Bluerun Ventures raised 3.5 billion yuan ($498 million) for a new fund, the Beijing-based early-stage venture capital (VC) investor said Friday.
It was one of the biggest fundraisings for Chinese early-stage venture investors this year amid a slowdown in China’s VC boom as investors have found it difficult to cash out through successful initial public offerings (IPOs) of tech startups.
Bluerun Ventures said the fund will invest in enterprise services, hardware technology, health care and new consumer sectors.
Tech startups in which Bluerun has invested and exited through IPOs or mergers and acquisitions include life service platform 58ganji.com, New York-listed credit products company Qudian Inc. and fashion e-retailer Mogu Inc. It has also invested in Silicon Valley startups including GPS navigation software app Waze and business spending management platform Coupa Software.
The company has more than 10 billion yuan of assets under management, with an average internal rate of return of more than 30% for the last 14 years.
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