ZhenFund, a Beijing-based Sequoia Capital China-backed seed fund, seeks to raise $190 million for a fifth venture fund within the year, according to a regulatory filing with the US Securities and Exchange Commission.
The firm, which aims to promote innovation among China’s youth, did not disclose further details about its fundraising, including the names of possible investors, and how it would use the funds.
ZhenFund was founded by New Oriental co-founders Bob Xu and Victor Wang in 2011 in collaboration with Sequoia Capital China.
The firm is one of the backers of Chinese co-working space operator Ucommune, which recently acquired Shenzhen-based Wedo, along with a number of startups in China and the US.
Recently, ZhenFund also backed the $4.5-million funding round in geothermal energy startup Dandelion. The startup left Alphabet Inc’s moonshot accelerator X in 2017 to become an independent company.
The venture fund also led the Series B funding round in Chengzhangbao, a Shaghai-based online quality-oriented education platform targeting K12 students.
According to data from CB Insights and global accounting firm PricewaterhouseCoopers, global venture capital investment jumped 49 per cent in 2017 to hit a record high of $164.4 billion, with the bulk of the growth coming from Asia.
For the first time, Asian investments topped $70 billion last year, led by China and India. The region thus closed in on the North American tally of $74.5 billion.