Chinese incubator Innovation Works (IW) recently announced that it has completed raising US$ 150 million for its second fund “Innovation Works Development Fund II”. Last September IW finished its first internet-focused fund, obtaining a total of $180million. IW also revealed that its Shanghai branch will be opening soon.
Innovation Works was set up in late 2009 by former Google China head Kai-Fu Lee, focusing on early-stage high-tech investments. Out of its 50 investment portfolios, 18 secured Series A funding with two approaching the end of raising Series B. Currently there were 3 projects were deemed as failure, that’s how IW came up with a “95% of success”.
Days ago, Kaifu Lee was busy rebuffing the rumor that the incubator held too much stakes in the startups it invested into. Lee claimed that IW holds an average 17.6% of shares in its 50 investment portfolios.
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