(Yicai Global) April 25 -- Eight Roads Ventures, the global venture capital (VC) arm of Fidelity International Limited has established a USD275 million fund focused on China’s science and technology sector.
The fund will focus on China’s domestic companies and cross-border projects in the fields of information technology (IT), financial technology and consumption, VC news site PE Daily reported.
With over 20-year investment experience in China, Eight Roads has supported some 85 Chinese companies to date, including e-commerce giant Alibaba Group Holdings Ltd., communication network operator AsiaInfo Inc. as well as other benchmark firms.
Eight Roads will work closely with Fidelity’s technology team to guide the invested companies professionally in a user-centric way to help them carry out field tests in an effort to optimize products and services.
The fund aims to capitalize on opportunities in China as the country leads the world’s science and technology development, said Jarlon Tsang, managing partner for Asia at Eight Roads. The company will support the invested companies to achieve cross-border and cross-sector development and ultimately succeed in the global market, he added.
Eight Roads previously set up a USD250 million healthcare fund last July, with 40 percent to be injected into new drug research and development. The rest is focused on medical service, equipment, and internet medical care.
Editor: William Clegg