InnoVen Capital launches new China fund, raises $50m in first close

InnoVen Capital, a venture debt fund based in Asia, has rolled out a China-focused fund called InnoVen China Fund.

More details

Stage: First close
* Investor: InnoVen Capital, a joint venture between Seviora (a wholly owned subsidiary of Temasek) and United Overseas Bank
* Amount raised: US$50 million
* Sectors: Consumer, enterprise service, and technology

More company updates

• This is the third fund from the group in recent months, following the launch of InnoVen Capital India Fund and InnoVen SEA Fund.
• The new fund will be led by Yingxue Cao, who has been leading InnoVen’s China business since 2017 and has over 15 years of experience in debt capital markets.
• InnoVen China has completed nearly 100 transactions and backed more than 70 startups since 2017, with cumulative disbursements of more than US$300 million.
• Its portfolio companies include Momenta, MiningLamp Technology, ATRenew, Edianyun, Anxin, Energy Monster, CassTime, Zhongneng United, and Cyclone. Six of these firms have became unicorns, while four have successfully listed in US.

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