Chinese early-stage tech investor Innoangel Fund closes RMB fund at $51m

China

Chinese early-stage investment firm Innoangel Fund has closed an RMB-denominated fund at 360 million yuan ($51 million) for investment opportunities in technological innovation, according to a company statement on April 29.

Limited partners (LPs) of the new fund include Chinese government-led investment vehicles, listed companies, market-driven funds of funds (FOFs), and high-net-worth individuals, among others.

“The recent coronavirus outbreak, on top of a macroeconomic downturn in the past one year, have forced the [Chinese] venture capital market into a capital winter. It was not easy to close the oversubscribed 360-million-yuan technology fund within one year,” said Innoangel Fund partner Zhou Quan in the statement. “There are always opportunities in crises. We believe the fund will generate handsome returns for LPs.”

The new fund has poured capital into eight Chinese technology startups in spite of difficulties in fundraising and the hit of the pandemic on the economy. The investments are mainly in the fields of AI & robotics, autonomous driving, new retail, logistics, and new material.

Founded in April 2013, Innoangel Fund now manages over 3 billion yuan ($425 million) and invests in the angel rounds and Series Pre-A rounds of startups in AI & robotics, mass consumption, new-generation IT, healthcare, fintech, as well as cultural and creative industries.

The Beijing-based investment firm also has presences in Shanghai, Xiamen, Chengdu, Chongqing, Nanjing, Qingdao, and the Greater Bay Area, as well as Silicon Valley.

It has injected capital into more than 400 startups, such as AI-enabled medical imaging developer Infervision, Chinese level 4 autonomous driving firm WeRide, Beijing-based industrial robotics and automation startup Aqrose Technology, and youth social networking app Jimu.

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.