Chinese VC firm XVC raises $330m for its second fund

City square in Beijing, China. Photo: Jimmy Chang/unsplash

Chinese venture capital firm XVC Venture Capital has raised about $330 million for its second fund XVC Fund II, according to the VC firm’s announcement on WeChat.

The new fund, which surpasses its fundraising target of $265 million, has capital commitments mainly from university endowments and family offices in the United States, Europe, and Asia.

This second US dollar-denominated fund was largely oversubscribed after the three-month fundraising period end since XVC Venture Capital launched the fund in the second quarter of 2019, said XVC Venture Capital in a statement released on its WeChat official account.

DealStreetAsia had earlier reported that XVC had plans to raise $265 million towards a second venture fund as it had indicated in a regulatory filing.

The SEC filing was signed by XVC founder Boyu Hu. Before starting his own VC firm, Boyu worked for DCM and Blue Lake Capital, where he funded multiple unicorns including Meicai, Youxinpai, Kuaishou, and 51 talk.

In June, XVC backed a $60-million Series D round in Haoqipei, a Chinese B2B marketplace for auto parts. The VC firm has been an investor in the company since its Series B round.

XVC also led a seed round for Hope and Rising, a Shanghai-based education platform, and invested in the Series B round of Hetao101.com, a children’s education programming provider.

Bejing-based XVC manages over $600 million of assets as of June 20, 2019.

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.