China's Chuxin Capital hits first close of RMB Fund III at $79m

China's Chuxin Capital hits first close of RMB Fund III at $79m

Chinese 100 yuan banknotes and a U.S. one dollar banknote are seen in this file picture illustration taken in Beijing, China, January 21, 2016. REUTERS/Jason Lee/Files

Chuxin Capital has reached the first closing of its third RMB-denominated fund at 500 million yuan ($78.8 million), as the early-stage venture capital (VC) firm continues to focus on investments in China’s enterprise software and technological innovations.