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Innovation Works Raises $180 Million in Funding

Innovation Works, an investment firm focused on providing financial help to Chinese internet start-ups, has raised $180 million for a new investment fund.

The company, which was started by Google’s former China head Kai-Fu Lee, provides financial and technical assistance to young Asian start-ups.

Innovation Works recently started a new fund called the Innovation Works Development Fund (IWDF) for funding start-ups in the Chinese internet market.

The fund, which was over-subscribed, has managed to raise $180 million from WI Harper, Silicon Valley Bank, Baillie Gifford, Sequoia Capital, IDG-Accel, Foundation Capital, Mohr Davidow, Chunghwa Telecom, Singapore Telecom, Mediatek, Foxconn, New Oriental, SAP, Bertelsmann, Motorola and Autodesk.

US and Canada based pension funds also took part in the fund raising along with investors Ron Conway and Yuri Milner, who has also invested in Facebook, Groupon and Zynga. Innovation Works said that investment also came from existing and former executives of big-name companies like Facebook, YouTube, Google, Yahoo and Amazon.

"Our unique 'incubation + investment' model has not only produced a pipeline of high-quality projects, but also enabled local early-stage start-up teams to grow quickly with the help of our 360-degree mentoring services, in effect creating the 'entrepreneurial academy' for Chinese start-ups," said Kai-Fu Lee, the CEO and Chairman of Innovation Works. monitors all leading technology stories and rounds them up to help you save time hunting them down.