Banyan Capital backs China’s Three Daddies with $10m investment


clouds airInvestment firm Banyan Capital has invested $10m in Chinese air purifier maker Three Daddies as part of its Series A round.

The company will use the funds to develop a more advanced air purifier for children in response to China’s growing air pollution problems, according to the Asian Venture Capital Journal.

Banyan, which is focused on businesses in the technology, media and telecommunications sector in China, is led by former IDG executives Zhen Zhang, Xiang Gao and Bin Yue.

Earlier this year the firm held a $206m final close for its debut venture capital fund, beating its $150m target.

Banyan Capital Partners Fund I spent just two months in marketing according to the firm, which said more than 40 investors committed capital to the vehicle.

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