China Creation Ventures closes its second dollar-denominated fund at $300m

Beijing, China

Early-stage venture capital firm China Creation Ventures (CCV) has made the final close of its second US dollar-denominated fund at $300 million, the firm said on Monday.

The fund is the third launched by CCV since it was established in 2017. CCV’s debut fund, a $200 million USD fund, was launched in July 2018.

The venture capital firm plans to close an RMB fund soon, it said.

The latest USD fund received capital commitments from a slew of new limited partners (LPs) including endowment funds, pension funds, and funds of funds (FOFs), besides existing investors. The LPs are based in North America, Europe, and Asia.

With the fresh fund, CCV will continue to look at early-stage investments in industrial internet, new generation technology, artificial intelligence (AI), digital healthcare, and new consumption.

CCV, which was founded by Wei Zhou, a former KPCB China Managing Partner in Beijing, invests in the TMT (technology, media, telecom) industry with a focus on new generation technology, industrial internet, digital healthcare, and new consumption. It manages about 5 billion yuan ($745 million) in assets.

Over the past three years, CCV has invested in a slew of emerging startups in China. This includes e-commerce giant JD.com, JD Finance, Shenzhen-listed internet security solutions developer Venustech Group, audio sharing platform Ximalaya, fintech conglomerate CreditEase, and Asian Innovations Group. 

According to a separate press release on Monday, CCV has teamed up with Sequoia Capital China, MatrixPartners China, Morningside Venture Capital, and others, collectively infusing 200 million yuan ($30 million) in the digital medical-focused marketing solutions provider Naxions.

“We will keep on nurturing competitive startups in China, and support them to grow stronger and bigger,” said Zhou, founding and managing partner, CCV, in the statement.

In October, two other Chinese firms have raised UDS funds. Early- and growth-stage investment focussed Gaorong Capital completed its fifth USD fund for $1.15 billion. Linear Capital had also closed a nearly $200 million fourth USD fund. 

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.