RedNote-Backer GSR Seeks to Raise $350 Million New Fund

GSR Ventures Management Co., an early investor in Chinese social media app RedNote, is seeking investors for a new fund, according to people familiar with the matter.

GSR is banking on its stake in RedNote — also known as Xiaohongshu in Chinese — to be a key draw for prospective investors, the people said. It has indicated to potential investors that they may gain exposure to RedNote shares through GSR’s existing fund if they back the new vehicle, the people said.

The move could also provide an exit route for some investors in the current fund backing RedNote, which ...