Ex-Tencent exec’s VC firm banks $120m to find China’s Zoom, Salesforce

“[Peter Cheng’s] Eminence Ventures has raised US$120 million for its second fund, with backing from Silicon Valley’s Emergence Capital and Hong Kong’s Unicorn Capital Partners,” Bloomberg reported.

Details:

• According to the report, the former eBay and Tencent executive’s “sole focus for his venture firm” is to find China’s version of Salesforce or Zoom.
• Emergence Capital founding partner Jason Green said that his firm plans to find co-investing opportunities with Eminence Ventures in Chinese cloud service startups.

Context:

• Citing JPMorgan estimates, the report noted that China’s enterprise software-as-a-service market is projected to grow 40% per year over the next five years and reach US$40 billion in revenue in 2025.
• Eminence Ventures raised the new capital after fully investing its first fund, which raised US$37 million from individual investors.