Tuesday, 2024 February 27

CHINA BRIEF | Hillhouse Capital launches USD 1.4 billion fund to back early-stage startups

Bejing-based venture capital firm Hillhouse Capital announced that it has set up a new fund called GL Ventures, which will manage about RMB 10 billion (USD 1.4 billion) capital to support early-stage startups, online news portal Tencent Tech reported on Monday.

The fund, with both RMB-denominated capital and USD-denominated capital, will participate on RMB 3 million to USD 30 million rounds of early-stage firms doing business in four areas: biomedicine and medical equipment; software as a service (SaaS) and primary technology innovation; consumer internet and technologies; and emerging consumer brands and services.

The new fund comes at a time when China’s economy is being ravaged by the novel coronavirus and startups are facing a life-or-death test. “We will always remain optimistic about the development of China and the world”, said Hillhouse founder and CEO Zhang Lei, as reported by Tencent Tech.

 

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.
MORE FROM AUTHOR

Related Read