MENLO PARK, CA and BEIJING, CHINA--(Marketwired - Jan 17, 2014) - WestSummit Capital ("WSC"), a leading China-based, global growth capital investor, today announced that it has raised $325 million in capital commitments from several large institutional investors in Europe, North America and Asia, among others. The funds comprise of $225 million for WestSummit's Fund II, focused primarily on investments in North America and China, and $100 million for Summit Bridge Capital focused mainly on investments in Europe and China and managed in collaboration with European growth capital firm Atlantic Bridge. WSC's Fund II exceeds the size of the firm's Fund I by over three times.
"Technology innovation knows no borders, and we are excited to serve as a value-added partner to connect the China market with leading technologies from around the globe," said Raymond Yang, Managing Partner of WestSummit Capital.
Founded in partnership with the most prestigious financial institution in China, WestSummit Capital operates as one of the only technology growth equity firms investing between China, North America and Europe. WestSummit brings together Managing Partners Raymond Yang and Dr. Datong Chen, both highly successful technology executives who created over $2.5 billion in equity value by leading three companies -- two based in Shanghai and one based in Silicon Valley -- from inception/early stage through their IPO on the NASDAQ stock exchange.
Based on the firm's deep operating experience in China and Silicon Valley, WestSummit has built a reputation as a proven, value-added and hands-on strategic partner for China Value Creation ("CVC"). To further enhance WestSummit's CVC activities, the firm has hired a dedicated team of former operating executives with deep industry expertise in the firm's focus areas.
"WestSummit has the operational know-how and local connections to demystify the massive and complex China market, develop a strategy for market entry into China, and support a successful launch with tangible results," said David Helgason, CEO of Unity Technologies. "Unity's second largest user community is in China, and WestSummit was instrumental in growing our in-country team from nil to over 30 professionals while achieving rapid revenue growth and profitability since day one."
"WestSummit brought the global perspective, connections and capital to take GigaDevice to the next level," said Yiming Zhu, CEO of GigaDevice. "They worked with us to identify mobile as a major new vertical and define the strategy, and helped to introduce to us the top mobile platform partners that have significant influence in this industry. Since launching in mobile with WestSummit, we have achieved 500% growth in our total company revenues. WestSummit has been a game-changer for us."
With Fund II, WestSummit Capital continues its strategy of making growth stage investments of $5 to $15 million into leading companies in the Internet & Digital Media, SaaS & Cloud Computing, Mobile and IT-enabled Clean Tech sectors. Current investments in Fund II include Unity, Twitch, Mirantis, Verisilicon, and Union Optech.
More information about the Summit Bridge Capital can be found here:
http://www.summitbridgecapital.com/SummitBridge_Press_Release_17_Jan_14.docx
http://www.nprf.ie/Publications/2014/ChinaIrelandTechFund17Jan2014.pdf
About WestSummit Capital
WestSummit Capital (www.westsummitcap.com) is a premier China-based, global growth stage technology investment firm. WestSummit invests in the Internet, mobile, cloud computing and IT-enabled clean tech sectors with a focus on rapidly growing enterprises that have a substantial presence in or a strategic interest in China. Sponsored by major financial institutions in Asia, Europe and North America, WestSummit closely partners with leading companies across the globe to realize the full potential of developing their businesses in Greater China. WestSummit operates from offices in Beijing, Silicon Valley and Hong Kong.
Contact Information:
Alex Hunter
The Bulleit Group
alex@bulleitgroup.com