China ZJ Capital targets $50m co-investment VC fund
Zhijing Capital Management (ZJ Capital), a Shanghai-based early-stage VC firm, is seeking $50 million for its debut US dollar-denominated fund. The vehicle will make co-investments in Chinese start-ups.
The firm was founded in 2012 by Michael Zhang and Harry Wang. Zhang is former vice president in China online retailer JD.com and senior director at Alibaba Group's B2C e-commerce site TMall. Wang was an early employee at Facebook before founding ZJ Capital.
The fund is expected to reach a first close next month, and a final close in June. Sources familiar with the matter told AVCJ it's already received more than $10 million soft circle commitments from former Facebook employees, Sillicon Valley veterans, and China internet companies.
The GP will co-invest with other investors in technology, media and digital start-ups across seed to Series B stage funding rounds.
Before establishing ZJ Capital, Zhang and Wang made above 20 venture investments, including Dianping.com, one of China's most popular sites for restaurant reviews, Chinese Software Developer Network (CSDN), SinoLending, Comconn Online Payments, and baixing.com.
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