One week after Baidu announced the launch of a $3 billion internet investment fund, U.S. venture capital Redpoint Ventures spelled another good news for anxious Chinese startups who are seeking to raise fresh capital amid a funding slowdown or “capital winter” as it’s referred by Chinese entrepreneurs.
The Menlo Park－based venture firm announced yesterday that it has closed ACE Redpoint Ventures China I, L.P., a $180 million USD fund to invest in early stage consumer and enterprise technology companies based in China.
Redpoint China will be led by David Yuan, Tony Wu and Reggie Zhang who have extensive experiences and a proven track record investing in the Chinese startup market. The new fund will invest in about 25 companies with initial investments expected to average $1-4 million USD, according to the firm.
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