BAI Capital targets globalizing Chinese startups with new $700 million fund

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BAI Capital, the legendary China-focused venture capital firm formerly known as Bertelsmann Asia Investments, has raised $700 million to support Chinese companies involved in the country’s structural reform as well as those expanding overseas.

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ad follows the closure of several other major funds, quelling speculation that foreign capital for Chinese technology is drying up as the economy slows. Sequoia Capital China recently raised $7 billion by betting on Chinese tech companies at all stages. Qiming Ventures attracted $3.2 billion.. and IDG Capital invested 900 million dollars.

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Founded in 2008 as an investment arm of German media mogul Bertelsmann, BAI Capital has quickly grown into one of China’s leading venture capital players with a portfolio of over 200 technology companies. Its notable investments include electric vehicle upstart Nio, popular Southeast Asian live streaming app Bigo, and China’s bike-sharing pioneer Mobike, which was acquired by Meituan.

The latest closing marks the first time that BAI Capital has raised external limited partners, including sovereign wealth funds, large insurance companies, internet giants, funds of funds, in addition to capital from parent company Bertelsmann.

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The new fund, according to a statement from BAI, is focused on helping Chinese retail, fintech, content, media, and hot areas of the web3 and metaverse that are expanding around the world. BAI opens new offices in Singapore and Berlin.

At the same time, the fund will also seek domestic opportunities in deep technologies such as renewable energy, autonomous driving, and industrial upgrading software solutions.

Global expansion is no small feat for any startup, let alone Chinese companies, which are at risk of falling into the trap of rising geopolitical tensions. Annabelle Yu, founding partner of BAI Capital, said in a statement:

“BAI Capital will continue to leverage Bertelsmann’s huge global media, education and service network, especially its deep influence in Europe, and team up with more limited partners to capitalize on BAI’s unique advantage. In an increasingly challenging political and economic environment, we will do our best to serve entrepreneurs with global ambitions and help them succeed in the face of international competition and cooperation.”


Credit: techcrunch.com /

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