Embark Ventures Raising $50M Venture Capital Fund

Los Angeles-based Embark Ventures, a new venture capital fund led by Yipeng Zhao and venture capitalist Peter Lee, is raising a $50M venture capital fund, according to a recent SEC filing by the firm. The filing says the firm has so far raised $45M out of a $50M target in the fund, from six limited partners. Embark's website says it is focused on pre-seed and seed stage investments in Internet and software companies. Lee was previously at investor at Baroda Ventures, and Zhao was at ZMYX Global Investment, a Chinese equity investor. The firm has yet to announce any details of its funding.