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

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