On Friday, China-focused venture capital firm Ince Capital announced the completion of its latest fundraising of about $700 million, including two funds: INCE Capital Partners II, L.P. (Fund II) and INCE Opportunity Fund, L.P. Among them, INCE Capital Partners II was oversubscribed with the final account closing amount of $478 million, exceeding the initial fundraising target. Up to now, the total scale of funds under the management of Ince Capital has exceeded $1 billion.
This fundraising of Ince Capital has been supported by several top global institutions, including Duke University, Carnegie Mellon University, the University of Pittsburgh, Kaiser Permanente, Dietrich Foundation, Commonfund, Unicorn Capital, Axiom Asia and Siguler Guff, among others. The university endowment funds, foundations and parent funds which have been the funders of INCE Capital Partners all continue to contribute in INCE Capital Partners II.
Since its establishment on July 1, 2019, Ince Capital has invested in 24 enterprises exhibiting great potential, some of which have grown into unicorn companies and industry leaders. Ince mainly focuses on consumption, science and technology and platform projects.
The consumption investment projects include smart pet brand PETKIT, baby food brand Qiutianmanman, Z generation clothing brand Beaster, children clothing export brand PatPat, designer toy brand ToyCity, trendy retailer KK Group, and so on.
Science and technology investment projects include home cleaning robot brand Zbeetle, AI application platform Singularity systems, clothing flexible supply chain Feiliu Technology, medical technology company Yuanxin Technology, optical chip company Mindsemi, and so on. Among them, Yuanxin Technology has applied to be listed on the Hong Kong Stock Exchange (HKEx).
The platform-based projects Ince invests in are diverse, including the community fresh e-commerce firm NiceTuan, the membership-based e-commerce platform BlackUnique, and the second-hand luxuries exchange platform Pang Hu.
According to Ince Capital, it will continue to focus on investment in technology, internet and consumption projects from the early stage to the expansion period. It is managed by the founding partners JP Gan, Hu Bin, Stella Zhou, and Paul Keung, and currently has offices in Shanghai, Beijing, Hong Kong and the United States.