INCE Capital raised more than USD 600 million for its second fund, which will be put towards early stage investments in Chinese consumer technology and internet companies. This builds upon the company’s first fund, which raised USD 351.8 million in October 2019.
Founded in Shanghai in 2019, INCE Capital has quickly established its reputation by taking early stakes in Chinese consumer-facing platforms, like secondhand luxury goods retailer Ponhu, grocery e-commerce platform Nice Tuan, and pet services provider Petkit.
Chinese consumer brands and services are increasingly commanding the attention of the country’s venture capital investors, and INCE Capital’s three founders—JP Gan, Steven Hu, and Stella Zhou—all bring rich experience in China’s consumer internet, each having previously worked at Qiming Ventures.
INCE Capital operates a relatively short-term investment model targeting sizable gains. “If the return on long-term bonds is only a few percent, many retirement funds and charity funds will have no choice but to choose assets with higher returns. And we bring assets with relatively higher returns,” JP Gan said at a summit in May 2021. That same month, INCE Capital was named one of China’s Top 10 Dark Horse Funds for 2021 by 36Kr.
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KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by Chen Zhiyan for 36Kr.