Beijing-based ZhenFund eyes $190m fifth venture fund

Chinese Yuan notes. Photo: Reuters

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.