Monad targets up to $150m for second China software fund
Monad Ventures, a China-based VC firm specialising in early-stage enterprise software investments, is looking to raise up to USD 150m for its second US dollar-denominated fund.
The target range is USD 100m to USD 150m, according to sources close to the situation. The firm raised USD 50m for its debut vehicle in 2019, securing commitments from financial services groups, family offices, and entrepreneurs.
Monad - which is also known as Chuxin Capital - was founded in 2015 by Jiangchuan Norah Tian, a former investment banker at UBS who went on to work for CITIC Capital. It focuses on enabling digital tools and industrial software that can power the digital transformation of Chinese enterprises.
The firm also manages two renminbi funds - one closed in 2015 on CNY 100m (USD 15m) and the other in 2017 on CNY226m. A third local currency vehicle is currently in the market with a target of CNY 500m, the same sources said.
Monad has backed about 100 start-ups to date, usually as the first institutional investor. Standout projects include opensource database company PingCAP, smart customer service provider Leyan Technologies, intelligent data services specialist Deepexi, industrial robotics developer Robotphoenix, robotic process automation (RPA) player Shadowbot, and collaboration tool provider Shimo Docs.
The firm's recently launched 2022 trend report on enterprise software in China identifies seven emerging industry trends: web3 and metaverse infrastructure, cloud-native and open source infrastructure, professional consumers or prosumer, cybersecurity, and software going global.
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