Adrian Cheng-backed investment firm leverages New World Development resources in search of China’s next unicorns

C Ventures, a private investment vehicle backed by Adrian Cheng, counts on its non-capital advantages to build a portfolio of promising start-ups

Recent investments include IPO-bound Lalamove and mainland firms like RoboticPlus.AI and Fiture

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Lalamove, which is said to be preparing a US$1 billion stock listing plan, counts C Ventures as an investor. Photo: Handout

Published: 10:00am, 19 Jul 2021Updated: 10:06am, 19 Jul 2021

C Ventures, a private investment vehicle backed by a member of the family behind Chow Tai Fook Enterprises and New World Development, is eager to bet on more new-economy start-ups by leveraging on its “huge” capital resources and business networks.

The firm has so far invested in more than 50 companies since its founding in 2017, building a portfolio that includes mainland Chinese entities like RoboticPlus. AI and smart-mirror maker Fiture, as well as Hong Kong logistics firm Lalamove, which is said to be preparing a US$1 billion stock listing plan.

China has been a fountain of opportunities for local private equity firms like Hillhouse Capital and global heavyweights like Sequoia Capital, leaving newer and niche players with all to do by counting on their non-financial advantages to build their presence.

“Good start-up companies do not lack capital, they look for good partners that help them grow their business,” managing director Ben Cheng said in an interview. “We have [other] resources that money cannot buy.”

Ben Cheng, managing director of C Ventures. Photo: Handout

C Ventures is co-founded by Adrian Cheng Chi-kong, the third-generation scion of Hong Kong’s third richest family according to Forbes’ ranking. The firm targets millennials and Gen Z with “disruptive” businesses in technology, lifestyle and media.

Some 136 start-up companies worldwide achieved unicorn status last quarter, or those with valuation of more than US$1 billion, according to a report published by CB Insights, compared with 23 a year earlier. This has already surpassed the 128 recorded in all of 2020.