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Laxman Pai, Opalesque Asia: Global venture capital firm Cathay Innovation has announced its third fund, targeting €1 billion ($1.05 billion) to invest in technology start-ups with an eye on sustainability.
Cathay Innovation Fund III, backed by multinationals including French drugmaker Sanofi, TotalEnergies, Valeo, BNP Paribas Cardif, Groupe SEB, Groupe ADP (Paris Aéroport), and more, will focus on sectors such as artificial intelligence, digital health, new mobility, and financial technology, said a press note from the venture capital group backed by consumer conglomerate Unilever Plc.
The new fund follows its $550 million second fund back in 2020, which - like the inaugural fund before that - was also a multi-stage fund.
In the next ten years, all industries face massive change as modern digital infrastructure redefines markets by better linking products, customer needs, and the wider value chain, it said.
"The new fund looks to empower companies to lead the larger markets of the future by backing next-gen technologies, business models, and platforms at the center of digital and sustainable transformation," the release said.
The venture arm of investment firm Cathay Capital Group said that it intends to serve as lead- or co-investor, with investments ranging from $5 million to around $80 million in size.
Mingpo Cai, Founder, and Chairman of Cathay Capital and Cathay Innovation said: "Fund III marks an important milestone in our journey, buildin...................... To view our full article Click here
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