Cathay Innovation, an international venture capital firm, has announced a new €1bn (£847m) fund to invest in sustainable startups across the software, AI, fintech, digital health, and consumer tech spaces.
The Cathay Innovation Fund III is the firm’s third venture capital fund and is backed by institutional investors and multinational corporations including Sanofi, Total Energies, Valeo, BNP Paribas Cardif, Groupe SEB, Groupe ADP, and more.
California-based Cathay has investments all over the world. However, the company has confirmed its Fund III will include UK startups.
“We’re committed to helping create the economy of tomorrow while having a positive impact on society,” said Mingpo Cai, founder and chairman of Cathay Capital and Cathay Innovation.
“Fund III marks an important milestone in our journey, building a multi-industry platform that connects large corporations and startups to collaborate, exchange knowledge and support the sustainable transformation of all stakeholders.
Cathay Innovation has made more than 120 investments around the world, with a portfolio that has gone on to raise over $16bn (£13.4bn). The firm’s investments include 19 unicorns including the fintech Chime, worth $25bn, delivery startup Glovo, worth $2.5bn and autonomous vehicle company Momenta.ai, valued at $2.5bn.
“With Fund III, we now have tailored investment theses for healthcare, finance, consumer, energy, mobility, and logistics – investing in next-gen technologies that will be pervasive in global industries to deliver better, more efficient products and solutions addressing the needs of end customers,” Denis Barrier, co-founder of Cathay Innovation added.