Greater China
China's Whale Capital achieves first close on food fund
Chinese consumer-focused VC firm Whale Capital has reached a first close of undisclosed size on its latest renminbi-denominated fund, which will specialise in the food industry. The target is CNY 500m (USD 73m).
Prosperity7 backs China-founded unstructured data specialist Zilliz
Prosperity7 Ventures, a venture capital fund established by Saudi Arabia state oil giant Saudi Aramco, has led a USD 60m Series B extension for China-founded open-source software developer Zilliz.
China luxury goods player Secoo gets private equity bailout
Secoo Holding, a US-listed Chinese luxury goods retailer that has seen its stock price fall by 95% since the start of 2020 and has filed for bankruptcy twice in the past eight months, has received USD 4m in funding.
Winreal hits $150m first close on China tech fund
Winreal Investment, a China-based venture capital firm established by a former chief engineer at domestic telecom equipment provider ZTE Corporation, has reached a first close of CNY 1.3bn (USD 150m) on its latest renminbi-denominated fund.
China Merchants Group backs CDMO player Porton Advanced
Three entities under China Merchants Group (CMG) have led a USD 80m Series B round for Porton Advanced Solutions, a local contract development and manufacturing organisation (CDMO) that focuses solely on gene and cell therapy services.
Taiwan's Cherubic closes $110m VC fund
Cherubic Ventures, which makes early-stage investments in Asia and the US, has closed its fifth fund with USD 110m in commitments. Total assets under management now exceed USD 400m.
China carmaker SAIC raises $148m for mobility unit
Chinese carmaker SAIC Motor has raised CNY 1bn (USD 148m) to support the expansion of its mobile services unit, which last year launched a fleet of robotaxis.
C2 invests $25m in Eat Just to support China expansion
C2 Capital Partners, a China-based private equity firm that focuses on consumer sector investments, has committed USD 25m to Eat Just, owner of plant-based egg brand Just Egg.
Mobility: Batteries and beyond
The electrification of transportation has created a wealth of opportunities in energy saving and storage. Investors across Asia – led by China – are looking at batteries and other technologies
Energy transition case study: Towngas Smart Energy
Towngas Smart Energy wants to offer solar and energy management solutions to its existing piped gas customers across China’s industrial parks. Affinity Equity Partners is supporting the rollout
Energy transition case study: GLP
GLP’s sprawling warehousing and transport interests offer a unique view of the myriad energy issues that permeate the logistics value chain. Tech and common sense are the primary maintenance tools
China e-commerce SaaS player Dianxiaomi raises $150m
Chinese e-commerce software-as-a-service (SaaS) provider Dianxiaomi has secured a USD 110m Series D round led by SoftBank Vision Fund 2 and Sequoia Capital China.
China blockchain developer Bit raises $13m
Bit, a China, Singapore, and US-based blockchain infrastructure provider set up by former employees of Tencent Holdings, has raised USD 13m in Series A funding led by CMB International.
Asia renewables: Building out
A surge in renewable energy development is expected in the wake of most Asian jurisdictions making net-zero commitments. Investors are bullish on the macro picture but cautious on the detail
Energy transition case study: Axilone
Energy accounts for a relatively small portion of cosmetics packaging producer Axilone’s overall costs, but rising prices in Europe prompted owner Trustar Capital to accelerate transition efforts
China investigates Sino IC Capital executives
Several executives at Sino IC Capital, which manages China's largest semiconductor-focused investment fund, are under investigation for suspected serious legal violations.
Sequoia launches China accelerator
Sequoia Capital China has launched an accelerator programme under the Yue brand, which will provide systematic training and resources for entrepreneurs at the angel and Series A stages.
China's Insilico Medicine gets another $35m
Insilico Medicine, a China-based artificial intelligence-driven drug discovery company, has closed the second tranche of its Series D round on USD 35m, with Prosperity7 Ventures taking the lead.
Cartesian seals deal for China rollout of restaurant chain Popeyes
Cartesian Capital Group, a US private equity firm that has served as Restaurant Brands International’s (RBI) joint venture partner for Burger King in China for the past decade, has been awarded exclusive country development rights for the company’s Popeyes...
US private debt player Waterfall launches in Hong Kong
Waterfall Asset Management, a US alternatives manager primarily active in the private debt space, has established an Asia presence with the opening of an office in Hong Kong.
China logistics robotics player Geek+ raises $100m
China’s Geek+, a manufacturer of robots used to move merchandise around warehouses, has raised USD 100m in Series E funding at a valuation of about USD 2bn.
Hong Kong's Gly Capital closes debut mobility fund
Gly Capital Management, which is majorly owned by a Chinese automaker, tapped external investors for the first time in raising USD 163m for global investments in smart cities and smart cars
China's Black Sesame completes Series C with $500m haul
Black Sesame Technologies, a China-based chipmaker specializing in autonomous driving applications, has closed a Series C extension led by SummitView Capital. This brings the size of the overall round to USD 500m.
Gaorong, Tsing Song back China CDMO IntellectiveBio
Gaorong Capital and Tsing Song Capital have led a CNY 500m (USD 74m) Series C for IntellectiveBio, a China-based contract development and manufacturing organisation (CDMO).