
Hong Kong's Saltagen targets $120m for biotech fund

Saltagen Ventures, a Hong Kong-based venture capital firm led by Canada’s trade representative to the Asia Pacific Economic Cooperation (APEC) forum, is looking to raise USD 120m for a global biotech fund.
Founded in 2017, Saltagen describes itself as an early-stage deep-tech investor with a focus on North America and Asia. It has completed 18 deals to date, carving out a niche by helping biotech start-ups scale across the Pacific region. The firm has an investment team in Canada, and it has previously collaborated with the Canadian government on connecting with Asia tech ecosystems.
The new fund – known as Saltagen Global Fund II – will pursue opportunities in emerging areas of healthcare such as precision medicine and nanotechnology.
Saltagen was established by Joseph Fung, an investor and entrepreneur who has previously worked for Citigroup in alternative investments, Morgan Stanley in investment banking, and PCCW in business development. He claims to spearhead public-private institutional support from Canada and Hong Kong to help put start-ups on the path to global scale.
Partnerships with incubators, accelerators, venture capital investors, hospitals, and schools in Hong Kong, Canada, and the Greater Bay Area play a role in this process. Saltagen’s network includes Alibaba Entrepreneurs Fund, Hong Kong Science and Technology Parks Corporation (HKSTP), Cyberport, Fosun International, and Simon Fraser University in Vancouver.
The firm's portfolio features sustainable food start-up Evolved Meats, radar-enabled technology specialist Xandar Kardian, medical devices producer Kenota Health, and medical wearables player Helpwear. It also backed Sheertex, a self-proclaimed manufacturer of the world’s most resilient tights and stockings, which is now valued at more than USD 100m.
“Saltagen Ventures is confident that it can identify high-quality start-ups based on its rich operational and investment experience, and partner with aspiring founders to accelerate bioscience innovation and bring unprecedented breakthroughs to high-impact scientific research,” Fung said in a statement.
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