China Cocoon Network launches $720m European tech fund
London-based Cocoon Networks, which is backed private equity firms China Equity Group and Hanxin Capital, has launched a GBP500 million ($720 million) venture fund to invest in UK and European technology start-ups.
The fund will concentrate on financial technology, biotechnology and medical devices, as well as creative industries that intersect with technology. Start-ups should be able to show potential for growth in the Chinese market.
In line with the fund's establishment, Cocoon Networks has also entered into a partnership with University College London to create an incubator for technology start-ups. Spanning 70,000 square feet, the building provides a working space for entrepreneurs and the university's mentors.
"The fund and incubator program will bring awareness for more Chinese investors to get into London's booming technology sector. It will also help many companies grow and expand into China," John Zai, founder and CEO of Cocoon Networks, said in a statement.
Cocoon Networks comprises various business including incubators, accelerators, venture capital and intellectual property management. Its backer China Equity Group is a Beijing-based private equity firm. It was approved to list on the China's National Equities Exchange and Quotations (NEEQ), also known as the New Third Board, in October last year.
Its industry peer - CSC Group, which also trades on the New Third Board - launched a $400 million early-stage focused fund in October to invest in US tech start-ups on the funding platform AngelList.
Hanxin Capital claims to focus on cloud computing and biotechnology investments in China.
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