China’s Qiming Ventures raises $3.2bn for latest funds

Chinese venture capital firm Qiming Ventures Partners announced the closing of its latest funds totalling $3.2 billion.

The funds include USD Fund VIII at $2.5 billion and the first closing of RMB Fund VII at RMB4.7 billion ($700 million).

As in prior funds, Fund VIII was oversubscribed and reached its hard cap for limited partner commitments. This increases the firm’s capital raised to $9.4 billion across 18 funds.

Committed capital includes the Qiming Venture Partners Fund VIII main fund that focuses on early and growth stage Technology and Consumer (T&C) and Healthcare investments and the Qiming Venture Partners Fund VIII-HC parallel healthcare fund that invests alongside the main fund.

Fund VIII is led by Managing Partners Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel, with full support of investment and administration teams based in Shanghai, Beijing, Shenzhen, and Hong Kong.

Since its inception in 2006, Qiming has demonstrated its ability to deliver consistently strong venture capital returns in China.

Qiming has backed over 480 fast-growing companies, over 70 of which have achieved unicorn status. A vast majority of these companies were early stage at the time of initial investment. In addition, over 180 of our portfolio companies have achieved exits through IPO, M&A or other means, including Xiaomi, Gan & Lee Pharmaceuticals, Tigermed, Zai Lab, CanSino Biologics, APT Medical, Meituan, Bilibili, and Roborock.

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.

Since its debut, Qiming has backed over 480 fast-growing and innovative companies. Over 180 of its portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange or Shenzhen Stock Exchange. There are also over 70 portfolio companies that have achieved unicorn status.

Meanwhile, Qiming US – which was set up in 2017- has raised over $550 million and boasts more than 30 portfolio companies, including Elevation Oncology.