Jiemian News reported on Wednesday that ByteDance’s plan to launch a VC brand “Jinqiu Venture Capital” had changed, and the brand name was no longer called “Jinqiu”. At present, the brand has completed its registration for the operating accounts such as WeChat and is continuing to promote new projects.
In the second half of last year, ByteDance planned to launch a new venture capital brand named “Jinqiu Venture Capital”, which would raise its funds independently. A person close to the ByteDance investment department said that the company will contribute $20 million. Since the news of the dissolution of the investment department on January 19 this year, the development of “Jinqiu Venture Capital” has been in doubt.
The leader of the new brand was to be Yang Jie, the former director of the financial investment department. Before joining ByteDance, Yang Jie was the Chinese vice president of Sequoia Capital China, and had worked for Shenzhen Capital Group Co., Ltd. and Cowin Capital. About ten people in the financial investment department have now joined the new brand and its current focus is core technology involving Web3, synthetic biology and commercial robot vacuum.
In addition, according to people familiar with the company, only a small proportion has been invested, but the company may adjust its investment ratio later on. As the direct reporting object of the investment department, Shou Zi Chew, CEO of TikTok, once implicitly stated in an internal memo that the new brand might find it difficult to to provide other resources besides funds.
It is important for the invested companies to consider whether to accept the investment of the new brand. Previously, as the invested companies of ByteDance’s investment department, they had the opportunity to receive the endorsement of ByteDance and the resources of its business. For example, the business discount of Feishu and Volcengine, and the exclusive customer service of TikTok e-commerce.