China-based textile product manufacturer Luolai Home Textile has committed capital to Gobi Yingzhi II, a RMB 600m ($94m) fund established by venture capital firm Gobi Partners, TechCrunch reported yesterday.
The fund’s other limited partners include CreditEase Wealth Management and Fivestar Holdings. Yingzhi II will focus on seed, pre-series A and series A rounds, and intends to make approximately 45 deals with an average size of $1.6m.
Yingzhi II will consider startups across a wide range of sectors, including software, cloud computing, financial technology, telematics, smart hardware, online-to-offline services and online travel booking.
The fund’s predecessor, Gobi Yingzhi I, was formed in 2012, with anchor investors including National Development and Reform Commission and Shanghai Venture Guidance Fund. Gobi Partners manages a total of six funds, and Yingzhi II is its third raised in renminbi.
The new fund will be led by Don Jiang, Ken Xu and Michael Zhu, all of which are partners at Gobi.