Dayone Capital Fund I Closes at USD630 million with Oversubscription

SHENZHEN, China, Sept. 1, 2021 /PRNewswire/ -- Dayone Capital announced today the final closing of Dayone Capital Fund I L.P. (" Dayone Fund I"), its first USD-denominated private equity fund, with a total capital commitment exceeding USD630 million, surpassing the initial fundraising target of USD500 million.

As a debut fund, Dayone Fund I was oversubscribed thanks to the backing of a group of top global institutional investors, including sovereign funds, fund of funds, family offices as well as leading Chinese internet and consumer strategics.

Dayone is a multi-stage consumer investment manager founded by Allen CHEN, a proven consumer entrepreneur and experienced investor. The firm focuses on long-term investment opportunities in selective consumer verticals that are subject to structural changes over the next decade. The core team is comprised of seasoned serial entrepreneurs, investment veterans from top-tier investment institutions, and experts with senior management level operational experience.

Allen Chen, Founder and Managing Partner of Dayone Capital, said: "Having been able to successfully fundraise in such a short time window is an important milestone for Dayone Capital's long journey ahead, we are deeply grateful to our LPs for their trust and support. At Dayone Capital, we are entrepreneurs embarked on a mission: to provide our staunchest support for entrepreneurs who are committed to creating long-term value for consumers."

As a consumer specialist, Dayone Capital believes that its multi-stage investment strategy is highly aligned with the evolution of China's consumer industry. The fund is well positioned to capture growth opportunities from both the rise in new brands as well as the transformation of legacy brands. "Dayone has its DNA deeply rooted within the consumer industry and I firmly believe that specialization will be a key factor in delivering alpha in going forward. China is currently shifting gears in its business infrastructure, rapid adoption of digital technologies alongside has created an ever more integrated supply chains, retail and distribution solutions. These underlying structural dynamics are reshaping the consumer landscape and empowering the emergence of new companies as well as the transformation of legacy brands, so we need to have a holistic multi-stage strategy to capture the right set of opportunities."

So far, Dayone Fund I has invested in over ten consumer companies across the spectrum. The portfolio includes:

• Heytea, a leading premium tea drink chain;
• Dim Sum Bureau of Momo, a fast-growing Chinese bakery chain;
• HotMaxx, leader in closeout food and groceries chain;
• WonderLab, a Gen-Z health supplements brand;
• Pop Mart, a leading Chinese designer toy brand;
• Li Auto, a Chinese electric vehicle manufacturer;
• Baoyun Liquor, a high-end Baijiu producer;
• Robosen, a consumer AI robot maker;
• NeoBio, a premium indoor amusement centers for kids;
• Hesung, a cross-border e-commerce company specializing in home and kitchen appliances;
• Four Smile, a dental clinic chain specialized in invisible orthodontics.

Dayone Capital is Allen's fourth venture. He began his career as a consumer entrepreneur and successfully established and launched a number of consumer brands among which MUJOSH, a leading fashion eyewear brand in China and STARTER, a premium US sportswear brand. He was also the founder and managing partner of Black Ant Capital, a consumer VC firm where he led early investments into high-profile brands such as Heytea, Genki Forest and Jiangxiaobai, just to name a few. "Brands in China are at a watershed, we are moving away from business models that relied heavily on distribution channels and race-to-the-bottom pricing strategies onto more inspiring counterparts that offer better user experience and deeper emotional connection. How exciting it is that we are actually living in a golden era for the consumer industry and that we have a chance to participate in its shaping together with our entrepreneurs."

SOURCE Dayone Capital