The first closure of the new fund for China-based venture capital company 01VC was announced at approximately US $60 million. For its new fund, the company intends to raise an extra $40 million in US dollars.
According to sources, 01VC investing would use the money to make investments ranging from $1 million to $5 million in early-stage businesses engaged in industries including supply chain, robotics, corporate SaaS, and more.
Yong Zhao, a former partner at Matrix Partners and co-founder and chief operating officer of gaming company Kingnet, and Ian Goh established the venture capital firm in 2015.
So far, Lalamove, Hai Robotics, Xiaoman Technology, XTransfer, and Xendit are just a few of the Chinese internet startups that 01VC has sponsored.
