China-based venture capital firm YI Capital has closed a first fund at RMB800m ($116m) after securing home appliance manufacturer Joyoung as a limited partner, China Money Network reported yesterday.
Joyoung was joined by national industrial guidance fund Zhongjin Qiyuan and Citic Industrial Fund of Funds, part of alternative investment management firm Citic, as well as additional publicly listed companies and state-owned guidance funds.
Founded in 2014, YI focuses on online and IT technologies that will enable traditional industrial companies to upgrade.
In particular, the firm is looking to back industrial internet startups that will participate in the accommodation, transport and financial services industries as well as those providing other traditionally offline-based services.
YI has invested in 16 companies so far, including mobile-focused real estate agent Lianjia, logistics service Shansong Express and online home decoration information platform 5i5j, which China Money Network stated was acquired by property manager Kunming Sinobright in February 2017 for RMB6.5bn ($944m).