Cherubic Ventures has held the final closing of its fifth fund at $110 million bringing the firm’s total committed capital under management to over $400 million, according to a report by Deal Street Asia.
Cherubic, a venture capital (VC) firm with operations in Silicon Valley and Greater China, will employ its existing investment approach for Fund V of looking to become the first investor to back up-and-coming US and Asian startups. Cherubic also actively sources deals from angel to pre-IPO funding stages with professionals stationed in San Francisco, Taipei, and Shanghai.
Over half of the new fund’s capital will be reserved to invest in companies at late-stage to pre-IPO fundraising using a “sector-agnostic” strategy. Previous investments have been made in a range of industry sectors including consumer, enterprise solutions and blockchain technology.
Cherubic currently has a global network of over 150 portfolio companies, including US telehealth platform Hims & Hers, sleep meditation app Calm, US logistics technology startup Flexport, e-commerce company 91APP, Japanese buy-now-pay-later (BNPL) platform Paidy, and Chinese design software provider Tezign.
