Morningside Venture Capital, a Shangai, China-based investment firm, has changed its name to 5Y Capital.
The new name “5Y” is a combination of the number 5 in the Chinese name of “Wuyuan Road” (wu means 5 in Chinese) and the first letter of yuan. Wuyuan Road is a one-way street in Shanghai. This is where the team has been headquartered from the very beginning.
Morningside Venture Capital was started in 2008 during the financial crisis by Richard Liu, Ken Shi and Gerald Chan under the auspices of Morningside Group.
Prior to its founding, Liu and Shi worked as investment professionals at Morningside Group, a private investment group founded by the Chan family of Hong Kong. When they spun off the MSVC operation from the family office and set up the Morningside TMT funds, Morningside Group became the anchor investor.
Over the past 12 years, MSVC has grown into an organization with over 35 members of staff. In October 2020, the MSVC operation was renamed as 5Y Capital reflecting the firm’s growth and the vast array of opportunities it can provide.
Morningside Group remains one of 5Y Capital’s most important investors.
5Y Capital currently manages approximately USD 3bn in dual-currency funds in USD and RMB. 5Y has provided multi-stage investments to a wide range of successful business founders, including Joyy (NASDAQ: YY), Xiaomi Corporation (HK: 01810), Kuaishou, Kingsoft Office (SH: 688111), Agora (NASDAQ: API), Xpeng Motors (NYSE: XPEV) and Pony.ai.
Along with the name change, 5Y Capital has updated its corporate identity including changes to its website found at www.5ycap.com/en/.
Effective immediately, all business activities will be undertaken using the new name.
FinSMEs
28/10/2020