China’s IDG, Breyer Capital Raise $1 Billion to Back Startups
- Investments target media, tech, health care, energy, consumer
- Appetite still exists for China even as deal activity slowed
People out for morning exercises walk down the Bund with the buildings of Pudong's Lujiazui Financial District silhouetted in the background in Shanghai, China, on Friday, Oct. 02, 2015.
Photographer: Qilai Shen/BloombergChinese venture capital firm IDG Capital Partners and Silicon Valley investor Breyer Capital raised a $1 billion fund to back startups in China, showing there’s still appetite for significant investment in the country even as overall funding has slowed.
The new IDG Capital Fund III will invest in technology, media, health care, energy and consumer-product startups in China, as well as companies based elsewhere that are looking to enter the country. The fundraising by IDG and Breyer Capital extends a partnership between the two firms that began more than a decade ago, Jim Breyer, co-founder and chief executive officer of the eponymous firm, said in a statement Tuesday.