Consumer specialist Tiantu closes $218m renminbi fund

LPs include state-owned investors, listed companies, industry funds, banks, securities companies, and family offices, according to a statement. Some of the listed players were originally Tiantu portfolio companies that it backed all the way to IPO.

The VC firm claims that one of the commitments to the new fund represents the largest allocation to the consumer sector by a state-owned LP in five years.

Founded in 2022, Tiantu oversees eight renminbi funds and three US dollar funds with around CNY 25bn in assets under management. The strategy is largely focused on technology-enabled solutions around consumption, supply chains, cross-border expansion, and biotech.

Tiantu has backed more than 200 companies to date, including diary brand China Feihe, bubble tea chain Nayuki, fruit distributor Pagoda, and braised duck restaurant chain Zhou Hei Ya. All four ended up going public in Hong Kong.

It has also invested in the likes of social media platform Little Red Book, coffee brand Saturnbird, and hotpot ingredients supplier Guoquan. The latter recently filed for a Hong Kong IPO.

“China remains the world’s largest and most certain growth consumer market. After a new round of reshuffling, the opportunities for startups and innovations are still huge," said Pan Pan, a managing partner at Tiantu.

"[We] will combine our cognitive and resource advantages to help start-ups build competitiveness in product innovation and operational efficiency, so as to achieve long-term sustainable growth."

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• Topics
• Greater China
• Consumer
• Fundraising
• Venture
• GPs
• Technology
• China
• Renminbi
• Consumer
• Tiantu Capital
• Fundraising