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Matrix Partners China Raises $1.2 Billion for Flagship Venture Fund

Mars W. Mosqueda Jr / Jan 21, 2021 03:30 PM / Business & Tech

Tech-focused Chinese venture capital firm Matrix Partners China has raised a total of $1.2 billion for its flagship venture investment vehicle, according to its latest filing with the US Securities and Exchange Commission.

The total amount raised for Matrix Partners China VI includes the capital commitment by the general partner and the 54 other investors backing the firm’s early-stage investments in the Chinese market.

Matrix Partners China V raised $750 million in 2018 while the third and fourth funds raised $350 million and $500 million, respectively.

The firm, founded in 2008, focuses exclusively on early-stage investing in the Chinese market, targeting companies in technology, media and telecommunications (TMT) and healthcare. The VC firm has also been especially active in Internet and mobile-related sectors.

Last year, the firm made about 415 investments so far, 139 of which as a lead investor. Its portfolio includes tech publisher 36Kr, mobile internet firm Cheetah Mobile, parenting platform Babytree, online travel platform Klook, and social search and instant messaging app Momo. It has also made 28 exits.

On its website, the firm said it prefers to be the first institutional investor in a company and the largest non-management shareholder. Its initial investment is generally between $1 million and $10 million in seed and later stages.

Matrix Partners China – co-founded by Bo Shao, David Su, David Zhang, and Ye Lee – is an affiliate of US venture capital firm Matrix Partners, an early-stage investor based in San Francisco and Boston that has been investing for over 40 years.

Matrix Partners China joins a number of Chinese venture capital firms that have raised funds for their vehicles last year. These included Shanghai-based early-stage VC firm Linear Capital, which announced the first close of its fourth venture fund, a USD-denominated vehicle, at $110 million.

Glory Ventures, a Shanghai-based VC that invests in China and Israel, also hit the final close of its third RMB-denominated fund at $96 million and held the first close of its $100 million second US dollar fund.

IDG Capital’s China Venture Capital Fund VI also received a $30-million commitment from US pension fund Delaware Public Employee’s Retirement System in April. The Beijing-headquartered investment firm filed with the US SEC in March to raise $688 million for the latest fund.

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