IFC may inject $15m in China’s Sinovation Fund

VC word cloud. Credit:Barrie Entrepreneur Connect

International Finance Corporation, the private lending arm of the World Bank, may come in as an investor by injecting $15 million in China-focussed fund, Sinovation Fund III LP, headed by noted technology sector veteran Dr Kai Fu Lee.

Sinovation Fund III L.P, a venture capital fund targeting early stage TMT companies in China, has a target size of $250 million. IFC will be investing in Sinovation III along with other established institutional investors, the development finance body said, in its disclosure.

The fund comes at a time when China is transitioning from an economy focussed on manufacturing to one led by innovation and technology. The fund will support the convergence of internet with traditional industries such as retail, fintech, logistics/transportation, healthcare, and education.

The company is also into creation of an ecosystem of professional services, co-working space, and mentorship for entrepreneurs.
The company is setting up incubators outside the money centres in China to develop much needed ecosystem for entrepreneurship in those areas, the filing said.

IFC is upping its exposure in the Chinese entrepreneurial space. Only last month it revealed a proposed investment of $25 million in a new fund, SBCVC Fund V, L.P., focussed on fast-growing mid-market technology companies in China.

SBCVC, or SB China Capital, is a venture capital and private equity firm set up in 2000. SBCVC Fund V has a target fund size of $400 million with a hard cap of $475 million and the fund will support 40 investments. SBCVC has invested in over 100 companies across China since 2000, most of which became regional and global brands.

Dr Lee was the founding President of Google China from 2005 to 2009 and established Google in the Chinese market and oversaw its growth. Lee has worked at Apple Computer (1990–1996), Silicon Graphics (1996–1998), Microsoft (1998–2005) in both U.S. and China. At Microsoft, he established the Microsoft Research division in Beijing. He is an alumni of Columbia University (BS. Computer Science) and Carnegie Mellon University (Ph.D. Computer Science).

Also Read: IFC to invest $25m in China-focused SBCVC’s $475 m fresh fund

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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.