Sinovation raises US$674m for funds targeting China, US

Bloomberg

Tue, Sep 13, 2016 - Page 12

Sinovation Ventures (創新工廠), the venture capital firm founded by former Google Inc executive Kai-Fu Lee (李開復), has raised more than US$674 million for two new funds that will seek out investments in China and the US.

The firm formerly known as Innovation Works recently closed its second yuan-denominated fund and its third US-dollar fund, taking the total amount under management to more than US$1.2 billion. The seven-year-old investment outfit now plans to add to a portfolio of almost 300 start-ups that include app store Wandoujia and Meitu, a developer of selfie apps that is close to listing in Hong Kong.

“The new dual-currency funds will strengthen our investment capacity,” Lee said in a statement. “Sinovation Ventures has investment teams both in China and in the United States, that could grasp pivotal investment opportunities in the two countries.”

Lee’s firm’s fundraising comes as venture capital investment cools after last year’s record pace.