China's XVC raises $330m for Fund II
XVC, a Chinese early-stage investment firm established by Boyu Hu, formerly of DCM Ventures and Blue Lake Capital, has closed its second US dollar-denominated fund with around $330 million in commitments.
The fundraising process began in the second quarter of 2019 and took about three months. Most of the LPs in XVC's debut fund re-upped and the firm attracted new investors such as endowments and foundations, family offices, and sovereign wealth funds. It is backed by institutional players in the US, Europe, and Asia.
The firm made regulatory filings for two vehicles in June and July, indicating targets of $265 million and $60 million, respectively. It now claims to have $600 million in assets under management, including its first US dollar and renminbi funds.
XVC will continue its strategy of making investments of $1.5-15 million and working with entrepreneurs that can leverage the firm's capital, experience and networks. There are three core themes to the investment thesis: digital platforms that improve user experience and efficiency; apps that collect data and turn it into customer insights; and companies that can become next-generation tech ecosystems.
According to AVCJ Research, XVC's investments include Koala Reading, a platform that assesses the difficulty of Chinese language texts and helps schools create digital libraries, Haoqipei, a B2B trading platform for auto parts, Zhuang Xiaomi, a home improvement portal, Hetao101, a provider of educational materials specializing in computer programming, and Fclassroom, an artificial intelligence-enabled teaching assistant.
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.