E-commerce group Alibaba’s Electronic World Trade Platform and online listings platform 58.com have co-anchored the first close of a fund launched by China-based venture capital firm ATM Capital, according to 36Kr.
The corporates were joined by private investors including Xiaochuan Wang, chief executive of search engine provider Sogou. The firm is targeting $200m for the close of the fund.
ATM Capital will focus on early and growth-stage investments in logistics, retail, media and financial technology developers operating in Southeast Asia. It led a $3m pre-series A round for Indonesia-based work collaboration space Rework in September 2017.
The firm’s founding partners are Tony Qu, an associate director at Alibaba unit Alibaba Capital Partners for five years up to 2012 who went on to CDH Investments before founding Bat Capital, and Jeeves Jiang, former CEO of smartphone producer Coolpad Indonesia.
Electronic World Trade Platform, which was formed by Alibaba and backed by external partners, contributed through EWTP Technology and Innovation Fund, a $600m investment vehicle backed by Alibaba and its financial services affiliate Ant Financial.