Qiming Venture Partners ("Qiming") announced today the final close for its RMB Fund VII at RMB 6.5 billion, making it the largest RMB fundraising in China's venture capital market in 2023.
The latest completion brings Qiming's total capital raised to US$9.5 billion across 18 funds, focusing on investments in early and growth stage enterprises in Technology and Consumer (T&C) and Healthcare sectors.
"We are pleased to see many investors return for this fund. This demonstrates the trust our investors place in us, and the recognition of the sustainable returns our funds have delivered," said Duane Kuang, Founding Managing Partner of Qiming Venture Partners. RMB Fund VII drew strong participation from its existing investor base, including renowned Fund of Funds (FOFs), insurance companies, public listed companies and other institutions.
Qiming completed 90 investments in 2022 which delivered remarkable investment value, creating high technology entry-barriers generated through innovation. These include MeetFuture China, DeepWay, Insilico Medicine, Belief BioMed, OriCell Therapeutics, and ArkBio, among others.
Over the past 24 months, 41 Qiming portfolio companies have successfully debuted on NASDAQ, the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange and the STAR market, including Transwarp, Hesai Technology, APT Medical, Apollomics, Sino Biological, Rendu Biotechnology, InventisBio and QuantaSing.
William Hu, Managing Partner of Qiming Venture Partners, said: “We are encouraged by the strong conviction of our LPs in our capability to create sustainable value. Our commitment to supporting our portfolio companies has also been enhanced by the addition of our new 20-strong post-investment service team, putting us in a better position to help entrepreneurs achieve their strategic goals.”