China's Vitalbridge reaches $200m first close on Fund II
Vitalbridge Capital, a China-based venture capital firm that spun out from Trustbridge Partners, has achieved a first close of $200 million on its second US dollar-denominated fund.
The fundraising process began in May, with all LPs from Fund I re-upping, according to a source close to the situation. Vitalbridge raised $150 million for its debut fund in 2020, receiving commitments from domestic corporates, internet entrepreneurs and the founders of Chinese companies listed at home and overseas, international fund-of-funds, and family offices.
The firm was established by Jinjian Zhang, who previously spent approximately seven years at Trustbridge. He participated in investments in children's storytelling start-up Kaishu Story (also known as Kaishu Jianggushi), flower shop chain Beast, and language learning app Liulishuo, which went on to list in the US.
Vitalbridge focuses on healthcare technology and digital supply chains. It is the largest institutional investor in LM Technology, China's leading orthodontic institution for children. Other portfolio companies include enterprise reimbursement service provider Maycur, social customer relationship management (SCRM) specialist Dustess.com, and after-sales service platform Publink.
Zhang, 33, previously told AVCJ that, as a member of the younger generation of investors, he can stay on top of the latest trends and communicate effectively with founders, many of whom are his age or younger. He is also a strong proponent of opportunities in services, arguing that China is at a tipping point.
"Every country eventually reaches the stage where services rather than products are the major growth engine. What you buy at a restaurant is not just a meal, it is a service. Such opportunities will appear in all different sectors," Zhang said in an interview earlier this year.
"When you move from commodities to services, and you are seeing explosive growth on the demand side, it can be difficult for the supply side to keep up. We bet on the megatrend, which is to leverage disruptive innovation to enable specialists to fulfill services."
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