Northern Light VC closes third USD fund at $400m
China-focused early-stage investor Northern Light Venture Capital (NLVC) has closed its third US dollar fund, together with its parallel funds, at $400 million.
Capital commitments came from leading institutional investors in the US, Europe and Asia, including leading Silicon Valley firms Greylock Partners and New Enterprise Associates. These two players will continue their affiliation with NLVC, providing strategic support and helping to evaluate certain investment opportunities.
Northern Light Venture Fund III will operate in the same vein as its predecessors, focusing on information technology, consumer services, cleantech and healthcare. Two thirds of NLVC's current investments are seed or early stage.
"China continues to be a compelling market and is poised to lead global innovation. The entrepreneurial spirit and many elements that shaped Silicon Valley are also taking hold here," said Deng Feng, founding managing director of NLVC, in a statement. "Additionally, we see exceptional opportunities in the domestic market driven by mega-trends such as urbanization and the evolution of middle class consumption patterns."
The venture firm, founded in 2005, has invested in more than 60 companies through its existing four funds, two of which are US dollar-denominated and two renminbi-denominated. Portfolio companies include Spreadtrum Communications and Hanting Hotels, both of which are NASDAQ-listed, as well as Kaixin001.com, Velo City, City Media and Prudent Energy.
Earlier this year, it participated in a Series B funding round for LED firm ShineOn Holding, alongside Mayfield Fund, GSR Ventures and IDG-Accel Capital.
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