Cherubic Ventures announces 120M early-stage fund for U.S., China and rest of Asia - Artificial Intelligence Online

Cherubic Ventures, an early-stage VC firm with a focus on the U.S. and Asia, has announced a new fund targeted at 120 million. Fundraising is still ongoing, and founder-managing partner Matt Cheng told TechCrunch that the firm currently has 80 million in confirmed commitments from LPs. Cheng started Cherubic back in 2010 after spending time with Chinese social portal Tian Ge Interactive and C Squared Venture Capital. Today, its portfolio includes close to 90 companies worldwide, such as Hyperloop, Luxe and Wish in the U.S., Cloud Union and Liulishuo in China, and Pinkoi and Chadal in the wider Asian continent. The firm has offices in Beijing, Taipei and San Francisco but, alongside the announcement of the fund, Cheng said it had opened a new headquarters in Shanghai. That will house around half of the firm's team, which Cheng expects will increase to 12 this year.