Cherubic launches $120m fund for US, China
Early-stage venture capital firm Cherubic Ventures is targeting $120 million for its latest fund aimed at investments in the US and China.
Cherubic has already raised $80 million toward its goal, founder Matt Cheng told TechCrunch in an interview linked on the firm's Twitter. About $50 million of the final corpus will be deployed in China, with the rest devoted to the US and other countries. Cherubic expects to back 60-70 companies, with part of the fund set aside for follow-on investments.
The GP also announced the opening of a new headquarters in Shanghai, which will house about half of Cherubic's team. Currently the firm has offices in Beijing, Taipei and San Francisco.
Cheng founded Cherubic in 2010, with an initial focus on China. The firm raised $42 million for its previous fund, which has invested in nearly 90 companies worldwide. Currently Chinese companies such as mobile retail app Taoshiji account for about 60% of the firm's portfolio; other investees include Taiwanese online fitness information provider iFit and US-based sports tech manufacturer Zepp.
The new fund will focus on investments in technology, with Cheng expressing particular interest in virtual reality and start-ups making use of scientific discoveries or engineering innovations. The firm will also seek investments in companies pursuing cross-border commerce and industrial internet applications.
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