Redpoint China completed the fund-raising in three months, and was over-subscribed, founder and managing partner David Yuan noted. China venture funds climbed nearly 8 percent in 2018 to $23.6 billion, according to alternative assets data provider Preqin. China-focused venture firms that have recently raised new capital include such majors as Qiming Venture Partners, Matrix Partners China, Lightspeed China, and GGV Capital. The Redpoint China team, based in Beijing and Shanghai, spun out from Redpoint in Silicon Valley in 2015 -- similarly to many other US firms that ventured to China. The team in China has grown to 20 professionals, including two partners Yuan and Reggie Zhang.

Source: Forbes January 20, 2019 15:44 UTC