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.