Chinese early-stage VC Qingsong Fund closes its fourth RMB fund at $152m

Fund

Shenzhen-based early-stage venture capital firm Qingsong Fund said on Wednesday that it has closed its fourth RMB-denominated fund for an aggregate of 1 billion yuan ($152 million).

The latest capital commitments have come from Time Publishing and Media, Qianhai Inno-Tech Investment, an investment fund run by the Shenzhen government and other marquee limited partners (LPs), Qingsong Fund said in a WeChat post.

The VC had kicked off the fundraising process for the fourth fund in December 2019, setting a target to raise 1 billion yuan ($152 million) from government-guided funds, funds of funds (FOFs), family offices, private enterprises, and high net-worth individuals.

Qingsong will continue to focus on early- and growth-stage investments for new technology and new consumption ecosystems.

As of now, the fourth fund has poured capital into startups such as electronic components-based internet platform JustFit, automobile industry-driven Zhaochi Supply Chain, beauty care brand PolyVoly, and Yisun Technology.

Qingsong also announced that it is launching a second tech fund named Qingsong Wisdom Fund, which is aimed to make investments in AI and big data. In December 2019, Qingsong had closed its maiden tech fund at 300 million yuan ($46 million). 

Qingsong Fund, set up in 2012, specialises in investments related to innovative technology, new consumption, culture, and education. It has so far had over 3 billion yuan ($457 million) in assets under management and managed six funds.

It has provided financial support to nearly 200 startups, and some of its prominent portfolio companies include Warburg Pincus-backed Chinese K12 online tutoring platform Zhangmen, skincare brand HomeFacial Pro, online education startup Onion Math, and optoelectronic semiconductor Berxel, among others. 

As of 2020, the VC made exits from eight projects amassing a cumulative 700 million yuan ($107 million).

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.