BAI Capital, a China-based venture firm, announced a new $700 million fund to back Chinese companies.

The new fund will focus on helping Chinese companies in retail, financial technology, content and media, and the red-hot areas of web3 and metaverse that are expanding globally. It is setting up offices in Singapore and Berlin.

BAI Capital, founded by German businessman Carl Bertelsmann in 2008, has invested in more than 200 companies, including electric vehicle upstart Nio and China’s shared bike pioneer Mobike, which was acquired by Meituan. It has also backed some notable IPOs and unicorns.

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