China-based cybersecurity technology provider Qihoo 360 Technology has partnered the municipal government-owned Beijing Cultural Center Fund to set up a RMB1bn ($156m) investment fund, China Money Network reported today.
The fund will target early and growth-stage companies in the internet and cultural sectors, including businesses focusing on the areas of entertainment and new media information.
Zhou Hongyi, chairman, co-founder and CEO of Qihoo 360, said: “I am positive about the development of the culture and entertainment industry.
“Qihoo 360 develops Internet tools, but the mobile internet era has constrained the development of internet tool companies. But I think good content can always attract customers.”
The company’s past corporate venturing deals have included investments in identity authentication software producer EyeVerify, livestreaming platform Huajiao and mobile app developer Holaverse.
Beijing Cultural Center Fund was set up in 2012 to bolster the city of Beijing’s creative and cultural industries by providing a wide range of financing options such as guarantees and micro-loans.