China: Redpoint Ventures closes China focused $180m VC fund; General Motors invests in Chinese car-sharing start-up

The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook

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.

Also Read:

General Motors forms team for self-driving, electric cars

China’s APUS launches $45m fund to invest in Indian mobile internet startups

Square’s IPO valuation cut signals tough 2016 ahead for ‘unicorns’

 

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.