Joey Dai has left his position as general manager of CyberAgent Ventures China, a corporate venturing subsidiary of Japan-based internet company CyberAgent, to set up a new fund, The Bridge reported yesterday.
Dai, who had worked at the unit since 2007, is now looking to raise approximately $30m for his new venture capital firm, Gravity Venture Capital. The fund is expected to close by the end of the month.
Gravity will focus on offline-to-online startups such as international e-commerce and sharing economy businesses, and will also invest in companies focused on internet of things technologies.
The firm, which is particularly interested in startups located in Japan, is also expected to commit follow-on funding in startups already funded by CyberAgent Ventures’ Chinese Renminbi fund.
Although its limited partners have been named, Dai revealed to The Bridge that they include corporate backers as well as chief executives and funds of funds based in China.
During his stint at CyberAgent Ventures, Dai was involved in more than 50 investments. Around 80% of those startups secured further funding, and the firm exited 10 of them.
– Photo courtesy of LinkedIn