Innovation Works closes first fund
Tech incubator Innovation Works arose to fill a perceived void in the Chinese market – new business ideas were in abundance but there wasn’t enough capital to get them off the ground. Company founder Kai-fu Lee told AVCJ’s China summit in May that he saw 15 people leave Google, where he served as China head, to start their own firms. Lee decided that he could support such entrepreneurs.
Now Innovation Works has the capital to match its ambitions, with its debut fund closing at $180 million. The vehicle, which specifically targets Chinese internet companies, was oversubscribed, Innovation...
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