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).