Taizhou angel fund nurtures future industries with patient capital

The first phase of the Taizhou Angel Investment Fund, with a paid-in scale of 202 million yuan ($29.93 million), has been completed.

Over the past three years, the fund, which focuses on early-stage, small-scale and hard-tech projects, has delivered strong results. It attracted 245 million yuan in follow-on investment from social capital. Among its 25 seed projects, 14 secured more than 416 million yuan in subsequent financing, with their average valuations rising 63 percent.

When established, the Taizhou Angel Fund featured strong government backing, with 80 million yuan contributed by the municipal government and 120 million yuan from 10 county-level areas. At a time when early-stage technology ventures faced high risks and limited interest from private investors, the fund was designed to fill a gap in the local innovation investment ecosystem.

The investment in Zhimei Stars is one example. The startup, which developed low-temperature plasma skin treatment technology, struggled to secure funding. After an in-depth evaluation, the fund decided to invest, recognizing the technology's potential and its collaboration with a research team at Tsinghua University. The investment decision attracted 63 million yuan in additional social capital, followed by another 144 million yuan in financing.

Beyond capital support, the fund has adopted a long-term approach by helping portfolio companies access banking resources, industry connections, local supply chains and exhibition opportunities, supporting their growth throughout the development cycle.

The fund has also aligned its investments with Taizhou's future industrial priorities. Of its portfolio, 14 projects focus on healthcare, covering innovative drugs, advanced medical devices, cell and gene therapy and synthetic biology; five projects are in artificial intelligence, four in intelligent equipment, and two in new materials.