Google’s former China chief founded Sinovation Ventures raises $674m in two new funds

Sinovation Ventures founder Kai Fu Lee. Photo: Bloomberg.

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.

The firm formerly known as Innovation Works recently closed its second yuan-denominated fund and its third U.S.-dollar fund, taking the total amount under management to more than $1.2 billion. The seven-year-old investment outfit now plans to add to a portfolio of almost 300 startups that include app store Wandoujia and Meitu, a developer of selfie apps that’s close to listing in Hong Kong.

“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.

Bloomberg

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.