InnoVen Capital Launches New China Fund

    BEIJING, Nov. 15, 2021 /PRNewswire/ -- InnoVen Capital, Asia's leading provider of venture debt for high growth, venture-backed technology companies announced today the launch of InnoVen China Fund. This is the third fund that the Group had launched in recent months after the launch of InnoVen Capital India Fund and InnoVen SEA Fund.

    InnoVen China Fund had completed its first close of US$50 million with anchor investor, InnoVen Capital, a Joint Venture between Seviora (a wholly owned subsidiary of Temasek) and United Overseas Bank.

    InnoVen China Fund will be led by Yingxue Cao, who has been leading InnoVen's China business since 2017 and has more than 15 years of experience in debt capital markets. Under her leadership, Innoven China is widely recognized for its contribution to the industry, having won multiple accolades including "Top 50 Best Foreign Venture Capital in China" by China Venture Information (CVINFO) for two consecutive years in 2019 and 2020, and " 2020 Top 10 Active Alternative Investment Institutions in China" from Global PE Forum, sponsored by Beijing Private Equity Association (BPEA).

    InnoVen China has completed approximately 100 transactions and backed more than 70 top-tier high-growth startups since 2017, with cumulative disbursements of more than US$300 million. Among the portfolio companies are Momenta, Mininglamp Technology, ATRenew, Edianyun, Anxin, NEIWAI, Energy Monster, CassTime, Zhongneng United and Cyclone. 6 of the portfolio companies became unicorns, and 4 had successfully listed in US.

    Ong Beng Teck, Executive Director of InnoVen Capital, said: "Since the establishment of our China operations, our portfolio has grown tremendously and we have been fortunate to partner some of the best founders to successfully grow their business. Given the outstanding track record of the team, we are very happy to anchor the new Fund and welcome new investors to join us."

    Yingxue Cao, Managing Partner of Innoven China Fund, said: "Over the past few years, we have been actively working with founders and supporting innovation and entrepreneurship which are the driving forces of China's new economy. I am glad to witness how venture debt has developed in China, from being relatively unknown four years ago to becoming an integral part of financing for start-ups today. I am also delighted that our differentiated strategy has been welcomed by long-term value investors, who are showing great interest in our Fund. With the new China Fund, we can offer flexible and efficient financing solutions to more companies across the consumer, enterprise service and technology sectors, and provide follow-on financings to them as they scale their business. We hope this will add to the growth and vibrancy of the entire ecosystem."

    Venture debt provides an alternative form of financing to complement venture capital and enables high growth companies to extend their cash runway while minimizing equity dilution.

    About InnoVen Capital

    InnoVen Capital is Asia's leading venture lending platform providing debt capital to high growth, venture-backed technology companies. InnoVen Capital is a joint venture between Seviora (a wholly owned subsidiary of Temasek) and United Overseas Bank. With offices in India, China and Singapore, InnoVen Capital actively supports talented founders in Asia in growing their businesses.

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