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.