Nestlé is the main backer of the consumer investment firm's latest fund, which has a $150m target for its final close.
Packaged food producer Nestlé has contributed to the first close of a fund for China-based, consumer-focused investment firm Tiantu Capital with a $150m target for its close, DealStreetAsia reported yesterday.
Nestlé is the cornerstone investor for the fund, and the deal represents its first commitment to a China-based venture capital fund. The other limited partners include unnamed listed companies, family trusts and individuals, according to a WeChat post by Tiantu Capital.
Founded in 2002, Tiantu concentrates on investments in consumer product developers. Its portfolio includes Zuoyebang, the online education provider that raised $750m in June this year, and Aihuishou, the electronics recycler that secured $500m a year earlier.
The firm has not disclosed how much it has so far raised for its latest fund, but it will invest roughly $3m to $20m per deal and is targeting series A and B-stage deals for companies in the consumer health, food and beverage, and skincare and cosmetics sectors.
Tiantu Capital managing partner Pan Pan was quoted by DealStreetAsia as saying: “The commitment from Nestlé will further synergise the resources between venture capital and industry investment, providing Tiantu Capital with the industry expertise of more international visions.”