China Tech Investor Defies Skeptics With $900 Million Fundraise
- Most backers are existing investors of financier IDG Capital
- China-focused venture firms are struggling to find investors
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Venture firm IDG Capital is poised to raise about $900 million for a new fund focusing on investment in China, a rare feat amid skepticism about the political and market risks of Asia’s largest economy.
Most investors are existing backers of IDG, which has been putting money into Chinese technology firms for nearly three decades, according to people familiar with the matter, who asked not to be named because the matter is private. The new fund will focus on technology startups, the people added.