Cherubic Ventures Raises $110 Million Fund

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; Cherubic Ventures has completed the venture capital firm&&num;8217&semi;s Fund V at <span class&equals;"xn-money">&dollar;110 million<&sol;span>&comma; with a total of over <span class&equals;"xn-money">&dollar;400 million<&sol;span> in committed capital under management&period;<&sol;p>&NewLine;<p>Operating under a multi-market&comma; &&num;8220&semi;First check&&num;8221&semi; strategy&comma; the VC firm saw two IPOs and one major acquisition in 2021&comma; doubling its number of successful unicorns from the previous year&period; US telehealth platform Hims &amp&semi; Hers &lpar;HIMS&rpar; went public on the New York Stock Exchange in <span class&equals;"xn-chron">January 2021<&sol;span>&comma; while omnichannel eCommerce solution provider 91APP became <span class&equals;"xn-location">Taiwan&&num;8217&semi;s<&sol;span> first unicorn to launch an IPO on the Taiwan Stock Exchange&period; Additionally&comma; the Japanese buy now pay later platform Paidy was acquired by PayPal for <span class&equals;"xn-money">&dollar;2&period;7 billion<&sol;span>&period;<&sol;p>&NewLine;<p>Cherubic Ventures will also reserve more than 50&percnt; of Fund V assets for supporting startups to their later rounds all the way to pre-IPO&comma; providing long-term and full support to its portfolios&period; Managing its capital under a &&num;8220&semi;sector-agnostic&&num;8221&semi; strategy&comma; the firm has partnered with over 150 startups from across the world in industries ranging from consumer to enterprise solutions to blockchain technology&comma; among others&period;<&sol;p>&NewLine;<p><b>Sustaining a &&num;8220&semi;First Check&&num;8221&semi; Strategy<&sol;b><&sol;p>&NewLine;<p>Adding to its portfolio of market-leading unicorns in 2021&comma; Cherubic Ventures was also among the first investors in industry-pioneering startups such as the world&&num;8217&semi;s top sleep meditation app Calm along with Flexport&comma; the leader in digital transformation for the logistics sector&period;<&sol;p>&NewLine;<p>Founder and Managing Partner Matt Cheng &lbrack;photo above&rsqb; explained how Cherubic&&num;8217&semi;s Fund V will represent a continuation of the firm&&num;8217&semi;s &&num;8220&semi;First Check&&num;8221&semi; approach of seeking out high-potential teams that have yet to acquire any funding&colon; &&num;8220&semi;Putting faith in those startups that have yet to receive any investment is a challenging first step&period; However&comma; Cherubic is very willing to be the first investor to believe in these teams&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Cheng added that his firm&&num;8217&semi;s criteria for choosing which startups to invest in are whether that team has a unique solution for a customer problem and how much experience they have in both entrepreneurism and their respective industries&period;<&sol;p>&NewLine;