China-based Aliyun, the cloud services provider subsidiary of internet company Alibaba, yesterday revealed Founder+, a new initiative targeting China-based startups, Tech in Asia reported earlier today.
The fund is backed by media and technology company International Data Group’s investment affiliate IDG Capital Partners, Innovation Works, Zhenfund and 27 other venture capital firms as well as 20 research institutes and 20 marketing companies.
Selected startups will be provided with undisclosed funding, cloud services from Aliyun worth between RMB30,000 and RMB400,00 ($4,800 and $64,000), office space, access to mentors, tax breaks, and soft distribution and marketing services.
The office space will be made available in several cities including Beijing, Shanghai, Hangzhou, Shenzhen and Wuhan for accepted startups.
Aliyun hopes to gain more partners for the initiative in order to expand into more cities.