Chinese VC firm XVC raises $330m for its second fund
Jul 24, 2019
City square in Beijing, China. Photo: Jimmy Chang/unsplash
July 24, 2019
Chinese venture capital firm XVC Venture Capital has raised about $330 million for its second fund XVC Fund II, according to the VC firm’s announcement on WeChat. The new fund, which surpasses its fundraising target of $265 million, has capital commitments mainly from university endowments and family offices in the United States, Europe, and Asia. This second US dollar-denominated fund was largely oversubscribed after the three-month fundraising period end since XVC Venture Capital launched the fund in the second quarter of 2019, said XVC Venture Capital in a statement released on its WeChat official account. DealStreetAsia had earlier reported that XVC had plans to raise $265 million towards a second venture fund as it had indicated in a regulatory filing. The SEC filing was signed by XVC founder Boyu Hu. Before starting his own VC firm, Boyu worked for DCM and Blue Lake Capital, where he funded multiple unicorns including Meicai, Youxinpai, Kuaishou, and 51 talk. In June, XVC backed a $60-million Series D round in Haoqipei, a Chinese B2B marketplace for auto parts. The VC firm has been an investor in the company since its Series B round. XVC also led a seed round for Hope and Rising, a Shanghai-based education platform, and invested in the Series B round of Hetao101.com, a children’s education programming provider. Bejing-based XVC manages over $600 million of assets as of June 20, 2019.