Vertex Ventures announced on September 8 that it had completed the fundraising of an RMB fund with a total scale of 3 billion yuan, adding which the total size of funds managed by Vertex Ventures’ China Fund reaches more than 10 billion yuan.
The completion of this new fund raising indicates another significant progress of Vertex Ventures in fundraising after the completion of its the fourth phase of the US dollar fund in October last year.
Since its establishment in 2008, Vertex Ventures’ China Fund has been rooted in China’s local venture capital field and invested in a large number of high-quality star projects including Chipscreen, Viewtrix, Mobike, Geek+, and etc.
The completion of the RMB fund raising also marked the formal establishment of Vertex Ventures’s dual currency fund system for USD and RMB.
According to Zheng Juncong, the management partner of Vertex Ventures, the newly raised RMB funds will be used mainly in the fields of hard technology, new digital economy, and biomedicine.