ByteDance-linked Jinqiu Venture Capital makes its first investment


Jet Commerce, a Jakarta-based one-stop e-commerce service provider, announced on August 10 the completion of round B financing exceeding $60 million. The round was jointly led by Jinqiu Venture Capital, Hidden Hill Capital and Zhejiang SilkRoad Fund, followed by Hui Capital and ATM Capital. It should be noted that Jinqiu Venture Capital has a strong relationship with TikTok’s parent company, ByteDance.

According to its official website, Jinqiu Venture Capital is led by Yang Jie, the former financial investment manager of ByteDance, and its founding members all have rich investment experience at ByteDance and other well-known institutions. In the middle of last month, Yang filed with the Asset Management Association of China as a private equity fund manager. According to filing information, the institution was established on March 30, 2022, with 99% subscribed by Yang and 1% contributed by another person, Zang Tianyu. The above funding is Jinqiu Venture Capital’s first investment after the filing.

Yang has a very rich resume in the field of investment. She worked at Shenzhen Capital Group and Cowin Capital. During her tenure at Cowin Capital, she served as an analyst, investment manager, senior investment manager and TMT investment director. She joined Sequoia in 2014 and became Vice President of Sequoia Capital China. In 2016, she joined ByteDance and headed a financial investment team after its creation in 2020. Compared to strategic investment, which aims for collaborative business, financial investment aims to seek return on investment.

Additionally, Jinqiu Homeland, a residential complex in Beijing, is ByteDance’s first office and the place where the whole group started. The name “Jinqiu Venture Capital” proves that the fund itself has a strong connection with ByteDance. Jemian News also reported that ByteDance originally planned to contribute around $20 million to the new fund, but this information has yet to be confirmed.

SEE ALSO: ByteDance changes plan to launch VC brand

Jinqiu Venture Capital officially started recruiting on July 25, including for a VP of Investments, a Director of Investments, an IR and an Investment Intern. At the same time, the institution also announced round B+ funding for its invested venture Syrius Robotics, which is an AMR (autonomous mobile robot) company. Previously, ByteDance made a major $20 million investment in the company in August 2021.


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