At a Glance
Tsingyuan Ventures has now rebranded itself as Foothill Ventures to better reflect its vision of elevating entrepreneurs from the very first step (foothills to above). It has also closed an oversubscribed fund of $100M, initially targeting $70M
Tsingyuan Ventures, one of Silicon Valley’s technology-focused venture fund, which primarily invests in seed to Series A round deep tech startups, has renamed itself as Foothill Ventures and closed an oversubscribed $100 million fund, an official statement on the company blog said.
The venture capital firm stated that the rebranding happened primarily because it wanted a better name to reflect its vision as many entrepreneurs used to assume that Tsingyuan was only interested in those founders and companies that had ties with China. The name Foothill was specifically chosen as it represented not just the location where the VC firm was based but also signified the starting point of elevation, which it narrates as reaching the foothills and climbing together with entrepreneurs.
“We want every one of our investments ultimately to reach a mountaintop, but that begins with the first phase of the climb, the seed funding,”Jinlin Wang, managing partner at Foothill Ventures
Mr. Wang added that though Tsingyuan had initially found success via investing in the talent pool of Chinese and US entrepreneurs, and in seven seed-stage unicorns, five of which were founded by China-emigrants; the VC firm expanded later and many of its successful investments did not have ties to China.
They still usually have technical founders, and usually immigrant founders, especially from India, but also from Israel, Romania, Russia, and elsewhere. We realized that what we’ve learned by helping technical founders from China become successful is generally applicable to a wider group of founders. As a result, we have changed our name to Foothill Ventures, where the metaphorical journey to success begins.Jinlin Wang, managing partner at Foothill Ventures
With respect to the new fund, Foothill Ventures added that though the initial target was $70 million, they closed an oversubscribed fund of $100 million later. The VC firm stated that it would continue its previously followed approach- focusing on seed-stage investments in technical, usually immigrant founders and their businesses – something that has led to its success.
Jonathan Roosevelt, managing director of Industry Ventures, lauded Foothill Ventures and commented,
Through our hybrid fund of funds product, we are investors in over 90 funds, including Tsingyuan Ventures. The team’s ability to discover, with due diligence, and support highly technical founders really stands out, and has resulted in exceptional returns, which led to a dramatic oversubscription of this fundraise. We are looking forward to continuing our partnership with the rebranded and extraordinary Foothill Ventures team.Jonathan Roosevelt, managing director of Industry Ventures