ByteDance-Linked Jinqiu Venture Capital Completes First Investment

Jet Commerce, a Jakarta-based one-stop e-commerce services provider, announced on August 10 its completion of round-B financing exceeding $60 million. The round was jointly led by Jinqiu Venture Capital, Hidden Hill Capital and Zhejiang SilkRoad Fund, followed by Hui Capital and ATM Capital. It is worth noting that Jinqiu Venture Capital has a strong relationship with TikTok’s parent company, ByteDance.

According to its official website, Jinqiu Venture Capital is led by Yang Jie, the former head of ByteDance’s financial investment, and its founding members all have garnered rich investment experience at ByteDance and other well-known institutions. In the middle of last month, Yang completed a filing with the Asset Management Association of China as a private equity fund manager. According to the filing information, the institution was established on March 30, 2022, with 99% subscribed to by Yang and 1% contributed by another person, Zang Tianyu. The above financing is the first investment of Jinqiu Venture Capital after the filing.

Yang has a very rich resume in the investment field. She has worked in Shenzhen Capital Group and Cowin Capital. During her tenure in Cowin Capital, she served as an analyst, investment manager, senior investment manager and TMT investment director. She joined Sequoia in 2014 and became the vice president of Sequoia Capital China. In 2016, she joined ByteDance and became the head of a financial investment team after its establishment in 2020. Compared with strategic investment, which aims at collaborative business, financial investment aims at pursuing return on investment.

In addition, Jinqiu Homeland, a residential complex in Beijing, is the first office location of ByteDance and the place where the whole group started. The name “Jinqiu Venture Capital” proves that the fund itself has a strong connection with ByteDance. Jiemian News has also reported that ByteDance originally planned to contribute about $20 million to the new fund, but this information has not yet been confirmed.

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Jinqiu Venture Capital officially started recruitment on July 25, including for an investment vice president, investment manager, IR and investment intern. At the same time, the institution also released news of the round-B+ financing of its invested enterprise Syrius Robotics, which is an AMR (autonomous mobile robot) company. Previously, ByteDance had made a leading investment of $20 million in the company in August 2021.