Top Institutional Investors Expand Their Support of Firm's Value-added Approach to China Investing with Larger Fund and Enhanced Team
SHANGHAI, CHINA – May 27, 2008. Qiming Venture Partners (“Qiming”), a premier venture capital fund investing in China with affiliate offices the United States, today announced the closing of it second fund, Qiming Venture Partners II (“Qiming II”), raising $320M from top global institutions. The fund will continue to focus on investments in the healthcare, technology, media and consumer sectors and will continue to draw on the team's unique combination of local Chinese investment track record and global operating experience to offer Chinese entrepreneurs meaningful, value-added assistance.
The new fund coincides with several recent enhancements to the local Chinese investment team: Nisa Leung was promoted to partner; Hans Tung, former China representative of Bessemer Venture Partners, joined as a new partner; and Richard Chen, veteran Chinese media and consumer investor, joined as venture partner. In addition, Robert Headley, partner at U.S. sister firm Ignition Partners (www.ignitionpartners.com) and former head of finance for Starbucks, joins the firm’s investment team on the ground in China.
Investors in the fund include top institutional investors from around the world. “We continue to be impressed by the Qiming team’s long term commitment, by their deep local expertise, and their global operating experience. We believe this combination makes Qiming a true value-added partner to entrepreneurs in China,” said Dan Feder, Managing Director at PRINCO, the investment arm of Princeton University, “We appreciate how Qiming has invested in building a highly integrated team and are pleased to have been able to increase our participation in the new fund.”
Formed in early 2006, the firm brings together industry and investment veterans who have been investing in china for a decade and who played key roles in global brands such as Cisco, Microsoft, Starbucks, Carlyle and IBM and in successful local companies such as CTrip, Shanda, TechFaith, KongZhong and UTStarcom. “All of us have been working and investing in China for a long time. We are excited by the business opportunities we continue to see in China and by the opportunity to work together with such a great group of entrepreneurs as they strive to realize their vision,” said Gary Rieschel, founder and Managing Director of Qiming. “China is going through a very interesting time in its development,” said Duane Kuang, Qiming founder and Managing Director, “Things have matured to a degree that the fundamentals of true commitment, long term outlook and real hard work with entrepreneurs are becoming essential.”
The fund will continue to make early stage and select growth and expansion stage investments in the healthcare, technology, media/internet, and consumer sectors. “We have been active in each of our major sectors over the last year,” said Managing Director, JP Gan, “We take a long term view, regardless of short term ups and downs, we believe in maintaining a consistent pace and approach to doing investments in China.” Recent investments have included leading clinical research company, Crown Bioscience; luxury ecommerce pioneer, 9Diamond.com; nation-wide auto rental and travel services company, eHi; Ether Precision, world leader in glass lens for cell phones; and national kindergarten through university education group, Oriental Cambridge.
“I was impressed from the beginning of the process of interacting with Qiming. They are very straight-forward and hard working,” said Lei Liang, CEO of Qiming portfolio company PPS.TV, “Whether it was their initial investigation, our negotiations or the ongoing engagement they have had with me and my company, they shared my enthusiasm and brought very useful perspectives and connections to helping me manage and grow the business.” Qiming was also recently the recipient Top Capital’s 2007 “Best VC Investment Institution” award and China Venture’s 2007 “Most Promising” Venture Capital award.
Qiming is a premier venture capital firm located in Shanghai. Qiming invests in high growth companies across China in the technology, communications, media, healthcare and other sectors. The Qiming team - along with its U.S. partner, Ignition Partners - brings together a long term commitment to and established track record of success investing in China with of decades of executive experience and relationships at some of the leading companies in China and the world. This unique combination of access, proven insight and global resources is all focused on helping Chinese entrepreneurs gain the advantage they need to build great companies and achieve lasting success.
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