This article by Eudora Wang originally appeared on China Money Network, the best data intelligence platform tracking China’s tech and venture capital markets (access requires subscription).
Joy Capital, a venture capital firm that has backed Chinese Starbucks challenger Luckin Coffee, announced on Monday the final closing of an early-to-growth-stage fund at over $700 million, reloading its ammunition to back start-ups in the fields of technology, media, and telecommunications (TMT) and innovative consumption.
The completion of the new fund took the capital managed by the Chinese investment firm to over RMB 10 billion ($1.45 billion), said Joy Capital in a statement.
The company said that the fundraising attracted the continuing support of its existing limited partners, with the participation of several public pension funds and large-scale insurance companies.
The company did not provide more detailed information on the investors.
“Joy Capital firmly believes that the construction of new infrastructure will undoubtedly bring entrepreneurial and investment opportunities to China.