TREE NEWS update: Shanghai’s Sci-Tech Innovation Sourcing Fund signed its first 17 frontier seed projects in a ceremony, alongside strategic cooperation agreements with Songjiang Jiliuling and Jiaxing state capital. The fund’s second phase totals 45 million yuan; in nine months since launching investments, it has approved 23 projects worth 363 million yuan, with 12 securing follow-on funding and valuations rising as much as sixfold.
Shanghai Sci-Tech Fund Signs First 17 Seed Projects, Second Phase Totals 45M Yuan
AI take
The fund's model — public seed capital paired with regional state partners — is the notable part, not the project count. Early follow-on and valuation marks suggest the sourcing pipeline is feeding private capital rather than substituting for it, which is the signal other Chinese local governments watch. Whether that follow-on rate holds as the second, smaller phase deploys is the open question.
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