China-based venture capital firm Fibonacci VC has closed its latest fund at RMB1.3bn ($202m) with commitments from state-backed conglomerate Xiamen C&D and property developer China-Singapore Suzhou Industrial Park Development Group, DealStreetAsia has reported.
Other limited partners (LPs) committing to Fund II include funds-of-funds CICC Genesis Fund and Oriza FOFs Investment Management in addition to Guangzhou Finance Holdings and Haining Semiconductor Industry Investment Fund. Fibonacci’s management team also backed the fund with their own capital.
Nearly half of the fund’s commitments were supplied by existing LPs, while 85% were institutional investors. It is Fibonacci’s second renminbi-denominated fund.
Fibonacci will use the fund to invest in the industrial internet sector, in areas including the industrial internet-of-things, industrial intelligence and smart manufacturing. It typically participates in series A and B rounds.
The firm raised $77.5m for its first fund in 2016, before expanding the capital pool to $101m and completing more than 30 deals. It recently exited China-based semiconductor manufacturer Macmic Science & Technology through a $105m initial public offering earlier this month.