The Industrial Chain Empowerment Fund initiated by Poly Capital and Country Garden Venture Capital (CGVC) has closed its first phase, bagging RMB 1.5 billion (USD 215 million) from investors, above their original plan of RMB 1 billion, CGVC posted on its official WeChat account on Monday.
The fund, which also goes by the name of Chanyelian Funeng Jijin, will invest in sectors including construction materials, home appliances, artificial intelligence, and Internet of Things, as well as IT solutions, said CGVC, adding that the fund will release its portfolio companies soon.
It was launched with a total target of RMB 5 billion on May 25 2020 by the two venture capital firms, which are investment units for real estate developers China Poly Group and Country Garden respectively.
CGVC backs companies including BYD Semiconductor, online property platform Beike, online-to-offline medical network Tencent Trusted Doctors, while Poly Capital backs on-demand delivery firm MissFresh and real scene 3-D modeling software provider Daspatial.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.