Qiming Venture Partners, a venture capital firm with a track record of successful investments in Chinese startups, has announced the final close of a new renminbi fund, raising RMB2.852 billion ($441 million).
The firm, which has invested in more than 380 companies since it was founded in 2006, said it now manages nine US dollar funds and six RMB funds with total assets under management of $5.9 billion, targeting early-and-growth stage investments in healthcare and the technology-media-telecommunications (TMT) sectors.
“Qiming managed to close both RMB and USD funds in the past five months, showing that LPs (limited partners) are optimistic about our investment strategy to invest in China’s innovative and developing science and technology,” Duane Kuang, founding managing partner at Qiming, said in a statement Tuesday.
Qiming says it made over 70 investments in 2020, while over 100 of its existing portfolio companies completed new financing rounds. It has had 13 successful public listings from its investment portfolio since 2020.
Qiming has in the past exited from investments in more than 130 companies through initial public offerings (IPOs), mergers-and-acquisitions, or other means. Smartphone major Xiaomi, online-to-offline services company Meituan, video-sharing platform operator Bilibili, and Gan and Lee Pharmaceuticals are among the successful investments from which it has exited.
“In the past ten years, we have seen lots of Chinese entrepreneurs starting their business and striving to become a global leader in innovation,” said William Hu, Qiming’s managing partner. The closing of the firm’s new funds will enable it to “support more visionary founders realizing their entrepreneurial dreams,” he added.
