Frees Fund, Qihoo 360 lead $100m round for China’s Mobi Magic
Frees Fund, a China-focused VC group that spun out from IDG Capital Partners, and Qihoo 360 Technology have co-led a $100 million round for Mobi Magic, a Beijing-based mobile app developer.
Founded in 2013, Mobi Magic's core product is a mobile security app called 360 Security. It scans a smart phone's operating systems for viruses and frees up memory. The app is available for downloads in more than 34 languages and has over 300 million global users.
Last year, Mobi Magic received $80 million from Qihoo 360 and Liwei Wang, vice president of Shenzhen-listed online game developer Beijing Kunlun Tech, local media reported.
Frees Fund was established by Feng Li and Ben Lin, former partners at IDG. It launched its debut fund last year with a target of RMB1 billion ($160 million). Shanghai-listed Zhejiang Daily Media Group is among the LPs.
The fund mainly targets at early-stage start-ups operating in the technology, media and telecom (TMT) space, including internet finance, online education and healthcare.
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