The CICC Porsche (Shanghai) Venture Capital fund, whose size is reportedly $118m, will target energy and connected vehicles in China.

Ostin Gong

Image of Ostin Gong, partnering and venturing lead for China at Porsche Ventures, courtesy of LinkedIn.

Porsche Ventures, the corporate venture capital subsidiary of German carmaker Porsche, has reached a first close of undisclosed size for its new China-based fund called CICC Porsche (Shanghai) Venture Capital Investment Partnership.

Launched in partnership with investment bank China International Capital Corporation, the fund counts Porsche Investments Management and Anting Shanghai International Automobile City among its limited partners.

While the amount committed was undisclosed, business data aggregator Tianyancha said RMB850m ($118m) was injected into the fund. It will invest in energy and smart connected vehicles in China.

Porsche Ventures has a team member in Shanghai, Ostin Gong (pictured), who leads partnering and venturing in the country.

Since its creation in 2018, Porsche Ventures has backed multiple Chinese startups such as 3D printer producer Intamsys, solar energy provider EnjoyElec and JF Chuxing, which operates car rental services.

Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.