Qiming Venture Partners Announces US$1.1B Fund VII

Qiming Venture Partners Announces US$1.1B Fund VII

Healthcare and TMT are priority sectors for the fund

Chinese venture capital firm Qiming Venture Partners announced the close of the US$1.1 billion Qiming Venture Partners Fund VII late last week in a company statement.

The fund is focused on early stage healthcare and technology, media, and telecommunications investments, and could potentially be invested in healthtech sectors such as biopharma, medtech, diagnostics, and health care services.

Information technology, artificial intelligence, enterprise services, consumer internet and ecommerce are other potential areas of investment, the statement noted. It also added that as with other Qiming funds, capital for Fund VII comes from endowments, foundations, family offices, and private pensions.

Fund VII will be led by Founding Managing Partners Gary Rieschel and Duane Kuang, joined by Managing Partners William Hu and Nisa Leung, who was one of Forbes China’s Top 4 Female Venture Capitalists in 2020.

Jim Millar, Managing Director at Princeton University Investment Company (PRINCO) said in the statement, “Qiming has developed a strong reputation and track record as a leading venture capital firm and is notable for its culture of partnership within the firm, with entrepreneurs, and with [Limited Partners].” PRINCO has partnered with Qiming as an anchor investor since the venture firm’s founding.

Founded in 2006, Qiming has offices across China and the U.S. It manages nine U.S. Dollar funds and five RMB funds, with $5.3 billion assets under management.

The VC firm’s portfolio includes consumer electronics company Xiaomi, ecommerce platform Meituan, robotics company UBTech, video sharing platform Bilibili, and healthtech platform WeDoctor Group.

Last year, Qiming invested in a number of startups by leading their financing rounds, such as LED chipmaker Yunyinggu’s Series C, PETKIT’s $20 million Series C, and Abbisko Therapeutics’ $42 million Series B, and also participating in some, such as Connect Biopharma’s $55 million Series B. According to the statement, 30 of Qiming’s portfolio companies are unicorns.

Qiming is one of the top ten most successful investors in unicorns, according to a list compiled by Hurun Research Institute that included global investing giants Sequoia Capital, Tencent Holdings, and SoftBank Group.

Qiming’s recent funds include Qiming Venture USD Fund VI at $935 million, and Qiming Venture RMB Fund V with RMB 2.1 billion (about US$300 million), which focused on the Internet and consumer products, healthcare, information technology, and cleantech sectors. The company also closed a $120 million Qiming U.S. Healthcare Fund I focused on early stage healthcare.

Header image by Matthew Lancaster on Unsplash

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Sharon Lewis
Sharon is a Staff Writer at Jumpstart

RELATED POSTS

Mental Health Tips for When You Get Back in the Office

Mental Health Tips for When You Get Back in the Office

The COVID-19 pandemic has brought a lot of challenges for employees working from home. As we are fast approaching the post-pandemic world, we have to start getting accustomed to heading back to the office again. No doubt, it is going to be difficult adjusting to the long-forgotten habit of getting ready early in the morning, putting on your finest work clothes, working till 7pm in your suffocating cubicle and dealing with horrible bosses and gossipy colleagues face to face.

Top Three Online Job Portals in China for English-Speakers

Top Three Online Job Portals in China for English-Speakers

China is a fast-growing economy and currently boasts the second-largest economy in the world behind the United States. Many people from around the world have tried searching for jobs and achieving career success in the country. The majority of English-speaking people in China find work in multinational companies that are mostly located in metropolitan Shanghai and Beijing.

How Does a Startup Become a Unicorn

How Does a Startup Become a Unicorn

In the startup world, a unicorn refers to any startup with a valuation of over US$1 billion. Companies like Airbnb and Netflix fall under the unicorn category. As of 2021, there are 650 unicorns in the world with a cumulative valuation of US$2,173 billion.

Meet the Young Woman Who Saved Kenya’s Plastic Waste Problem

Meet the Young Woman Who Saved Kenya’s Plastic Waste Problem

Kenya has a huge plastic waste problem. A 2015 report found that the Kenyan capital Nairobi produced around 400 tons of plastic waste every day. Yet, less than half of that had been recycled. Despite outlawing single-use plastics in 2017, the country is still drowning in them. The Dandora landfill, located in the heart of the Nairobi slums, currently receives more than 2000 metric tons of waste daily.

How Can Your Company Become More Energy-Efficient

How Can Your Company Become More Energy-Efficient?

Countries and companies are consuming too much energy today. The abrupt power cuts in China are a testimony to that. The country was forced to cut power across factories and towns to meet their energy goals. Energy efficiency—using less energy to do more—does not have to be this challenging and cumbersome, not for large corporations or startups.

Cyberport Venture Capital Forum

How Will Humans and Technology Interact in the Next Decades?

While the world has witnessed a rapid digitalization of our everyday life in the course of the pandemic, attention has been brought to the debate that has long been around–how should humans and technology interact? And how do we prepare for new developments? In response to this, Dr. David Siegel, Co-Chairman and Co-Founder of financial sciences company Two Sigma.