China-based venture capital firm Capital Nuts has closed a fund featuring corporates including G-bits Network Technology, Xiamen Torch Group, ITG Holdings Group and CreditEase at RMB300m ($43.2m).
Game developer G-bits Network Technology, construction firm Xiamen Torch Group, IT services provider ITG Holdings Group, conglomerate Good First Group and a vehicle jointly launched by online wealth manager CreditEase and VC group IDG Capital all made commitments to vehicle.
The Xiamen municipality-backed Xiamen Industrial Guidance Fund, investment manager Jimei Investment and several undisclosed private investors are also limited partners in the fund.
The technology and consumer-focused fund will target cross-border businesses based in emerging markets in the Belt and Road Initiative, a government scheme that seeks to expand maritime routes and land infrastructure networks connecting China with Asia.
Capital Nuts will also target early and mid-stage startups located in southern China, including online retail brands and service providers. Capital will also be put aside if it chooses to selectively back later-stage deals.
The firm generally invests between $280,000 and $7m per deal, targeting approximately 20 companies per year.