China-based internet company Baidu established a $3bn investment vehicle today dubbed Baidu Capital, Reuters has reported.
Baidu Capital will focus on mid to late-stage startups in the internet sector, making individual commitments between $50m and $100m. The unit will provide money in US dollars, Chinese yuan and other currencies.
Baidu Capital is also expected to attract cash from other unnamed entities, including insurance funds, securities companies and government-backed institutions. It will be led by two to three managing partners, though the company has not yet named any of these.
The move follows a range of initiatives by Baidu last month, beginning with a $200m corporate venturing subsidiary named Baidu Venture on September 12. A week later, Baidu was reportedly fundraising a $150m fund that will focus on content and media startups.
At the end of September, Baidu then made a lead investment of $60m in Easterly Ventures, a Brazil-based initiative by the internet company.
China-based startups secured a record total of $37bn in funding during the first six months of 2016, double the amount compared to the same timeframe in 2015, according to Tech in Asia.