We’re happy to announce the first close of our second RMB fund at RMB 250 million, nearly triple the size of our first RMB fund.
It is exciting news given the negative impact on VC fundraising amid the sharp fall of the public cloud companies’ valuation and stringent COVID lockdown measures in China. Eminence has been able to navigate a volatile external market environment while continuing to look for and support excellent startups and generate value for our investors.
Our second RMB fund has a diverse and influential investor base, including strategic investors such as a Chinese internet giant and top-tier full-spectrum PE firms, institutional investors such as CICC (China’s leading sovereign wealth fund), top-tier Funds of Funds, family offices, and senior executives and successful entrepreneurs from Internet giants and traditional industry enterprises.
Eminence Ventures was recently named the most SaaS-focused investor in an enterprise cloud investment report released by Nebula Advisors, a renowned consulting firm in China. We have invested in 27 companies in the past four-plus years, approximately six to seven deals per year, which shows we are a very disciplined investor. However, we also demonstrate what we continuously highlight and insist on - deep focus, high win rate, and sustainability. This discipline is also consistent with the investment discipline of our exclusive strategic partner, Emergence Capital, which has invested in many iconic startups, including Salesforce, Zoom (NASDAQ: ZM), Veeva (NYSE: VEEV), and Bill.com (NYSE: BILL).
“We are extremely grateful for all the trust and support from our existing and new investors and are determined to focus on enterprise cloud and only make manageable investments with a high win rate. We look for startups with the potential to change the way the world works with their SaaS products and services. Our second RMB fund will allow us to continue supporting excellent SaaS companies.” said Peter Cheng, our Founding Managing Partner.