China’s Ameba Capital seeks to raise $265m for new SaaS fund

Wang Donghui, Ameba's founder and managing partner, also goes by his English name Kevin Wang. Source: Ameba Capital's website

Ameba Capital, a Chinese venture capital (VC) firm that focuses on the enterprise services and IT sectors, is looking to raise $265 million for a new fund, according to its filing with the US Securities and Exchange Commission (SEC) on Tuesday.

The new fund, dubbed “Ameba China SaaS Fund,” has yet to secure any capital commitments in the US, shows the filing signed by Wang Donghui, Ameba’s founder and managing partner who also goes by his English name Kevin Wang.

Ameba did not immediately respond to DealStreetAsia’s email request for more information.

Wong founded Ameba in 2011, after departing from Hong Kong-listed software company Kingsoft Corporation where he had served as executive director and CFO since 2005. Prior to Kingsoft, Wong spent eight years working at accounting firms Ernst & Young and PwC.

Shanghai-based Ameba invests in early- and growth-stage startups in the segments of enterprise services, big data/artificial intelligence (AI), consumption, and industry upgrade.

The firm has backed about 100 startups, including US-listed fashion social e-commerce platform Mogu, smart campus solutions provider Xiaoyang Group, drug e-commerce website Yaobangmang, as well as SaaS startups Jushuitan Network Technology and Leyan Technologies. Ameba also invested in CoutLoot, an online fashion marketplace in India.

Before its new fundraising attempt, Ameba booked 2 billion yuan ($310.3 million) in total assets under management (AUM) for individual investors and entrepreneurs in the Internet space, as well as funds of funds (FOFs), it revealed in a post on its official WeChat account on July 30.

Ameba-backed WM Motor, an electric vehicle (EV) brand which was close to raising about $500 million in new funding, is seeking to go public on Shanghai’s Nasdaq-style STAR Market. Ride-hailing giant Didi Global, also the firm’s portfolio firm, is facing potentially heavy penalties due to China’s heightened user data security review, shortly after its $4.4-billion US IPO.

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.