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Steven Millward · · 1 min readAngelList gets spin-off $400M fund as Chinese investors go after seed-stage deals around the world
AngelList revealed today that it has been tapped by a major Chinese private equity firm to set up a new US$400 million fund, reports TechCrunch.
The money is supplied by China Science and Merchants Investment Management Group. AngelList co-founder Naval Ravikant told TC that the team at the AngelList investing platform was offered closer to US$1 billion but instead opted for a more manageable figure that’ll be “spread out over six to eight years” so as not to flood the market for seed-stage funding opportunities.
The new fund, dubbed CSC Upshot, will be based in the US and run separately from AngelList. It shows that Chinese investors are looking for more opportunities around the world – and at an earlier stage than most Chinese investment firms usually go for.
See the full thing on TechCrunch.
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