US-based incubator InnoSpring has closed its InnoSpring Seed Fund II at $5m following investments from conglomerate Legend Holdings’ corporate venturing arm Legend Capital and investment fund Legend Star.
SoftBank China Capital, the China-based corporate venturing arm of telecoms company SoftBank and IDG Capital Partners, a venture capital affiliate of technology and media company International Data Group, also contributed.
The Chinese Software Developer Network, a community of Chinese developers, as well as a range of unnamed senior executives of internet company Tencent also participated.
InnoSpring focuses on mobile-first startups working on consumer technology, enterprise software, fintech and healthcare technology. The incubator assists startups in expanding from China into the US and vice-versa.
InnoSpring was set up by Tsinghua University Science Park, Shui On, Northern Light Venture Capital and Silicon Valley Bank in 2012.
Xiao Wang, chief executive of InnoSpring, said: “We are honoured that all our investors hail from some of US and China’s most prestigious funds, a testament to their confidence in InnoSpring’s platform, strategic plan and mission.
“By collaborating with the best brands in the world, from initiation to growth stage, we offer a pipeline of funding, networks, talent solutions and support for any company that wants to tap the massive resources and growth potential in the U.S., China and beyond.”