China digest: Ultrapower closes new RMB fund at $19m; Baijia Food raises nearly $28m

China digest: Ultrapower closes new RMB fund at $19m; Baijia Food raises nearly $28m

Photo by Fidel Fernando on Unsplash

Ultrapower Fund has closed a new RMB-denominated vehicle to back early-stage corporate services startups in China, while instant noodles brand Baijia Food has completed a Series B round led by GL Ventures.

Ultrapower Fund closes new RMB fund at $19m

Chinese investment firm Ultrapower Fund announced on Thursday that it has closed a new RMB-denominated vehicle at 137.5 million yuan ($19 million) to back early-stage corporate services startups in the country.

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