Innovation Works, a China-based early-stage venture capital firm, has raised $150m for its Development Fund II from limited partners including corporations, such as local media group Tencent.
Innovation Works closed its first dollar-denominated fund at $180m in September last year while Tencent committed to the RMB700m Development Fund.
Founded in 2009 by Kai-Fu Lee (pictured), the former head of search engine Google’s China business, Innovation Works has invested in about 50 projects, 18 of which have gone on to receive series A rounds.
Innovation Works had incubated Hubei Zhou Hei Ya Food, which has just raised RMB150m in its series B round led by US publishing company International Data Group’s IDG Capital corporate venturing unit.
Zhou Hei Ya raised nearly RMB60m in its A round from venture capital firm Tianpu Capital in November 2011.