China: Blue Lake Capital is raising $200m for second fund

U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration

Shanghai-based venture capital firm Blue Lake Capital, led by former Sequoia Capital and GGV Capital executives, is raising $200 million for its second early stage fund, according to a stock exchange filing.

The Blue Lake Capital Fund II was launched in March this year.

In the filing dated July 27, it was stated as the fund’s “first sale yet to occur”, and the total remaining amount to be sold was $200 million.

A report in the Asia Venture Capital Journal on August 2, citing sources, said, Blue Lake has raised $120 million for the vehicle as the first close.

The commitments are from foundations, family offices and funds of funds in the US and Asia, the report said.

Blue Lake’s first fund also totals $200 million, according to its website. The firm targets early stage investments ranging between $1-15 million in the consumer and enterprise Internet sectors.

Most recently, Blue Lake led a $15 million series B funding round in online ticketing platform Ferris Wheel. The website is listing 11 portfolio companies, mostly Chinese startups. Blue Lake invested in mobile marketplace 5miles, a US company co-founded by an overseas Chinese entrepreneur.

Also read:

Blue Lake Capital leads series B in Chinese online ticketing firm

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.