1955 Capital Firm Raised $200 Million Fund Targeting China
Andrew Chung, a former Hong Kong music popstar turned venture capitalist established his own firm 1955 capital. The firm has raised $200 million fund and expected to bring clean technology to China.
Andrew Chung was a veteran venture capitalist with more than 10 years of experience. He started his career in Lightspeed Venture Partners before moving on to Khosla Ventures. Now he established his own firm 1955 capital, and has successfully raising $200 million fund.
He has a lot of experience in connecting startups with China and landed deal with China's company during his tenure at Khosla. One of them is helping LanzaTech to get pilot projects with giant Chinese steel manufacturers. LanzaTech is a biofuel startup company that pioneering a process to change carbon pollution into useful chemicals.
Forbes quoted the multilinguals who speaks English, Mandarin and Cantonese that said, "I was in China 13 times last year. In some cases, flying in for six hours to negotiate deals with companies, or driving down dirt roads to villages to negotiate partnerships. I've really doubled down on this type of strategy."
Andrew Chung has big interest in clean technology. He invested in LanzaTech while he was in Khosla and still sitting on the company's board. Another companies which he has been working with are Solazyme, a renewable oils and bioproducts company, and EcoMotors, a new engine technology company.
He expected to bring clean technology to China, as Eastern world is more willing to take chance on an unknown startup on that sector.
LanzaTech CEO Jennifer Holmgren explained how Andrew Chung helped her company to score partnership with big Asian companies such as Mitsui, SK, Siemens, and ArcelorMittal. Silicon Beat quoted her in news release, "Andrew was instrumental in helping us avoid a more difficult path to commercialization by working with us to build trusted partnerships and business in China. that now allows us to apply our technology to solve similar issues and create jobs back in the U.S. and other parts of the world."
Now Andrew Chung has established his own venture capital firm and raised a $200 million fund targeting China and Asia. He told PR Newswire, "We believe that China, India, and other developing countries face fundamental challenges that put the future of their societies at risk and place severe pressure on governments and business leaders for solutions."
Furthermore he said, "We founded 1955 Capital because we believe disruptive technology is critical to solving these issues and can help bring nations closer together by matching the ingenuity of the West with the growing survival-driven demands of the East. For U.S. technology companies, direct access to these large and explosive end-markets will help accelerate technology commercialization, create jobs, and foster partnerships that will support their long-term growth and development."
Andrew Chung and his new 1955 Capital has established its $200 million fund. He expects to bring clean technology to China and Asia with the new fund.