Ex-Tencent Veteran Raises $120 Million Fund to Bet on Next Zoom
- Venture firm Eminence raises second fund for enterprise cloud
- Portfolio startups also backed by Jack Ma’s Ant, Sequoia
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China’s technology sector has had breakout successes in e-commerce, social media and smartphones. Venture capitalist Peter Cheng is betting the next big opportunity will be in enterprise software, with local alternatives to the likes of Oracle Corp. and Salesforce.com Inc.
His Eminence Ventures has raised $120 million for its second fund, with backing from Silicon Valley’s Emergence Capital and Hong Kong’s Unicorn Capital Partners. Eminence, founded in 2017, has fully invested its first fund -- $37 million raised from dozens of individual investors.