THE WHAT? Venture capital group Cathay Innovation is raising US$1 billion to back tech start-ups, according to a report by Bloomberg.
THE DETAILS The third fund for the group, which is backed by Unilever and energy company TotalEnergies, it is focusing on sectors including digital health and financial technology companies.
The company will make investments of between 5 million euros to 80 million euros.
THE WHY? The investment fund comes amidst the current financial environment cutting tech valuations due to rising interest rates and inflation fears.
Co-Founder Denis Barrier said in an interview, “Valuation is lower in the market, so if you believe in tech, if you believe in the power and growth of digital platforms, for sure this is a very good time to invest.”