China's Zai Lab raises $30m Series A round
Qiming Venture Partners has led a $30 million Series A round of funding for Zai Lab, a Shanghai-based biotech drug developer, with participation from KPCB, Sequoia Capital and TF Capital.
Hangzhou-based Tigermed, a pharmaceutical research firm that is a Qiming portfolio company, also took part in the round.
Zai Lab was founded earlier this year by Samantha Du, previously founder and CEO of Hutchison MediPharma and a healthcare-focused venture partner at Sequoia.
The new capital will be used to support clinical development programs as well as the licensing efforts. The company claims it is building a world-class team of experts to focus on developing novel medicines to treat cancer, immune system disorders and infections.
"Led by Dr. Samantha Du, Zai has an experienced management team with strong track record in China and globally. I have known this team for many years and they have unwavering support from the investment syndicate to build a global biotech powerhouse based in China," Nisa Leung, managing partner at Qiming, said in a statement.
Qiming currently manages six funds with $1 .6 billion in assets. The firm focuses on early to growth stage investments in internet and consumer, healthcare, information technology, and cleantech industries. Earlier this year, it raised $500 million for its fourth US dollar-denominated China VC fund.
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