Firm continues early stage focus while adding a new growth stage fund for technology startups in China
BEIJING and MENLO PARK, Calif., Jan. 22, 2019 /PRNewswire/ -- On Jan. 22, 2019, Redpoint China Ventures announced that it has completed the closing of two new funds totaling $400 Million in committed capital which consist of the $300 Million China II Fund for early stage investments and the $100 Million Opportunity Fund for growth investments. Both funds will focus on consumer, enterprise and emerging frontier tech startups based in China.
With offices in Beijing and Shanghai, Redpoint China Ventures leverages its deep local expertise and access to Redpoint's global network to help entrepreneurs in China build exceptional companies across borders. Redpoint entered the China market in 2005 to invest in China's growing class of serial entrepreneurs and was an early investor in companies such as CGEN Digital Media (acquired by Focus Media 2007), Qihoo (NYSE IPO 2011), iDreamSky (Nasdaq IPO 2014), and Domob (acquired by Blue Focus 2015). Redpoint China Ventures raised its inaugural $180 Million China I fund in 2016 and has since grown into a full-function investment, portfolio management and operations team with close to 20 professional staff.
"We are excited to continue helping some of China's most compelling founders build successful companies with a global viewpoint and customer base," said David Yuan, founder and managing partner, Redpoint China Ventures. "China has one of the most robust technology startup ecosystems in the world and we continue to see enormous investment opportunities here. We're grateful to both returning and new LPs."
"The U.S. and China are two of the world's largest markets for technology innovation and Redpoint has seen first-hand how strong collaboration between our regions can help all our portfolio companies succeed through shared access, insights and connections," said Satish Dhamaraj, partner Redpoint Ventures.
The Redpoint China team has experienced exceptionally strong portfolio momentum.
- In 2018, four of Redpoint China's portfolio companies held successful IPOs in the stock exchanges of U.S., Hong Kong or China including 360 (China A Share: 601360), iDreamSky (HKEX: 01119), 360 Finance (NASDAQ: QFIN), and Qutoutiao (NASDAQ: QTT), the later which occurred less than one year after Redpoint China I led its Series A investment. Qutoutiao is now one of the leading mobile content aggregation platforms in China.
- Over 80% of Redpoint China I's investments have been at the seed or series A stage, where Redpoint China was either the founding or the first institutional investor.
- Almost half of the fund's portfolio companies have received follow on investments
About Redpoint China Ventures
Redpoint China was launched in 2005 to focus on early stage investment in consumer and enterprise technology opportunities in China. Redpoint China Ventures has invested in more than 70 companies, including Qihoo 360, Yixia, iDreamSky, Domob, APUS and Qutoutiao. Since its inaugural China focused fund in 2016, Redpoint China Ventures has become an independent platform with offices in Beijing and Shanghai. Currently, the firm manages close to $1 billion across multiple funds in both USD and RMB denomination. For more information visit:
Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. We invest in startups across the seed, early and growth phases and we're proud to have backed over 500 companies with 155 IPOs and M+As, including 2U, Duo Security, HomeAway, Heroku, Netflix, Sonos and Twilio. Redpoint manages $4.8 billion across multiple funds. You can find us in Menlo Park, San Francisco, Beijing and Shanghai. For more information visit:
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