The NX Fund, also known as Neixiang Fund, has completed the first close of its maiden US dollar-denominated fund to invest exclusively in early-stage consumer brands and products, it said in an announcement.

Major investors of NX Fund’s first RMB-denominated fund re-upped in this fund, while new investors including top investment institutions and entrepreneurs participated in the fund, the release added, without divulging any names. The financial details of the USD-denominated fund were also not disclosed.

In January 2020, the firm secured the first close of its debut RMB-denominated fund at 100 million yuan ($14.5 million). Limited partners (LPs) of the fund included global investment companies, listed firms, family offices, and individual investors.

NX Fund was founded in 2020 by Tingting Sun and ​​Stefanie Ying, who have over 10 years of experience in the venture capital space. While working for the growth equity firm Trustbridge Partners, the two led investments in So-Young International, a China-based aesthetic surgery information service platform that went public on Nasdaq in April 2019, and the Chinese social e-commerce firm Yunji, which raised $121 million in an IPO on Nasdaq in May 2019.

The VC firm, formerly known as Insight Fund, had its name changed to NX Fund in 2021, said Meka Meng, partner, Corporate Department from global law firm Paul Hastings, which represents NX Fund.

Sun and Ying also co-founded the boutique investment bank MM Capital in 2015, which has since advised over 150 firms from seed to pre-IPO stages and has raised over $6 billion in total. NX Fund served as the venture arm of the investment bank, according to its LinkedIn page.

Some of the notable brands that NX Fund has invested in include the Sequoia-backed instant coffee brand Saturnbird Coffee, Shunwei Capital-backed fruit tea chain brand Sweet7, and GGV Capital-backed water appliance brand Jialiquan.  The firm has a total of 19 firms under its portfolio.