Growth FOF under SIG Co-initiates "10-Billion-Yuan VC Fund Program" to Support Outstanding Startup Enterprises
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To further implement the policies, decisions and arrangements of the CPC Central Committee, the State Council and the CPC Shanghai Municipal Committee for coping with Covid-19, further give play to the role of Shanghai's VC funds in supporting outstanding young startup enterprises affected by the epidemic, boost youths' confidence in starting businesses, step up investment support and improve the level of innovative development, led by CYL Shanghai Municipal Committee, the Shanghai Youth Federation and Shanghai Rural Commercial Bank, Growth FOF under SIG launched the "10-Billion-Yuan VC Fund Program" in association with the initiators-GP Capital, Guohe Capital and DT Capital Partners, to build an investment and financing matching platform, and worked with young startups to overcome hardships and fight the epidemic.
The program will focus on outstanding startup enterprises with core innovation technologies in Shanghai, including:
a. Enterprises contributing to the anti-epidemic fight, such as enterprises providing important products or services to stabilize social production and life;
b. Enterprises renovating technologies, business and models during the epidemic to accelerate the post-epidemic restoration of the social economy;
c. Technology enterprises with core technologies and process capabilities;
d. IC, AI and biopharmaceutical enterprises, as well as other enterprises according with the direction of Shanghai's industrial development.
As the only PE FOF investment institution in the program, Growth FOF will give full play to its business advantage, examine new VC institutions intending to join the program, and include approved institutions in the matching list upon approval by initiators. Besides, Growth FOF will work with other VC institutions to negotiate with and select intended enterprises, and conduct follow-up capital connection according to their investment decision processes. Growth FOF will try its best and work with the initiators and other partners to transport blood to young startups in Shanghai and activate the infinite potential of enterprises.
