Meridian Capital China, a leading TMT-focused venture capital firm, has completed fundraising for its sixth yuan fund at an aggregate of 2.12 billion yuan ($329 million), per its announcement on May 20.
The vehicle received capital commitments from state-owned development funds, local government-led industry funds, funds of funds, insurance groups and conglomerates.
In the statement, Meridian Capital said it expects to secure over 3.3 billion yuan ($513 million) for its new funds launched in 2021, including a closed angel fund and a soon-to-be-closed industry fund.
Going forward, Meridian Capital will continue to bet big on new consumption and technology sectors.
The fund has so far invested in 11 firms including AI chip startup Biren, noodle restaurant chain Heft- Noodle, emerging brand Baixiaot, fitness management firm Dyesoo, among others. It claims that some of the startups have seen their valuations soar nearly 10 times, post-investment.
Since its inception in 2008, Meridian Capital has been an active investor in digital content, corporate services and new consumption themes. It has invested in over 190 startups, predominantly in the Series A and B rounds.
Meridian Capital’s prominent portfolio firms include Hong Kong-listed Chinese leading live social video platform Tian Ge Interactive Holdings, realty developer Golden Union Commercial, and Weimob, besides hot pot brand Zihaiguo and AI firm DeepBlue Technology. Currently, nearly 17 of its portfolio firms are in the process of hitting the public market with an IPO.
In 2016, Meridian Capital had closed its fifth RMB fund at 2 billion yuan receiving capital commitments from Shanghai United Media Group, Oriza Holdings, Gopher Asset Management and others.
Meridian Capital currently has about 8.5 billion yuan ($1.3 billion) in assets under management.