UK-based SILK Ventures has raised a $500m fund to invest in tech companies in Europe and the US.
The fund will provide investment to firms from Series A upwards in all tech verticals, but will have a key focus on those specialising in deep tech (AI, Robotics, Internet of Things) FinTech, deep science and HealthTech.
Some 50% of the fund has been provided by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) – a special commission of the People’s Republic of China. The SASAC will act as LP and strategic partner to the fund.
The company, which initially launched in 2015 as an accelerator, plans to announce its first investments in July.
Angelica Anton, founding partner at SILK Ventures, said what her firm offers that others can’t is connections in Asia and, in particular, China.
The firm’s portfolio companies will be able to work closely with official investment departments within China’s local governments to help their expansion into the Chinese market.
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“We are globally aligned with expert partners in the US, 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,” said Anton, who was previously an investment advisor to the People’s Republic of China.
“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,” she added.
As well as having its HQ in London, the VC fund has team members in Menlo Park (US), Shenzhen and Beijing and claims two or three officials from the Shenzhen Department of Trade and Investment will be present in the UK office on a daily basis.