Joy Capital, an early stage backer of Luckin Coffee, Nio, and Mobike, raises USD 700 million new fund

It now backs other unicorns such as Tuhu and Danke.

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Joy Capital, an early stage backer of Luckin Coffee, Nio, and Mobike, raises USD 700 million new fund

Beijing-based Joy Capital, a venture capital firm, announced via its official WeChat account that it has closed a USD 700 million early and growth stage fund.

The new funds are from its current investors and also some new large pension funds and insurance companies, said Joy Capital, without disclosing further details.

The venture capital firm once backed bike-sharing company Mobike, which was later bought by Meituan, EV maker Nio, which listed in the United States, and coffee chain operator Luckin Coffee, which also went public in the US. Joy Capital said that total funds under its management exceed RMB 10 billion (USD 1.45 billion) now.

Two of its US dollar-denominated funds, says the firm–one from 2015 and the other one from 2017–ranked among the top 5 VC funds globally by performance, citing a report released by Cambridge Associates at the end of 2018.

Joy Capital said it believes that the development of new infrastructure will bring new opportunities for entrepreneurship and investment, adding that it focuses on technological innovation, transformation, and the upgrading of giant industries.

Its current portfolio includes online-to-offline car maintenance service provider Tuhu, which was valued at RMB 7.7 billion (USD 1.1 billion) in 2018 and Danke Apartment, a technology-driven apartment management company, which is valued at more than USD 2 billion after it closed its USD 500 million Series C round equity financing early this year.