Qiming invests in China mobile games developer Cachejoy
Qiming Venture Partners has invested in a Series B round of funding for Cachejoy, a Chinese mobile gaming developer also known as Beijing Tiangua Online Technology. The size of the round was not disclosed.
Innovation Works, the incubator founded by former Google China head Kai-Fu Lee, was the sole investor in Cachejoy two years ago. The Beijing-based company was founded by Yong Zhu, former vice president at Kingsoft Games, in 2011.
China's gaming industry is a popular target for VC investors. Recent deals include developers China Mobile Games and Entertainment Group (CMGE), S-Game and Ejoy, and mobile gaming payment platform Mo9. Two weeks ago, Baidu finalized its acquisition of NetDragon Websoft's 91 Wireless, a mobile app store and game developer, for $1.85 billion.
Han Kun Law Office served as legal advisor to Qiming on the Cachejoy deal.
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