09-09-2009 | Source: Global Investor Magazine - Click here to take out a FREE Trial
Kai-fu Lee, former chief executive of Google China, is launching a $115 million venture capital fund, Financial Times reports. The fund will seek to create five Chinese start-ups a year in the internet and mobile internet sector, or in cloud computing, an internet service.
The Information Works Fund has attracted the interest of some big names in the internet industry, such has Steve Chen, co-founder of YouTube, Foxconn, the electronics contract maker, Legend Holdings, the parent of PC maker Lenovo, and venture capital firm, WI Harper.
The fund will provide early-stage incubation and seed money to develop entrepreneur talent in China. Many Taiwanese-backed venture capital firms, such as Acer spin-off, ID Tech, are players in China but are unwilling to enter the early-stage phase.
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