Cathay Innovation closed its inaugural venture capital fund, at $320m.
Backed by Bpifrance, CDB Capital, BNP Paribas Cardif, Groupe ADP, Groupe Artemis, Groupe SEB, Joyoung, Michelin, Total, and Valeo, Cathay Innovation will invest in early growth technology startups supporting digital entrepreneurs through a platform available on 3 continents — North America, Europe, and China.
Co-founded by Denis Barrier, Managing Partner, and Mingpo Cai, President of Cathay Capital Private Equity, Cathay Innovation’s team — which today includes 11 professionals spread between France, China, and the U.S. — has already closed more than 10 investments in 20 months.
The firm has also contributed to the product launch and then the rise of its first unicorn, Pinduoduo (PDD), a large social commerce platform and fast growing e-commerce merchant.
With offices in San Francisco, Paris, Beijing and Shanghai, Cathay Innovation is committed to investing in 20 to 25 innovative companies in this fund, with initial commitments between $3m and $15m, and a strategy allowing portfolio companies to connect at the outset to a global ecosystem (Europe / China / USA) to accelerate their international growth.