Sky9 Capital, a venture capital firm founded by a former partner at Lightspeed Venture Partners, announced today that it has completed the final closing of a new fund with total commitments of US$200 million.
Sky9 Capital Fund III, L.P. will invest mainly in China-based businesses with a focus on early-stage companies in the Internet, enterprise, and deep technology sectors. The vehicle received support from a group of institutional investors, family foundations and entrepreneurs, the firm said in an announcement.
"The size and scale of the China internet and technology space continue to be unprecedented. We are honored to have the chance to work with some extraordinary entrepreneurs in building exceptional companies together," said Ron Cao, founder and managing director of Sky9 Capital.
The Sky9 Capital team have participated previously in the early-stage investments of Chinese technology companies in China including: local on-demand services firm Meituan Dianping, peer-to-peer lending firm PPDai, an Airbnb-like firm Tujia and others.
With presence in Beijing, Shanghai, Shenzhen, and Silicon Valley, Sky9 Capital has made a number of investments from the new fund including in ZhaoYouWang, a B2B e-commerce platform for the petroleum industry, eBroker, an online marketplace for wealth management, Home, a social e-commerce platform for home furnishing; and Energy Monster, a power bank sharing platform.
The new fund will continuing the firm’s focus on early-stage technology companies with deal size between US$1 million to US$10 million in seed and series A rounds, and over US$10 million for expansion-stage companies.