China-listed internet services provider Tencent has doubled to RMB10bn ($1.5bn) its corporate venturing fund launched at the start of the year.
Tencent had already invested RMB2bn of its committed RMB5bn Industrial Collaboration fund in the first six months and has set up joint ventures with Groupon for discount coupons in China and chip maker Intel for social gaming.
Earlier in the month, Tencent committed RMB700m to an incubation fund operated by Innovation Works after investing $50m in local online footwear retailer OKbuy’s series C round, RMB450m in Huayi Bros Media Group and $84m in online travel service provider eLong..
In April last year, Tencent, which in turn had received corporate venturing backing from South Africa-based media group Naspers, invested $300m to acquire a stake in Digital Sky Technologies, a Russian internet investment firm that owns 5% of social media platform Facebook.