杭州润苗基金正式启动，首期规模20亿元！
Sou Hu Cai Jing·2025-11-19 15:22

Core Insights - The establishment of the Runmiao Fund aims to address the market's inefficiencies in resource allocation for early-stage projects, focusing on "early investment, small investment, long-term investment, and hard technology" [3][4] - The fund has a substantial initial scale of 2 billion yuan and a long duration of 20 years, surpassing the typical 8 to 10 years for similar government-led early-stage innovation funds in China [1][4] Investment Strategy - The fund targets approximately 34,000 technology-based small and medium-sized enterprises in Zhejiang Province, with a focus on supporting 6,000 "seed" companies and selecting 1,000 "promising" companies annually [3][4] - It plans to invest in over 100 projects each year, with individual investments generally not exceeding 5 million yuan, addressing the funding needs of early-stage enterprises [3][4] Decision-Making Structure - The fund features an innovative decision-making structure with a 7-member investment committee, including 4 external experts from various fields and 3 internal members, to enhance decision-making efficiency and avoid internal biases [3][4] - The committee includes prominent figures such as academicians and industry leaders, ensuring high-quality oversight and scientific decision-making [3][4] Investment Focus - The fund emphasizes long-term investments and hard technology, aligning with Hangzhou's advanced manufacturing clusters and key sectors [4] - It is designed to support projects in the stages of technology development, product prototyping, or market expansion, specifically targeting early-stage projects before Series A financing [4] Investment Mechanism - To lower early financing barriers, the fund offers various flexible investment options, including common equity, preferred shares, and convertible bonds, without seeking controlling stakes [4] - The fund will implement an "open and diverse + intelligent screening" project discovery mechanism, utilizing AI for project selection and sourcing from multiple channels [4]