Sky9 Capital raises $200m

Sky9 Capital held a final close of its third China-focused venture fund, Sky9 Capital Fund III, at $200 million.

The fund, which closed at its target size, will continue the Hong Kong-based firm’s strategy of investing in early- and expansion-stage tech companies across China. According to the Sky9’s press release, the firm will write checks in sizes of $1 million to $10 million for seed and Series A rounds and more than $10 million for expansion-stage businesses.

Sky9 Capital is led by Ron Cao, who founded the firm in 2016 after previously serving as a managing director at Lightspeed China.