China-based media company and business services provider 36Kr has launched a RMB1bn ($144m) venture capital fund, China Money Network reported yesterday.
36Kr’s core business is its technology news platform, but it also provides financial data concerning startups and projects as well as hosting co-working spaces and offering fundraising services for startups.
The unit has been active for 11 months but 36Kr only formally announced details of the fund this week. It focuses on consumer-focused companies, medical technology developers and those in the cultural product space.
The fund has so far invested in 25 companies, according to China Money Network. Its most recent investment was in consumer electronics producer Holatek as part of an $86.5m series D round that will be channelled into the company’s smart projector subsidiary, JMGO.
Other companies to have received funding from 36Kr since the fund was formed include online clothing retailer ICY, which raised approximately $14.6m in a September series A round.
Zhao Tian, founding partner of the fund, was quoted by China Money Network as saying: “In the future, a sustainable fund cannot just provide money, but (must) have powerful resources or energy in some aspects to truly help entrepreneurs.”
