China-based venture capital firm Befor Capital has amassed RMB700m ($107m) of capital across two funds, one backed by solar cell manufacturer Canadian Solar, DealStreetAsia reported yesterday, citing a company statement.
The firm pulled in approximately $76.4m for the first close of its Fund III and $30.5m for the close of Fund IV. It now has over $306m of capital under management across four funds and a number of special purpose vehicles.
Canadian Solar contributed to Befor Capital’s Fund III alongside funds backed by the government of China’s Inner Mongolia and Hohhot regions.
Limited partners for Fund IV included state-owned investment firm Wuxi Capital and investment platforms backed by the government of the Jingkai District and Wuxi City, both located in eastern China.
Contributors for BeforCapital’s Fund I and Fund II added over $15.3m to the two new vehicles, while executives from China-based holding company Jinrui Group also made commitments.
Befor Capital typically invests in companies operating in the consumer trends, technology and modern services spaces. It recently backed a $15.2m round for cloud marketing software provider Convertlab that was led by internet group Tencent.