Bertelsmann Asia launches angel fund in China
Bertelsmann Asia Investments (BAI), the Beijing-based investment arm of German media giant Bertelsmann, has launched a new angel fund to focus on seed-stage investments in China.
The so-called BetaFund - which was announced at a press conference in Zhongguancun, Beijing's technology hub - is said expected to invest tens of millions dollars over the next 2-3 years. It will provide both professional advice and seed capital to start-ups developing mobile platforms, social networks, games and educational platforms.
Venture capital funding in Chinese companies is expected to reach $10.6 billion this year, but only $190 million of this will have been at the seed stage. BAI is hoping to address the gap.
BAI is a strategic venture investor focused on new media, education and business process outsourcing (BPO). It previously invested in online fashion site Mogujie, menstruation cycle-tracking mobile app Dayima, and automobile auction provider Youxinpai.
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