Editor’s note: TNGlobal is one of the media outlets invited to the event. (sponsored).
The Cyberport Venture Capital Forum 2024, an annual event organized by Cyberport, was inaugurated on Thursday in Hong Kong.
The two-day event, themed “Innovation Challenger: Building New Venture Visions”, brings together over 90 globally influential venture experts, entrepreneurial visionaries and innovative thinkers.
Cyberport also celebrated the 7th anniversary of Cyberport Investors Network (CIN) established, and Cyberport start-ups’ fundraising achievements, according to a statement.
The CIN has consistently attracted powerful investment entities from around the world, connecting them with high-potential companies within the Cyberport community.
This year marks the 7th anniversary of CIN. Since its inception, CIN’s total investment amount has reached over HK$2.597 billion ($321.8 million), an increase of more than HK$560 million ($72.07 million) from last year, representing a 64 percent year-on-year growth.
Cumulatively, CIN has facilitated 96 project matches, 21 more than last year, reflecting a 1.5-fold annual increase.
This year, more than 30 new investment entities have joined CIN, bringing the total number of investment entities to over 200, including investors from Mainland China and the Asia-Pacific region.
This diversification showcases the global reach and inclusiveness of the network, attracting international venture capital, Cyberport said.
Cyberport said it has also been continuously investing in high-potential start-ups within its ecosystem through the Cyberport Macro Fund (CMF) and has actively assisted them in securing funding.
As of September 2024, CMF has invested in 28 start-ups projects, including Green Monday, a company developing plant-based meat products this year. This highlights the importance of green technology and sustainability for the future of society.
Currently, the total investment amount of CMF and co-investments has exceeded HK$1.94 billion ($249.69 million), with a co-investment ratio of 1:9, showcasing Cyberport’s strong capability in attracting investments.
During the forum, Cyberport has announced the signing of a Memorandum of Understanding with Draper Dragon to jointly establish the “Cyberport x Draper Dragon Web3.0 Accelerator Program”.
By integrating Draper Dragon’s Silicon Valley incubation experience with Cyberport’s thriving Web3.0 ecosystem, the collaboration aims to accelerate industry development across talent cultivation, project incubation, and investment, connecting Silicon Valley and Hong Kong’s related industries.
Draper Dragon will also select suitable projects from the start-ups to invest in, enhancing innovation efficiency and aligning the city’s Web3.0 innovation with international standards.
Cyberport startups fare well in dealmaking
Over the past year, Cyberport community start-ups have shown outstanding fundraising performance, raising over HK$3.7 billion ($476.22 million), a 23 percent increase year-on-year, bringing the cumulative total to over HK$41.2 billion ($5.3 billion).
Several companies recently completed significant funding rounds, including Klook, Leapstack, Buy&Ship, and MediConCen.
Additionally, this year, Cyberport community member, HashKey Group, a licensed virtual asset trading platform, emerged as the eighth unicorn in the Cyberport community. This reflects the continued investor interest in the Web3.0 ecosystem.
Focusing on the Venture Capital Landscape: Interpreting Innovation Potential
This year’s forum focuses on multiple keynote speeches and focused discussion, inviting several heavyweight figures from the venture capital industry to share global venture capital trends and analyze how emerging technologies, artificial intelligence and Web 3.0 are opening markets and fostering collaboration to drive innovative thinking.
Industry leaders, including Anson Bailey, Head of Consumer & Retail, Asia Pacific KPMG China, shared the latest edition of “Venture Pulse Q3 2024”, analyzing venture capital conditions and trends from a global and regional perspective.
Yash Sankrityayan, Managing Partner, Jungle Ventures, discussed the history and future prospects of growth investment in ASEAN and shared successful experiences.
Andrew Chung, Founder & Managing Partner, 1955 Capital Yash, presented a framework for how entrepreneurs and investors must “invent the future and shared a brighter view of how technologies – from climate tech to healthcare, and from Al to Web3 – can improve lives.
Alex Witt, General Partner, Verda Ventures, also explored how to capture the potential opportunities in Africa, the fastest-growing and largest Web3.0 market, through a unique approach combining technological expertise, distribution, and capital.
During the event, Professor Sun Dong, Secretary for Innovation, Technology and Industry of the Hong Kong government, delivered the opening remarks, while Simon Chan, Chairman of Cyberport, presented the welcoming remarks.
Legislative Council Member Honourable Duncan Chiu, along with representatives from CUHK Innovation Limited, the Knowledge Transfer and Entrepreneurship Office of the Hong Kong Polytechnic University, and Beyond Ventures, as well as Hendrick Sin, Chairman of Cyberport Investors Network (CIN) Steering Group; Co-Founder & Vice Chairman, CMGE Technology Group Limited, and Founding Partner, China Prosperity Capital, joined business leaders to discuss the latest measures, strategies, and support from the HKSAR Government in supporting the development of the local I&T sector.
Another highlight of this year’s Forum is exploring how emerging technologies such as Web 3.0 and artificial intelligence are driving market momentum.
The second day of the Forum will feature the “Web3.0 Innovation Expo”, featuring over 15 global Web3.0 real-life use cases spanning digital payment, supply chain finance, digital identity authentication, financial innovations, sustainability, cultural preservation, etc. from various regions including Africa, Europe, Southeast Asia and Hong Kong.
Industry experts will share blockchain success stories and valuable insights. Attendees will engage with corporate representatives, investors, Cyberport Web3.0 community members, and key blockchain ecosystem representatives to explore how Web3.0 is reshaping industries, driving innovation, and creating new opportunities.
Cyberport is an innovative digital community with over 2,100 members including over 900 on-site and close to 1,200 off-site startups and tech firms. It is managed by Hong Kong Cyberport Management Company Limited, wholly-owned by the Hong Kong government. Cyberport aims to nurture a vibrant tech ecosystem by cultivating talent, promoting entrepreneurship among youth, supporting startups, among other initiatives.