The Mills Fabrica, a business incubator owned by property-focused conglomerate Nan Fung Group, has launched a venture capital fund of undisclosed size geared towards what it calls the techstyle ecosystem.
The evergreen fund, dubbed Fabrica Fund, will have Nan Fung’s “strong financial backing” for investments that will range from $100,000 to $2m from seed to series B stage.
Fabrica is an incubator launched by Nan Fung as part of The Mills project, which aims to turn a former Nan Fung textile factory in Hong Kong into an innovation, culture and learning hub.
The fund’s core interest will be areas where technology and style converge, such as wearable devices, digitalised retail modes, social e-commerce or smart production techniques. It will favour startups with a Hong Kong connection.
Fabrica Fund is on track to make its first investment by the end of this year and is evaluating more prospective deals. Portfolio companies will gain access to The Mills’ partners as well as Fabrica’s expertise in incubating startups.