Eight Roads launches $350m China tech fund
Eight Roads Ventures has raised a China fund with a corpus of USD 350m which will make venture and early growth investments across enterprise, financial, and consumer technologies
It is the firm's second fund focused on technology in China, although it will also invest globally. Its predecessor launched in 2018 with commitments of USD 275m. In total, the firm has established nine funds backing entrepreneurs in China. Fidelity Group is the sole LP of the new fund, which will pursue a deep thematic investment approach, according to a statement.
Eight Roads has backed over 130 companies in China. Portfolio companies in tech include Alibaba Group, 3D digital data company DeepMirror, enterprise expense management software Fenbeitong, autonomous-driving specialists Inceptio, Innovusion, and Pony.ai, data analytics start-up Kyligence, and cross-border payment solution provider Pingpong.
“The launch of our latest specialised China technology fund, following our new USD 400m dedicated healthcare fund last year, shows our belief in the country’s capacity for the long game in technology innovation, development, and adoption,” said Jarlon Tsang, a managing partner and head of Eight Roads Ventures China.
The latest healthcare vehicle – Eight Roads China Healthcare Fund V – appears to be the firm’s second focusing on the sector in China. The first launched in 2017 with commitments of USD 250m.
Eight Roads, formerly known as Fidelity Growth Partners, spun out from Fidelity in 2019. It manages over USD 8bn of assets across offices in China, India, Japan, Europe and the US. Globally, it has backed 300 companies in the healthcare and technology sectors.
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