In an official statement, Gobi Partners announced today that Gobi Yingzhi II will support seed, pre-Series A and Series A investments in early-stage Chinese startups from a fund comprising RMB 600 million (US$94.5 million).
The fund will have an average deal size of RMB 10 million (US$1.5 million) and has plans to invest in more than 45 startups over the next four years.
Gobi Yingzhi II is backed by institutional investors including CreditEase Wealth Management, Fivestar Holdings and Luolai Home Textiles. It will be led by newly-instated partners Don Jiang, Ken Xu and Michael Zhu.
Founded in 2002, Gobi Partners is a leading venture capital firm with an investment focus on early-stage digital media, IT and TMT companies.
Headquartered in Shanghai, it has seven offices across China, Hong Kong, Singapore and Malaysia.
The firm has raised six funds to date and has invested in over 100 portfolio companies, including Bangkok-based Eko Communications, a messaging platform similar to Slack, and Chinese photography app Camera360.
With this fund, it will set its sights on China-based Internet and mobiletech sectors. Cloud computing, enterprise solutions, fintech, Internet of things (IoT), online-to-offline (O2O), online tourism and telematics are some of the verticals in which it will be investing.
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