China-based enterprise software provider FXiaoke and IDG Capital Partners, media firm International Data Group’s local venture capital affiliate, are among the founders of a new $20m fund, China Money Network reported yesterday
FXiaoke and IDG Capital launched the fund, which will target software-as-a-service providers in China, alongside venture capital firm Northern Light Venture Capital and investment adviser China Soft Capital.
The fund will invest in startups developing software for the sharing economy. It will be jointly managed by IDG, Northern Light and China Soft Capital.
FXiaoke produces sales management software. It raised $100m in a July 2015 series D round featuring IDG Capital, which had first invested at series A stage in 2012, and Northern Light, initially an investor in FXiaoke’s $10m series B round in July 2014.