China-based venture capital firm Cowin Ventures has secured more than $150m for an oversubscribed dollar-denominated fund from limited partners featuring locomotive builder CRRC Times and logistics services group Xiamen Xiangyu.
China’s Ministry of Science and Technology’s Innovation Fund Management Centre, SDIC Chuanghe National Emerging Industry Venture Capital Guiding Fund and Oriza Holdings also committed capital, as did unnamed funds of funds and family offices.
Founded in 2009, Cowin Ventures focuses on technology, media and telecommunications as well as healthcare investments for developers based in its home country in addition to North America and Europe.
The new fund will target early and growth-stage healthcare technology developers working on projects in areas such as biotechnology, in-vitro diagnostics (IVDs) and medical equipment.
Cowin Ventures has more than RMB5bn ($773m) under management across 17 investment vehicles. The firm has some 130 portfolio companies including diabetes and obesity therapy developer Pegbio and clinical research technology provider Taimei Technology.
