The $110 million Fund V from Taiwan-based Cherubic Ventures is the company’s first nine-digit fund. Its entire assets under control now stand at $400 million USD.
Contrary to its customary early-stage investments, the venture capital company has set aside 50% of its fifth fund for late-stage companies as well as those who are preparing to go public.
Cherubic concentrates on funding companies in the US and Asia. 150 firms make up its portfolio, 10 of which are unicorns.
Many of the investor’s portfolio companies achieved significant milestones last year. Hims & Hers, a US-based supplier of telehealth services, listed on the New York Stock Exchange; 91App, a Taiwanese e-commerce service provider, went public on the domestic exchange; and Paidy, a Japan-based provider of buy now, pay later services, was purchased by PayPal for US $2.7 billion.
Matt Cheng, who also co-created the Chinese platform Tian-Ge and the app 91App, started Cherubic in 2014. The venture capital business also has offices in San Francisco and Shanghai.