18 December 2017 – The Mills Fabrica of Nan Fung Group is excited to announce the launch of “Fabrica Fund”, an evergreen VC Fund dedicated towards investing in global techstyle startups.
Disruptions in technology across various industries, including but not limited to textiles/ wearables, has become increasingly evident in recent years. From the rapid growth of e-commerce, 3D printing, advanced textile manufacturing and the next-generation of wearables, innovative technology has greatly transformed traditional industries. At the center of these trends has emerged a new model: “techstyle”, defined as the intersection of technology with style. Over the past 2 years, The Mills Fabrica has served as a business incubator and springboard for 8 leading techstyle startups whilst also building a wider techstyle and entrepreneurship ecosystem here in Hong Kong and internationally.
With the launch of a new VC fund, The Mills Fabrica hopes to continue to identify and support the growth of techstyle startups that are revolutionizing existing business models and way of living. Specifically, the fund’s current investment thesis will focus on investing in enablers of new retail model (such as digitization of retail or social ecommerce like current incubatee GOXIP), disruptors of production/ supply chains (such as smart materials/ production technologies like Bolt Threads) and creators of wearable products merging technology with design (such as next-gen voice-enabled wearables like existing incubatee ORII).
The fund is structured as an evergreen VC fund with strong financial backing from the Nan Fung Group and will target early-stage investments from seed to Series B (with investment size ranging from $100K USD to $2M USD). The fund is global in its mandate but has a preference for startups with a Hong Kong connection. Portfolio companies of the fund will benefit from the extensive networks of The Mills’ partners (including many of the largest industry manufacturers and brands) as well as Fabrica’s incubator experience in accelerating startup growth.
“The launch of Fabrica Fund will create an additional platform for us to support techstyle startups and future returns of the fund will also be further reinvested to build the wider Fabrica community. Ultimately, we believe that this new fund will further accelerate the growth of techstyle as a new model globally,” said Vanessa Cheung, founder of The Mills.
The new fund is in the process of completing its first investment by the end of this year and is also currently evaluating other multiple deals for 2018. Prospective techstyle startups can reach out to The Mills Fabrica for more information.
About The Mills
The Mills is a landmark revitalization project by Nan Fung Group, a celebration of shared industrial legacy with Hong Kong, and a step towards a future of applied creativity and innovation. Announced in 2014 by Nan Fung Group on its 60th anniversary, The Mills project will transform and revitalize the company’s former textile factory into a destination for innovation, culture, and learning. The Mills is composed of 3 pillars, each contributing a unique perspective and experience.