Redpoint Ventures is raising another $400M to invest in Chinese companies

Redpoint Ventures is doubling down on China. The firm, headquartered in Menlo Park, has filed documents with the U.S. Securities and Exchange Commission to raise $400 million across two new China-focused funds.

The firm has set a $300 million target for its second flagship China fund, a significant increase from the $180 million it garnered for its debut China fund in 2016. Redpoint is also raising a $100 million opportunity fund that will also focus on the Chinese tech startup market.

Redpoint launched its dedicated China fund, led by managing director David Yuan and partners Tony Wu and Reggie Zhang, in 2016. Wu isn’t listed on the latest filings and may have taken a step back from the China team. We’ve reached out to Redpoint for additional details.

Investing at the seed, early- and growth-stages, Redpoint’s portfolio includes Stripe, Snowflake and Brandless. Its China fund has deployed capital to Yixia, a video blogging platform valued at more than $3 billion; Renrenche.com, an online marketplace for used cars; and iDreamSky, a Chinese game distributor that recently debuted on the Hong Kong Stock Exchange.

Following a banner year for venture capital fundraising wherein firms brought in $55.5 billion across 256 vehicles, per PitchBook, VCs are already off to a strong start in 2019. This week, Resolute Ventures, an early-stage firm based in San Francisco and Boston, closed its fourth fund on $75 million, and Silicon Valley-based BlueRun Ventures nabbed $130 million for its sixth flagship fund. Earlier this month, Lightspeed Venture Partners announced $560 million in capital commitments for its fourth China fund.