Xiaomi-Backer Snags $3.2 Billion as China Startup Hopes Grow
- Qiming raised capital for its latest US dollar, yuan vehicles
- Joins Sequoia, IDG in seeking big-ticket funds in past weeks
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Qiming Venture Partners raised $3.2 billion across two new funds, joining Sequoia China and IDG in securing fresh capital as investors grow more sanguine about the country’s startup arena.
Qiming, known for early bets on tech giants from Bilibili Inc. and ByteDance Ltd. to Meituan and Xiaomi Corp., becomes at least the third venture house in recent weeks to home in on significant new capital. The firm closed its oversubscribed USD Fund VIII at $2.5 billion and also raised roughly $700 million in the first closing of a yuan-denominated fund, both aimed at the technology, consumer and health-care sectors. Qiming now manages $9.4 billion across 18 funds, it said in a statement on Monday.