IDG Capital Partners, the Chinese corporate venturing affiliate of US-based media and data company International Data Group, is raising a $1bn fund, according to a regulatory filing on Friday.
IDG Capital has not yet raised any money for IDG China Capital Fund III, the filing stated. Founded in 1993 as IDG Ventures China before rebranding itself in 2009, IDG Capital was one of the first foreign entrants into China’s venture capital space.
The unit provides seed, venture and growth-stage funding, and has invested in more than 350 companies, generating more than 80 exits. It targets the internet and mobile, consumer, healthcare, industrial technology and media, tourism and real estate sectors.
Some of IDG Capital’s biggest exits include internet portal Tencent, search engine operator Baidu, downloading technology developer Xunlei and online travel agency Ctrip, all of which it funded at series B stage or earlier.
The unit’s recent investments include financial management app Wacai, app testing service Testin and plastics trading platform Zhaosuliao.