alibaba Group and Bertelsmann Asia Investments.

Joy also co-led a $60 million Series B round alongside Legend for Vingoo Juice, a Chinese start-up that creates vending machines that peel and squeeze oranges to serve cups of fresh orange juice within seconds and allow for payments to be settled online. As of last year, the company had 3,000 units in 176 cities.

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• Topics
• Greater China
• Fundraising
• Venture
• China
• Technology
• Joy Capital
• e-commerce
• TMT
• Consumer
• automobiles