Former Baidu Executive-Led Crystal Stream Nets Hundred Millions Yuan For RMB Fund

Crystal Stream, a Chinese venture capital firm that specializes in technology, media and telecommunication (TMT) investments, announced on Friday that it has reached the final closing of a new RMB-denominated fund with financial support from both institutional and individual investors.

The company said that it had collected hundreds of millions of yuan for the new fund. Upon the completion of the fund, Crystal Stream manages three RMB funds and two USD funds with nearly RMB2 billion (US$292.00 million) in assets under management (AUM), said Crystal Stream in a statement released on its WeChat official account.

Crystal Stream will continue focusing on early-stage investments in the fields of consumption, education, recreation and sports, advanced technology, enterprise services, and overseas emerging industries, according to the statement.

The Beijing-based venture capital firm was launched in October 2013 by Wang Mengqiu, a former technical executive of Chinese internet giant Baidu. The firm backs companies that cater to lifestyle needs, and platforms and groups capitalizing on the younger generation’s evolving lifestyles and consumption habits. The firm primarily invests US$800,000 to US$1 million for angel investments.

Crystal Stream has backed a range of companies including Hong Kong-listed online credit card issuance and management firm 51 Credit Card, on-demand logistics start-up Lalamove, Chinese gay social network app Blued, and Codemao, a Chinese online education platform that teaches programming to children.

The company participated in a nearly RMB100 million (US$14.44 million) series B round of Chinese sports apparel brand Particle Fever in June. The company also backed Chinese coffee chain store operator FishEye Café in its US$3 million series A round in January. In February 2017, it teamed up with Chinese dairy producer New Hope Group, the owner of China’s largest animal feed business, and movie star Lu Han to set up a joint venture to back early-stage cultural projects, online content platforms, and media companies in China.