China-based media company Zhejiang Daily Media Group has committed RMB 100m ($16m) to a venture capital fund called Furui Fund, Reuters reported yesterday, citing a securities filing.
Furui Fund is being raised by Li Feng, a partner at IDG Capital Partners, a local corporate venturing affiliate of US-based media and data company International Data Group. It is targeting RMB 1bn ($160m) for its first fund.
Li Feng reportedly left IDG Capital earlier this year, but the firm has not confirmed his departure. Lin Zhonghua, another ex-partner at IDG Capital, is also among Furui Fund’s management team.
The fund will seek to make seed and early-stage investments globally in media, telecommunications technology and online finance, education, and healthcare startups.