Aviation and travel group HNA provided $336m in funding for US-based technology campus and accelerator RocketSpace on Wednesday as part of a joint strategic venture agreement.
Founded in 2011, RocketSpace operates out of a San Francisco campus providing services such as programming, consulting, events and office space to high-growth startups which in the past have included Uber, Cheetah Mobile and Spotify. It does not take an equity stake in the startups.
RocketSpace also runs an open innovation consultancy that helps corporate clients like Schneider Electric, Converse, Tata Communications, Royal Bank of Scotland, Pfizer Consumer Healthcare, Samsung and ABinBev get access to disruptive trends and business models.
The investment will support RocketSpace’s ambitions to expand its activities into a worldwide network of campuses, which is scheduled to begin with the launch of a London branch in early 2017.
More relevantly for HNA Group, RocketSpace plans to open tech campuses across key cities in China, though it is yet to release details concerning locations.
Duncan Logan, RocketSpace’s founder and CEO, said: “Since opening five years ago, RocketSpace has grown in both scope and global reach. This investment speeds up the execution of our global business plan and expansion of services for our ecosystem of partners.
“China is at the epicentre of today’s economy and it is critical for Silicon Valley to have a presence there. HNA is one of the world’s fastest growing companies and they are a powerful partner to have as we quickly scale across the globe.”
Eric Tong, chief executive of HNA EcoTech, HNA’s technology-focused subsidiary, added: “This deal is a critical piece of HNA’s investment strategy and RocketSpace will be an important partner for us in Silicon Valley, China and throughout the world.”