Silicon Valley-based venture capital firm Fenox Venture Capital is planning to expand its presence in Asia by launching special investment funds for India and China.n
To help local startups by providing the infrastructure and finance, the investment firm recently partnered with the Chinese government to launch a large incubator and accelerator programme in Chengdu in the Sichuan province of China.
According to Anis Uzzaman, General Partner and founding member of Fenox Venture, the company is also likely to launch a “very large fund” focussed on Chinese companies, reported DEALSTREETASIA.
Founded in 2011, Fenox Venture Capital works with emerging technology companies and operates out of offices across eight countries including Bangladesh, Taiwan, Dubai, Indonesia, Japan and South Korea. Its investment spread covers 14 countries and it has a 115-strong portfolio.
The VC firm raises its funds from corporate limited partners only, including its anchor, the automotive components company Fenox Corporation. Among its newer limited partners, Fenox VC lists corporations such as Bandai Namco and Infocom.
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It manages several multi-million dollar funds and invests in technology startups from artificial intelligence, robotics, and big data to virtual reality, fintech, and healthtech domains.
“I strongly believe that the Chinese government is going to become the main limited partner in this case and obviously since it is China, we have also seen quite a bit of interest from private parties the same way as we see the interest for India, because of the population and economy,” said Uzzaman.
“Our large corporate partners today, 25 of them we have now, all of them are very interested in both India and China but the Chinese government is playing a very prominent role and most probably becoming the first and anchor investor in this and then have the private sector to join in,” he added.
This is the second round of investments talks for India by Fenox. Last year, it had planned to float a $50 million venture capital fund dedicated to investments in the country and had also roped in Venkatesh Shukla, chairman of TiE Global, as a General Partner.
However, Shukla left soon after the announcement due to other personal commitments. Since his early departure, Fenox Venture Capital put plans for its India-focused fund on hold.
Fenox Venture Capital: Website