(Yicai Global) Nov. 2 -- Venture capital firm Ameba Capital has closed its first US dollar fund at USD265 million. The seed money will be used to invest in China’s Software-as-a-Service sector.

The Ambeba China Saas Fund was led by Hong Kong private equity firm NewQuest Capital Partners and attracted many well-known investment institutions from around the world, the Shanghai-based company said today.

It is the world’s first fund focused on leading Chinese SaaS firms. It will help finance early-and venture growth-stage SaaS projects in the country, Ameba Capital said.

Ameba Capital now manages assets of CNY4 billion (USD625.6 million) after this fundraising, according to technology information website 36Kr. Since it was set up in 2011, the company has invested in over 100 tech startups including e-fashion house Mogu, ride-hailing company Kuaidi Dache and electric carmaker WM Motor.

Editor: Kim Taylor