Innovation Works, the Chinese startup boot camp is extending tentacles beyond Beijing with the announcement of its Shanghai branch (target to operate starting Jan, 2012) and the set up of its Shanghai Fund that aimed to raise RMB2b (US$31m).
The China’s YCombinator has invested in 34 startup projects/companies while 9 of which have closed their Series A funding.
IW has just finished raising its first US dollar fund of 180 million from WI Harper Group, Sequoia Capital, IDG, silicon valley god-father Ron Conway, well-known Russian investor Yuri Milner among other angel investors.
Great – spread the culture of startups and entrepreneurship!
in this particular case though, lee kaifu is spreading the culture of cloning and unethical behavior.