Aditya Hadi Pratama · · 2 min readChinese VC firm Qiming raises $3.2b for its latest two funds
Chinese VC firm Qiming Venture Partners announced that it has completed the final close of the US dollar-denominated Fund VIII at US$2.5 billion, as well as the first close of its yuan-denominated Fund VII at 4.7 billion yuan (around US$700 million).
The deals pushed the total capital raised by the firm to US$9.4 billion, spread across 11 US dollar-denominated funds and seven yuan-denominated funds.
Qiming Venture Partners managing partner William Hu / Photo credit: Qiming Venture Partners
In a statement, Qiming Venture Partners said that Fund VIII will be focused on early- and growth-stage technology, consumer, and healthcare startups. The fund is led by managing partners Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel.
Founded in 2006, the VC firm has invested in 480 companies, and over 70 of them have entered the unicorn club. Around 180 firms in its portfolio have exited through public listings, mergers, acquisitions, and other means, including Xiaomi, Meituan, and Bilibili.
Early last year, Qiming Venture Partners raised 2.8 billion yuan (around US$433 million) for its yuan-denominated Fund VI. It used the fund to invest in the healthcare and tech, media, and telecom sectors.
Currently, the VC firm has offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.
See also: These are the most active investors in China’s startups
Currency converted from Chinese yuan to US dollar: US$1 = 6.71 yuan.
Editing by Lorenzo Kyle Subido
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