China-based conglomerate Fosun International has launched a $100m specialist corporate venturing unit situated in Silicon Valley, according to the Wall Street Journal, which cited comments made by Fosun Chairman Guo Guangchang.
Fosun has been active in corporate venturing this year, investing in gaming company Joyme.com, education software provider Uniquedu and social media marketing company Kongming through its Fosun Venture Capital subsidiary.
However, the new unit, a venture capital firm called Kinzon Capital in which Fosun is the sole limited partner, will focus on US investments.
Startups developing technology for mobile devices and the mobile internet will be targeted, particularly those seeking to expand in China where Fosun’s expertise will enable them to cross barriers related to the local market such as licences or security blocks related to online content.
Guangchang stated that subsectors within the range could include mobile games, chat, payments, healthcare and cloud computing.
“Fosun is transforming into a global investment firm, and venture capital and technology is core to the portfolio,” Brad Bao, managing director for Kinzon, stated. “Kinzon will carry part of the mission.”