Cherubic Ventures wraps up fifth fund at $110m

Cherubic now has over $400mn in committed capital under management.

  • Fund V’s limited partners were not disclosed
  • Cherubic targets early-stage tech companies
  • Cherubic was founded by Matt Cheng

Cherubic Ventures, an early stage venture capital firm focused on Silicon Valley and Greater China, has closed its fifth fund at $110 million.

As a result of this fundraising, Cherubic has over $400 million in committed capital under management.

Fund V’s limited partners were not disclosed.

Matt Cheng, Cherubic Ventures

Cherubic targets early-stage tech companies, operating under a multi-market, “first check” strategy. Two of its portfolio companies went public last year: telehealth platform Hims & Hers went public on the New York Stock Exchange in January 2021, while omnichannel ecommerce solution provider 91APP launched an IPO on the Taiwan Stock Exchange.

Cherubic Ventures will also reserve more than half of Fund V for supporting startups in their later rounds, all the way to pre-IPO.

Cherubic was founded in 2014 by Matt Cheng. Prior to founding Cherubic, Cheng co-founded Tian-Ge in Mainland China and 91APP in Taiwan. Cheng is also a company advisor to Wish and Atomic VC, as well as an early investor in Flexport, Calm and Hims & Hers.