Chinese VC Buhuo Ventures hits first close of second RMB fund at $100m

Chinese venture capital firm Buhuo Ventures has reached the first close of its second RMB-denominated fund at 700 million yuan ($100 million) as the company reloads ammunition for opportunities in early and growth-stage startups in the innovative supply chain and supply chain-driven consumer fields.

LPs in the first close include institutional investors, government-guided funds, funds of funds (FOFs), and family offices, among others, Buhuo Ventures announced in a WeChat post on Friday. About half of the dry powder was contributed by the firm’s existing LPs.

The second yuan fund has already invested in six startups. It made its first bet in Guoquan Shihui, a Chinese convenience store chain operator that provides hotpot and barbecue ingredients in residential communities.

Earlier this week, the startup announced the completion of a $60-million Series C round led by consumer investment fund GenBridge Capital. Buhuo Ventures, which re-upped investment in the latest round, said that the company was given a valuation of over $500 million.

Founded in September 2017, Buhuo Ventures currently manages over 1.3 billion yuan ($186 million) across two RMB-denominated funds and primarily invests in early and growth-stage companies in the innovative supply chain startups, supply chain-driven consumer services providers, and technologies that can replace human labour.

The three-year-old firm has so far backed over 30 companies. Four of its portfolio firms are valued between $500 million and $2 billion, including Guoquan Shihui; business-to-business (B2B) engineering machinery rental service Zhongneng United; omnichannel smart retail solutions developer iBOXCHAIN; and Carzone, an automotive aftermarket services firm also backed by Warburg Pincus and Alibaba co-founder Jack Ma’s Yunfeng Capital.

Beijing-based Buhuo Ventures said in the post that it has two portfolio firms valued at above $200 million, and seven valued at around $100 million, as well as two planning to launch their initial public offering (IPO) work in 2021.

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.