China-based investment firm GSR Ventures has reportedly closed its sixth flagship fund on $400m.
GSR Ventures Fund VI will look to make early stage investments into technology startups, according to a report by Bloomberg which cites firm managing director James Ding. The firm will look to invest in new tech like AI and will invest in seed and Series A rounds, and the odd Series B, the article said.
At the moment, the firm manages around $2bn in a mixture of USD and RMB investment funds.
The firm has invested into a handful of FinTech companies over the past few years. Earlier this year, GSR took part in the $50m Series B+ round of China-based anti-fraud solution developer Advance.AI. The company uses AI and big data to build anti-fraud protection and help financial institutions protect their consumers.
Last year, the firm led the $13m Series B of cross border payments provider InstaReM. The capital was deployed to support the Singaporean company further expand its global payment platform.
China FinTech market has seen a lot of interest over the past year. Ant Financial picked up a colossal $14bn for its Series C round, which reportedly valued the business at $150bn.
China Merchants Group is one of the firms looking to get involved in the local market, having partnered with a London-based investment firm to launch a $15bn fund. The China New Era Technology Fund will invest into both Chinese companies and other global opportunities.
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