California based Redpoint Ventures has closed its debut China-focussed fund at $180 million, while General Motors has invested in a car-sharing start-up looking to tap into the regional ride-sharing market.
Redpoint Ventures closed its China focused $180m VC fund
Redpoint Ventures, the private equity and venture capital firm that invests in seed, early and growth phases of startups has closed its $180 million fund for China on October 15.
Its focus is in technology sector with investments in consumer media, infrastructure, digital media, software and others. The firm manages about $3.8 billion across different funds and has invested in 46 companies.
According to Bloomberg, the California based Redpoint’s typical investment is between $0.1 million and $50 million and they invest up to $1 million in seed-funding for start-ups and between $1 to $10 million in early stage companies.
General Motors invests in Chinese car-sharing start-up
US automobile giant, General Motors has invested in Yi Wei Xing (Beijing) Technology Co Ltd, a car rental and car-sharing start-up in China for an undisclosed amount.
Being its fist investment in a Chinese start-up, General Motors is hopeful to tap the ride-sharing market in China, Reuters reported.
GM is “looking at our footprint in China and opportunities there, and Yi Wei Xing is a step in that direction,” said Vijay Iyer, the GM spokesman, as quoted saying.
“We are now purchasing technology in that market to be able to deliver ride-sharing experiences and we’ll take it from there,” said Iyer.
In January, GM invested in a ride-hailing company Lyft, from US to develop an on-demand network of driverless cars. They also plant to launch a electric Chevrolet Bolt, later this year to which would run about 200 miles.