China-based HNA Group, which has interests in aviation, financial services, logistics and real estate, has invested $336 million in RocketSpace.
This is one the largest fundings by a Chinese investor in the US.
RocketSpace was started in 2011 by Duncan Logan, a British native. It houses more than 800 tech startups in its San Francisco-based startup accelerator campus.
“China is at the epicenter of today’s economy and it’s critical for Silicon Valley to have a presence there. HNA is one of the world’s fastest growing companies and they are a powerful partner to have as we quickly scale across the globe,” Logan said in a statement.
HNA’s support is the the biggest backing to a startup accelerator by a China-based entity.
Graduates of the accelerator include 16 unicorns, including Uber, Cheetah Mobile and Blippar. RocketSpace has positioned itself as a Silicon Valley hub for the global startup ecosystem.
The funds will be used to open more such campuses in China and London next year. Unlike traditional accelerators and co-working spaces, RocketSpace doesn’t take equity in its member startups, to attract the best of the lot.
“RocketSpace is a unique and highly scalable business, and has tremendous opportunity to accelerate their leadership in the technology accelerator space,” said Eric Tong, CEO of HNA EcoTech. “This deal is a critical piece of HNA’s investment strategy and RocketSpace will be an important partner for us in Silicon Valley, China and throughout the world.”