Addor Capital, a venture capital firm backed by Chinese state-owned investment company Jiangsu Hi-Tech Investment Group, announced on Thursday that it has raised RMB1 billion (US$145.44 million) in a new fund to finance start-ups in areas including healthcare and information technology.
The new fund will mainly seek investment opportunities in the fields of new-generation information technology, high-end equipment manufacturing, new material, bio-pharmaceutical, medical apparatus, new-energy vehicles, and energy conservation and environment protection, said Addor Capital in a statement.
The four major investment areas of the new fund will be healthcare, high-end equipment manufacturing, energy conservation and environment protection, and information technology, according to the statement. Addor Capital will mainly use the fund to back start-ups in Nanjing city, the capital of eastern China’s Jiangsu province.
A group of Chinese state-owned investment companies including Jiangsu Hi-Tech Investment Group, Nanjing Yangzi State-Owned Investment Group, Jiangsu Coast Development Group, and Nanjing Industrial Development Fund jointly launched the new fund. Addor Capital serves as the fund manager.
The new fund will provide "a new driving force" to promote the development of innovative economy in Nanjing, speed up the growth of technological innovation-based enterprises, and help them go public on the capital market, said Addor Capital.
Addor Capital was founded in 2014 as a result of the mixed-ownership reform of the state-owned Jiangsu Hi-Tech Investment Group, an investment company located in Jiangsu province. The company has recorded RMB97.1 billion (US$14.12 billion) in assets under management (AUM) as of the end of May 2019. By then, the firm has backed over 780 start-ups, among which 168 companies have been listed on a domestic or overseas capital market.
Addor Capital backed Chinese pet food supplier Fubei Pet in a RMB300 million (US$43.63 million) series B round in July 2019. The company also participated in a series A round worth RMB300 million (US$43.63 million) in Chinese therapeutics medicine developer Thousand Oaks Biopharmaceuticals in January.