Cherubic Ventures launches new $120m fund


money-1132279_640Early-stage venture capital investor Cherubic Ventures is said to have launched a new fund, targeting $120m and aimed at investments in the US and China.

The fund has already secured around $80m in LP commitments, TechCrunch reported quoting the Cherubic’s founder Matt Cheng.

The regional split in investment from the new fund will give priority to the US with some $70m aimed at businesses there and the remaining $50m focused on China, according to the report.

Cherubic’s previous fund raised around $42m, TechCrunch said.

Cheng founded the venture capital firm six years ago and initially targeted investments in China but he changed strategy in 2013 and starting looking at opportunities in the US.

To date Cherubic has invested in more than 80 companies located mainly in Silicon Valley and Greater China. The firm says on its website that its portfolio companies have raised over $1bn in follow-on financing to date.

The firm has offices located in San Francisco, Beijing, Shanghai, and Taipei.

Earlier this month Cherubic backed a $2m seed round for PowerCore, US and Japan-based company that offers a platform for for independent mobile game companies. The round was backed also by East Ventures, 500 Startups and Golden Gate Ventures.

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