BlueRun Ventures closes sixth fund at $130m, falls short of target

A packet of former U.S. President Abraham Lincoln five-dollar bill currency is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo

US-based BlueRun Ventures (BRV), an early-stage venture capital firm with active operations in China, has closed its sixth fund at $130 million, shy of its original target of $200 million.

The firm had reportedly closed its fifth fund at $150 million in 2014, and fourth fund just under $250 million in early 2013, which, too, was short of its initial target of $300 million.

The latest fund, BRV VI, will be used for early-stage investments, both seed and Series A rounds, focused on mobile software and services, financial technology, and digital health, the company said in a statement on Wednesday. It is the latest US-focused fund with the mandate to invest in global teams with a go-to-market strategy in the US.

Jonathan Ebinger, general partner at BlueRun Ventures, said, “Investing in early stage is a consistent focus for our firm and our role in the venture ecosystem. Our core belief is that targeted funds yield better returns over time. The close of BRV VI is a continuation of our firm’s strategic efforts.”

The Menlo Park, California-based BRV invests in information technology, mobile and consumer technologies, with an emphasis on early stage mobile opportunities. Since inception in 1998, it has invested in over 160 companies, with select exits from PayPal (acquired by eBay), Waze (acquired by Google), Topsy (acquired by Apple), Coupa, and more.

BRV claims to one of the first US firms to open local offices in China (Shanghai and Beijing) and Korea.

Its most recent investment in China was in Iris (Integrated Retail Information Solution) in December last year, according to Crunchbase data. In November, it participated in a $15-million funding round of Nanyan Information, a Shanghai-based online insurance service company. The same month, it also invested in wealth management consulting service provider Xiaobangtouzi.com.

The firm’s other China investments include NingBo HS-Power Drive Technology, healthcare information portal Baikemy.com, and art education platform Meishubao.

Concurrent to the fund close, BRV also announced Cheryl Cheng’s promotion to general partner.

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