Beijing-based venture capital firm YI Capital has completed the final closing of its maiden RMB fund at RMB800 million (US$116 million) hard cap.
A number of national level government guidance funds and domestically listed companies, including home appliance firm Joyoung, national industrial guidance fund Zhongjin Qiyuan, CITIC Industrial Fund of Funds, committed to the new vehicle.
The new fund will focus on industrial Internet, combining Internet technology with the real economic sectors, to reshape traditional business models in the sectors of accommodation, Internet finance, vehicles, and services.
YI Capital has already invested in 16 companies including online real estate agency Lianjia and 5i5j.com, as well as an online financing platform Meili Finance. In February, Kunming Sinobright Co., Ltd. acquired a 100% stake in 5i5j.com for RMB6.5 billion (US$), which marks YI Capital’s first exit.
During the same month, YI Capital teamed up with SIG Asia Investment to lead a US$50 million series C round in a Beijing-based inner-city logistics start-up Shansong Express, with participation from Prometheus Capital, an investment firm founded by the son of Dalian Wanda Group’s chairman Wang Jinalin.
Founded in 2014 by two former partners at CDH Investments, Vivian Chen and Li Muqing, YI Capital focuses on the investment theme of industrial upgrade via the Internet and IT technologies in China.