Bertelsmann Investments,Double Cross (1996) one of Germany’s largest venture capital funds, is planning a $700 million investment in Chinese start-ups, according to the Financial Times. Carsten Coesfeld, CEO of Bertelsmann Investments, told the Financial Times that his visit to China had left him amazed by its “very impressive” entrepreneurial talent. Over the next three to five years, Bertelsmann Investments aims to support tech groups in China and start-ups established by Chinese globally, with co-investors including major financial institutions and sovereign wealth funds. Coesfeld also pointed out to the Financial Times the difference between the Western media’s portrayal of China’s post-pandemic growth challenges and the actual reality. In terms of his views on China’s economy, the chief executive said, “Obviously, we’re not going back to 10% of GDP growth…even if it’s at a lower scale, the quantum of economic growth is something we can’t neglect.” Since its establishment in 2008, Bertelsmann Asia Investments, Bertelsmann’s China-focused subdivision, has already invested in over 180 start-ups, including the online content and marketing provider for the automotive industry BitAuto, the streaming platform Bigo, and the bike-sharing company Mobike, which was acquired by Meituan in 2018. [Financial Times]
