Buhuo Venture Capital raises $242m

The Beijing-based venture capital firm has closed two China-focused funds.

Fund name: Buhuo Ventures RMB Fund II, Buhuo Ventures USD Fund I
Amount raised: 1.56 billion yuan
Stage of fundraising: Final close

Buhuo Venture Capital has raised a total of 1.56 billion yuan ($242.3 million; €198.6 million) across two funds, according to a recent press release. Buhuo Ventures RMB Fund II has held a final close at 818 million yuan ($127.3 million; €104.3 million) while Buhuo Ventures USD Fund I has closed at $115 million.

Capital raised by the two funds will be used to invest in pre-A funding rounds to growth-stage supply chain businesses in China.