Adrian Cheng's C Ventures continues funding spree, makes strategic investments in Finery and Undone
It’s just over three months since Hong Kong-based entrepreneur Adrian Cheng launched C Ventures, an investment fund targeting Millennial-centric lifestyle brands, and business has been brisk. This week, the fund announced its latest round of investments — in Finery, an automated online wardrobe platform and Undone, a leading custom watch label.
C Ventures was one among a consortium of investors led by New Enterprise Associates that delivered $5 million in seed funding for Finery, a digital closet start-up founded by actress Brooklyn Decker and Whitney Casey.
The value of Cheng’s growth investment in Undone is currently undisclosed.
These deals come close on the heels of a significant investment in Moda Operandi. In December, Cheng, through his K11 and C Ventures investment vehicles, took a major stake in a round of funding that raised $165 million in growth capital for the multi-brand luxury fashion retailer.
Moda Operandi reported that the capital will be used in the launch of new operations and the expansion of its technological services, particularly its mobile tools. The deal will inarguably also offer it privileged access to the Chinese market — and the rising purchasing power of its millennials and Gen Z-ers.
It’s this sizeable demographic — the population of Chinese millennials and Gen Z-ers equal the workforce of the U.S. and Western Europe combined — that Cheng, along with business partner Clive Ng, is keeping a close watch on. His investment sweet spot — technologically driven global brands that meet the increasingly sophisticated needs of the Chinese mega consumer.
Early bets made by the fund were fashion-focused: online athleisure platform Bandier and Not Just A Label, an online platform for emerging fashion design talent with a growing roster of Chinese designers.
An interest in the future growth of the luxury fashion rental model was underlined by investments in high-end fashion service Armarium and fine jewellery rental Flont, which offers jewelry from a roster of brands including Cartier, Bulgari and Tiffany & Co.
Informed by research and insight into the trends that are shaping Millennial and Gen Z consumer profiles, C Ventures has bought control or taken stakes in brands across new media (Dazed Media and Galore), beauty (Beauty Con), fashion rental and activewear.
The categories often intersect.
Its latest seed funding of Finery sits at the intersection between technology and fashion. Finery is a technology-first approach to styling, shopping and a woman’s personal wardrobe, a space typically monopolized by e-commerce.
As the fund’s portfolio develops, Cheng aims to build and grow a “connected eco-system” of brands and communities. C Ventures reinforces that with its interest in companies that are springboards for the creation of communities — experiential fitness retailer Bandier, and media, makeup and influencer platform Beauty Con.
C Ventures’ current portfolio stands at 12 companies. The fund has no set investment limit and covers both seed stage and growth financing.
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