Chinese early stage venture investment firm Morningside Venture Capital has completed fundraising for its first RMB-denominated fund at its RMB1 billion (US$140 million) hard cap.
A number of Chinese well-known investment institutions, fund of funds and Internet companies including China Merchants Ventures, national industrial guidance fund Zhongjin Qiyuan, Tencent Holdings Ltd, Xiaomi Inc, have invested in the fund, according to a company announcement.
Similar to the company's previous U.S. dollars fund, the new fund will focus on Chinese early-stage companies in the sectors of entertainment, online media, artificial intelligence, business services, financial services, healthcare, sports, social media, smart hardware, education and transport.
"We have thought about raising a RMB fund for a long time until we found that there are a l...
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