Internet and telecommunications software producer Ultrapower Software's corporate venturing unit has closed a $19.4m fund that featured external limited partners.
Ultrapower Fund, a corporate venture capital subsidiary of China-based telecommunications and internet software provider Ultrapower Software, has closed its latest fund at RMB138m ($19.4m), DealStreetAsia has reported.
The fund has been backed by two undisclosed investment platforms that are closely connected to the city of Beijing’s municipal government, according to a statement cited by DealStreetAsia.
Ultrapower Fund was formed in 2017 in partnership with co-investors including Qianhai Wutong Mergers and Acquisitions Investment Fund. It has reportedly provided funding for some…
