Chinese fintech backer Gaorong Capital collects $450m for new fund

Gaorong Capital, the Chinese?early stage investment?house which rebranded its UK name from Banyan Capital six months ago, has raised at least $450m for its fourth US dollar-denominated fund.

The firm, which invests across fintech, enterprise services, TMT, AI and other frontier technologies currently has about CNY11bn ($1.58bn) under management across its eight funds according to its website.

Gaorong was launched by former IDG Capital Partenrs execs?Zhen Zhang, Xiang Gao?and?Bin Yue.

Its investments to date have included internet financial services provider FinUp, as well as deep learning provider DeePhi, video game streaming platform Huya and smart wearables business Huami.

Goarang completed fundraising for its third RMB-denominated fund in May this year, pulling in about CNY650m for the vehicle.

Huaxing Growth Capital the VC arm of China Renaissance Group recently revealed it was looking to raise a new $600m fund.

Copyright ? 2018 FinTech Global

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