Former Cyberagent Ventures Beijing head forms $30m China fund
Joei Dai, the former general manager of CyberAgent Ventures China in Beijing, has formed a venture capital firm Gravity Venture Capital (GVC) and is looking to raise $30 million to back Chinese start-ups.
According to Japanese news site The Bridge, the fund is looking to reach a close by the end of this month. The fund will have a particular focus on start-ups in the offline to online (O2O) and internet-of-things (IoT) segments, and will seek cross-border opportunities in the Japanese market.
The vehicle will also be used to make follow-on investments in companies backed by CyberAgent Ventures (CAV) via its Renminbi fund. Dai joined CAV in 2008 and oversaw the launch of the $16 million CAV Renminbi fund set up in 2012.
CAV also has two other China vehicles: the $22.8 million CA JAIC China Internet Fund launched in 2006; and the $19 million CA JAIC China Internet Fund launched 2010.
During Dai's tenure CyberAgent has executed a number of exits in China including restaurant booking service Fantongwang, mobile commerce platform Koudai.com, and android app market Gfan.com.
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