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BAI Capital, the storied China-focused enterprise funding agency that was previously referred to as Bertelsmann Asia Investments, has raised $700 million to again Chinese language firms which might be a part of the nation’s structural reform in addition to these increasing abroad.
The announcement follows on the heels of the closing of a number of different big-ticket funds, quelling hypothesis that international capital for Chinese language tech is drying up amid a slowing economic system. Sequoia Capital China lately snagged $7 billion to guess on Chinese language tech firms in any respect phases. Qiming Ventures raised $3.2 billion. And IDG Capital banked $900 million.
BAI Capital was based in 2008 as an funding arm of German media mogul Bertelsmann and has surged to grow to be one of many high enterprise gamers in China with a portfolio of over 200 tech firms. Its notable investments embody electrical car upstart Nio, Southeast Asia’s well-liked livestreaming app Bigo, and China’s shared bike pioneer Mobike, which was acquired by Meituan.
The newest shut marks the primary time that BAI Capital has introduced in exterior restricted companions, together with sovereign wealth funds, giant insurance coverage firms, web giants, funds of funds, on high of capital from its father or mother Bertelsmann.
The brand new fund, in keeping with BAI’s announcement, focuses on serving to Chinese language firms from retail, fintech, content material, media, in addition to the red-hot areas of web3 and metaverse which might be increasing globally. BAI is establishing new workplaces in Singapore and Berlin.
On the similar time, the fund may also search for home alternatives in deep applied sciences like renewable power, autonomous driving, and software-driven industrial improve options.
International enlargement isn’t any small feat for any startup, to not point out Chinese language companies which might be vulnerable to getting snarled in rising geopolitical tensions. BAI Capital’s founding associate Annabelle Yu has this to say in an announcement:
“BAI Capital will proceed to leverage Bertelsmann’s monumental international community in media, schooling, and repair, particularly its deep affect in Europe, and be part of arms with extra restricted companions to play to BAI’s distinctive benefit. In opposition to an more and more difficult political and financial setting, we are going to do our greatest to serve entrepreneurs with international ambitions and assist them obtain success amid worldwide competitors and cooperation.”
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