Shanghai-based Volcanics Venture has managed to mop up $72.8 million out of its $100 million proposed fund from nearly 14 limited partners (investors), according to a U.S. Securities and Exchange Commission filing.
According to the filing, Volcanics has managed to make its first fundraise of its vehicle on 4 May 2018.
The fund invests mainly in early or growth stage Chinese companies across the sectors of internet innovation, healthcare and smart technology. The Shanghai-based Volcanics Venture Fund has about 17 firms in its portfolio.
The firm is managed by Suyang Zhang, Ying Wu and Yeshun Dong who are former veterans of IDG Capital.
Its recent investment includes a $28.6 million Series B made together with SBCVC, Shenzhen GTJA Investment Group and Witruth Capital in Innovative Cellular Therapeutics Co Ltd, a Shanghai-based biotechnology company.
Also in March, the firm along with Morningside Venture Capital led a Series A plus worth tens of millions of RMB in Ishen365, a renal care service platform from Shanghai.
In recent updates, U.S. headquartered Moonrise Capital announced a $100-million China focused fund.