Tencent invests in venture capital private equity firm

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On August 19, Dongguan Qingshuiwan Phase II Venture Capital Partnership (Limited Partnership) was officially established, the newest venture capital company funded by Tencent. The company’s executive partner is Zhuhai Yuewan Huasheng Fund Management Co., Ltd., with a registered capital of 536 million yuan ($78.29 million) and the company is located in Dongguan City, Guangdong Province. The company is jointly owned by Shenzhen Tencent Industrial Fund Co., Ltd. and Sequoia Jingyao (Xiamen) Equity Investment Partnership (limited partnership).

Company survey platforms show that the company’s industry is the capital market service and its scope of business includes: venture capital (limited to investment in unlisted companies ), capital investment, investment management, asset management and other activities with private equity funds.

The new company has a number of partners, including Li Zexiang, a former HKUST teacher who also co-founded sports monitoring company Googoltech. On August 17, NARWAL, founded by Zhang Junbin, a student of Li Zexiang, changed the industrial and commercial registration information. Guangxi Tencent Venture Capital Co., Ltd. became the new shareholder of NARWAL.

NARWAL, founded in 2016, is a sweeping robot company. In June last year, the company’s valuation rose to $5 billion and became a unicorn in the field of intelligent robots. Its revenue in 2021 was around $2 billion.

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