China-based consumer electronics manufacturer Xiaomi has set up an RMB200m ($29m) venture capital and consulting firm called Chongqing Xiaomi Venture Capital, according to data provider Tianyancha.
Xiaomi is the sole backer of the subsidiary, which is based in the Chinese city of Chongqing, and whose legal representative is the corporate’s chief financial officer, Shou Zi Chew. The company had invested in 270 companies to date, committing more than $4bn, as of its Q1 2019 financial report.
Xiaomi co-founder and CEO Lei Jun formed another VC firm, Shunwei Capital, in 2011, and it has co-invested with the corporate on multiple occasions, including in rounds for India-based social networking app developer ShareChat and China-based power bank provider Energy Monster.
