Chinese VC firm Qingsong Fund closes $43m tech fund, prepares $143m fourth fund

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Chinese early-stage venture capital firm Qingsong Fund has closed 300 million yuan ($43 million) for a new vehicle, which will specialize in investments in innovative technologies and related applications.

The new investment vehicle, whose name can be translated as “Qingsong Wisdom Fund” in English, will primarily look at investment opportunities in the fields of artificial intelligence (AI), robotics, AI plus healthcare, industrial internet, and internet of things (IoT), among others, according to a company statement on Thursday.

Shenzhen Angel Capital Guiding Fund, a government-led fund with 5 billion yuan ($714 million) in the initial close, and Qianhai FOF, a 21.5-billion-yuan ($3.07 billion) vehicle jointly managed by state-backed Shenzhen Capital Group, are among limited partners of the fund.

The fund, launched in November 2018, already injected capital into Chinese optoelectronic semiconductor developer Berxel, Hangzhou-based IoT communication chip developer Geochip, natural language processing (NLP) and machine learning startup Malgo, as well as Shanghai-based KAANH, which offers flexible control equipment and solutions.

Besides the close of Qingsong Wisdom Fund, Qingsong Fund also announced to kick off the fundraising process for its fourth fund with a target to collect 1 billion yuan ($143 million) in total from government-guided funds, funds of funds (FOFs), family offices, private enterprises and high net-worth individuals.

The fourth fund will continue to focus on investment opportunities in culture and education, mass consumption, as well as the development and application of innovative technologies, according to the statement.

Qingsong Fund, started in June 2012, currently manages four funds with 2 billion yuan ($286 million) in total assets under management (AUM) and investments into over 160 companies.

Some of its most high-profile portfolios include Zhangmen, a Warburg Pincus-backed Chinese K12 online tutoring platform which secured $350 million in a Series E round this February, Beijing-based online education startup Onion Math, online wedding service Hunliji, and Fabu Technology, an AI startup developing advanced driver assistance system (ADAS) and autonomous driving.

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.