Vision Plus Capital, a Chinese dual currency venture capital (VC) firm, announced on Wednesday that it has made the final close of its third RMB-denominated fund at 2 billion yuan ($315 million).
Capital commitments have been derived from existing limited partners (LPs) including tech firms, funds of funds and state-backed industry funds. The VC has also attracted a slew of investors namely China SME Development Fund, Hangzhou Hi-Tech Investment, Hangzhou Capital and Yuhang Financial Holdings.
Founded by former Alibaba co-founder Eddie Wu in 2015, Vision Plus Capital focuses on investments in areas associated with enterprise services, digital healthcare, advanced technology and new-age consumption.
As of now, it has invested in over 130 firms including Nasdaq-listed electric vehicles (EV) maker Lixiang Automotive, New York-listed Tuya, power bank player Xiaodian, and voice recognition startup AISpeech, among others.
Prior to this, the Hangzhou-based Vision Plus had made the first closing of its third dollar fund at over $400 million in March last year.
Other VCs who raised RMB funds are Glory Ventures that secured over 1.2 billion yuan ($188 million) for its fourth RMB fund, Temasek-backed Vertex Ventures China, as well as Silicon Harbour Capital which closed its maiden yuan fund at nearly 1 billion yuan ($157 million).