Sina, a Chinese language news provider, has started a RMB200m ($30m) corporate venturing fund for online developers to create applications for its platform, according to newswire Reuters.
Reuters said the fund was for developers to create applications for its short message microblog, Weibo.
IDG Capital, the corporate venturing unit of media company International Data Group, and venture capital firm Sequoia Capital China were supporting the Sina fund, Reuters added.
Sequoia, alongside local peers Citic Capital and FountainVest Partners also backed the management-led $180m buyout of Sina in November last year.
Sina is China’s largest Internet portal web site.