China, SE Asia-focused ZWC Partners raises $774m for USD, RMB funds

Patrick Cheung, Founding & Managing Partner, ZWC Partners, speaks at the Asia PE-VC Summit 2019 in Singapore.

Chinese venture capital firm ZWC Partners on Tuesday announced that it raised more than 5 billion yuan ($774 million) for US dollar and RMB-denominated funds during the pandemic.

ZWC, which has offices in Beijing, Shanghai, Shenzhen and Singapore, invests in startups in China and Southeast Asia with interests in consumer tech, enterprise services and industry technology.

The firm also announced the final close for its latest USD fund, a first close for which was announced at $400 million in Dec 2020.

Since the first close of the fund, ZWC has invested in companies including e-signature startup Fadada, AI firm Horizon Robotics, semiconductor products and services supplier Beijing ESWIN Technology, cereal brand HONlife, robotics firm Beijing TimeRiver Technology and power bank rental firm Xiao Dian. 

In China, some of ZWC’s prominent portfolio firms include AI technology startup 4Paradigm, dating app Tantan and medical test services platform Yunhu Technology. Boss Zhipin, another portfolio firm of the VC, recently raised $912 million in a Nasdaq listing, while Xiao Dian has filed for an IPO in Hong Kong.

In Southeast Asia, it has invested in startups including Singapore’s online tuitions company Tenopy, AI startup Wiz.AI and Indonesia’s media group Target Media and logistics services provider Ritase. 

ZWC Partners manages over 10 billion yuan ($1.5 billion) in capital across its USD and RMB funds. Previously in May 2019, it had pocketed $150 million for its debut Southeast Asia and China fund.

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.