VC fund invests in 3 Chinese providers
Print Edition
A 1.2 billion yuan (US$195 million) venture capital fund, focusing on the Internet and new media, said yesterday that it has invested in three Chinese service providers, including Weimob, a marketing service provider for WeChat,
The other two companies to have also received the strategic investment are financial training institution Oriental Wealth and cloud computing point of sales operator Wizar Pos.
The 825 New Media Industry Fund was officially unveiled by Shanghai United Media Group, Oriza Capital and Meridian Capital China yesterday.
SUMG and Oriza Capital are the fund’s two cornerstone investors and will each invest 150 million yuan in the first stage, and Meridian Capital will be the general partner overseeing day-to-day operations of the fund.
The three partners hope to complete the fundrasing within two or two and a half years. Wenhui Xinmin Investment Co, SUMG’s investment unit, and Xinhua Media Co will both contribute 30 percent to the fund while Oriza Capital will inject 40 percent.
Qiu Xin, Party chief and president of SUMG, which is Shanghai Daily’s publisher, said yesterday that the new fund aims to build a platform to connect VC firms, Internet companies and media agencies to better combine the media group’s resources with external partners. He said building a capital platform is a key step to connect with cutting edge technologies and bring in new ideas and talents.
“Every little step we take today can become the foundation for our great leap forward tomorrow,” Qiu said.
Oriza Capital, launched by Oriza Holdings and China Development Bank Financial Investment Co in 2010, is the largest yuan-denominated fund focusing on early-stage start-up companies.
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