SILK Ventures: Tech-Focused VC Fund, Bankrolled By China

SILK Ventures is rolling out a new $500 million venture capital fund that is partly bankrolled by the Chinese government.

According to a report in TechCrunch, the new fund is gearing up to invest in all stage startups with a main focus on deep technology and science, Internet of Things, robotics, FinTech and MedTech startups.

“We are the only venture fund in the world doing what we are doing,” claims Angelica Anton, founding partner of SILK Ventures said in an interview with TechCrunch. “We are globally aligned with expert partners in the U.S., Europe and Asia to work with China at the highest levels to ensure that our portfolio companies are not only well-funded, but have the best chance of success in the Asian market.”

The report noted the fund is being backed with a 50 percent investment by Chinese state-owned Assets Supervision and Administration Commission (SASAC) Shenzhen, who is acting as both an LP and strategic partner. The other investors are comprised of a group of “confidential strategic corporations,” which will be announced in July when the fund also unveils its first investment.

“SILK Ventures was built to change the way Chinese capital marries Western technologies, and we pride ourselves on the cultural and operational know-how within our expanding team,” said Anton in the report.

Meanwhile Brewer Stone, a new venture partner for SILK Ventures noted, “Having spent many years as a bridge between the U.S. and China for emerging technology leaders in both countries, I understand the challenges and know the tremendous value we can bring to portfolio companies in partnership with SASAC. SILK Ventures aims to be the best partner for international companies that have truly differentiated, have impactful technologies and want real results when they enter China. The network and ongoing support we can deliver are extraordinary.”