Sinovation Ventures Raises $674 Million
Sinovation Ventures, the venture capital firm founded by former Google Inc. executive Kai-Fu Lee, has raised more than $674 million for two new funds that will seek out investments in China and the U.S.
Kai-Fu Lee of Sinovation
“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 operates in a manner similar to Y Combinator Inc., the American startup incubator. Its successful fundraising comes as venture capital investment cools after 2015’s record pace. Chinese-based venture capital firms raised just $400 million in the second quarter, the lowest figure in almost three years, according to London consultancy Preqin Ltd.
Edwin Chan is a Bloomberg Asia Technology News Editor in Hong Kong.