China’s Linear Venture raises $142m

China Walden
Photo: REUTERS/Jason Lee

Shanghai-based venture capital firm Linear Venture has held a final close for its third fund, collecting RMB500 million ($72.53 million) for its RMB-denominated vehicle and $70 million for a US dollar-dominated vehicle.

According to a statement released on Linear Venture’s official WeChat account on Monday, limited partners include founders and executives from Facebook, Twitter and LinkedIn and Chinese internet giants Baidu, Alibaba and Tencent.

Chinese buying group website Meituan Dianping, online travel services provider, fund-of-funds in China and the United States, family offices and Asian asset management firms also backed the latest funds.

The latest vehicles will invest only in data intelligence (DI) over the next five years.

Established in 2014 by Facebook’s former employee Harry Wang and Chinese online retailer Tmall’s former executive Michael Zhang, Linear Venture focuses on early-stage investments. It has invested in over 50 startups in China, Silicon Valley and Southeast Asia.

It currently manages assets under management of over RMB1.5 billion ($216.4 million). Its portfolio includes Hong Kong-based fintech firm NEAT and Chinese autonomous driving vehicles developer Horizon Robotics Inc.

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