Vertex Ventures China closes $438m RMB fund

Vertex Ventures. Photographer: Sam Kang Li/Bloomberg

Vertex Ventures China, a part of Singapore state investor Temasek Holdings-backed Vertex  Ventures, has fully closed its latest RMB-denominated fund at 3 billion yuan ($438 million), it announced in a WeChat post on September 7. 

This brings the total size of RMB and USD-denominated funds raised by Vertex Ventures China to over 10 billion yuan ($1.5 billion).

The fresh update comes roughly a year after Vertex Ventures China had secured nearly 4 billion yuan ($584 million) in capital commitment for its USD Fund IV in October 2019. The USD fund has invested in early and growth-stage startups focused on high-tech and mass consumption themes.

The RMB fund will target investments in core technology, new digital economy and biomedicine areas, Tay Choon Chong, managing director and head of Vertex Ventures China, said in the statement.  

Vertex Ventures entered the Chinese market by setting up Vertex Ventures China in 2008.  With headquarters in Beijing and branch offices in Shanghai and Shenzhen, it looks at sectors such as semiconductors, artificial intelligence (AI), smart manufacturing, mass consumption, online education, corporate service, biomedicine and the internet. 

Vertex Ventures China’s portfolio includes bike-sharing player Mobike, intelligent logistic solution startup Geek+, customer service robot developer XiaoduoAI, pharmaceutical firm Shenzhen Chipscreen Bioscience, Nanjing Semidrive Technology, among others. 

It recently led a 100 million yuan ($14.61 million) Series A round funding in apparel supply chain service platform Cardinal Operations. 

Vertex Ventures manages six funds in its network – Vertex Ventures China, Vertex Ventures Israel, Vertex Ventures SEA and India, Vertex Ventures US, Vertex Ventures HC and Vertex Growth. 

Other firms that recently closed vehicles in China include TMT-focused China Creation Ventures that had closed $116 million for its CCV Fund II to back early-stage startups. Chinese VCs who have closed their RMB funds include healthcare-focused Redhill Capital ($73 million), Huaige Capital ($43 million), Insight Fund ($14.5 million), Buhuo Ventures ($100 million), and Langsin Ventures ($17 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.