Chinese VC firm Qiming raises $433m in final close of its yuan-denominated fund

Chinese venture capital firm Qiming Venture Partners announced that it has completed the final close of the yuan-denominated Fund VI at 2.8 billion yuan (US$433 million).

The new fund will be used to invest in early- and growth-stage startups in the healthcare and technology, media, and telecom (TMT) sectors.

William Hu, managing partner of Qiming Venture Partners / Photo credit: Qiming Venture Partners

Qiming currently manages nine US dollar-denominated funds and six yuan-denominated funds, with US$5.9 billion in assets under management.

Since its inception, Qiming, which is focused on investing in the TMT and healthcare industries, has invested in more than 380 companies, over 40 of which has achieved unicorn status. It has exited investments in over 130 companies, including Xiaomi, Meituan, Bilibili, Gan & Lee Pharmaceuticals, TigerMed, Zai Lab, CanSino Biologics, Venus Medtech, and APT Medical, among others.

Last year, Qiming made over 70 investments. Meanwhile, it saw 13 companies in its portfolio go public since 2020.

The closing of its new fund comes five months after the VC firm closed US$1.2 billion for its US dollar-denominated Fund VII in September 2020.

The firm has offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.

“Innovation is the key for startups to break through and become leaders. In the past 10 years, we have seen lots of Chinese entrepreneurs starting their businesses and striving to become global leaders in innovation,” said William Hu, managing partner of Qiming Venture Partners. “The closing of our new fund will enable us to support more visionary founders [as they] realize their entrepreneurial dreams.”

Currency converted from Chinese yuan to US dollar: US$1 = 6.46 yuan.

Correction (January 27, 4:00 pm): This article originally said that Qiming Venture Partners was co-founded by Lei Jun, which isn’t true.