China: HNA Group invests $336m in startup accelerator RocketSpace

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.”

Also read:

China’s HNA Group eyes South American airline groups Avianca

HNA Group said to consider bid for control of Singapore’s CWT

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.