China-based internet and gaming group Beijing Kunlun Technology has established a RMB3bn ($424m) venture capital fund with investment manager Beijing Huayu Tianhong, DealStreetAsia reported today, citing a Shanghai Stock Exchange filing.
The two are the cornerstone investors for Kunlun (Beijing) Internet Intelligent Industry Investment Fund and will each provide RMB1bn.
A Kunlun subsidiary known as Xinyu Shijie Wuji Investment Management is chipping in RMB10m and will be general partner for the vehicle.
Founded in 2008, Kunlun specialises in mobile and web browser-based games but its subsidiaries include Opera, the mobile browser it acquired in 2016.
The company bought gay hook-up app Grindr the same year and agreed a $608m deal to sell it earlier this month, representing a four-times return.
The fund is targeting developers of internet and artificial intelligence technology but Kunlun has not disclosed details of its geographical focus, how much it will invest per deal or at which stage.
Although Kunlun has not maintained a specialist corporate VC vehicle, it is a relatively frequent investor, building a corporate venturing portfolio that includes driverless car technology developer Pony.ai and mobile payment technology provider OPay (through Opera).
The company’s exits include social video app developer Musical.ly, which was acquired by ByteDance for $800m in 2017, and online lending platform Qudian, which went public in a $900m initial public offering the same year.
