Innovation Works Raises $180M for Internet Start up Fund
Summary
Innovation Works, a Chinese early-stage high-tech investment firm that invests in startups, has raised $180m for its first U.S. dollar-based fund.Investors in the Innovation Works Development Fund (IWDF) include WI Harper, Silicon Valley Bank, Baillie Gifford, Sequoia Capital, IDG-Accel, Foundation Capital, Mohr Davidow, Chunghwa Telecom, Singapore Telecom, Mediatek, Foxconn, New Oriental, SAP, Bertelsmann, Motorola, Autodesk, pension funds from the U.S. and Canada, Ron Conway and Yuri Milner, as well as executives and former executives from top Internet companies like Yahoo, Google, YouTube, Facebook, and Amazon.It has been co-founded and co-managed by Innovation Works and WI Harper Group.Founded in September 2009 and led by CEO and Chairman Kai-Fu Lee, Innovation Works combines incubation and investing for early-stage mobile Internet, consumer Internet, e-commerce, and cloud computing companies.It coaches young entrepreneurs providing services including business plan optimization, technology guidance, marketing, human resource, legal assistance and staff training.