SHANGHAI & MENLO PARK, Calif.--(BUSINESS WIRE)--Today Redpoint Ventures announced that it has closed Redpoint China I, a $180 million fund to invest in early stage consumer and enterprise technology companies based in China. With offices in Beijing and Shanghai, Redpoint China will help the next generation of entrepreneurs through its deep local expertise and access to Redpoint’s global network, insights and resources.
Redpoint China will be led by David Yuan, Tony Wu and Reggie Zhang who have extensive experience investing in the Chinese start up market and a proven track record of successful exits with companies like Qihoo360, iDreamSky and Domob. The fund will invest in about 25 companies with initial investments expected to average $1-4 million.
“China’s startup ecosystem has never been more promising due to the growing class of serial entrepreneurs, strong government support and accelerating global technology developments,” said David Yuan, partner, Redpoint. “We’re excited to continue the positive momentum we have experienced in China based on the success of our portfolio, our team’s growth and the increasing number of compelling investment opportunities.”
“Since we first entered the China market in 2005, we have seen first-hand how the strategic bond between our US and China teams has helped founders build exceptional companies across borders,” said Chris Moore, partner, Redpoint. “The U.S. and China are now two of the world’s largest markets in the world for technology innovation and we look forward to our continued close collaboration.”
Since 2005, Redpoint Ventures has actively invested in over 35 companies in China. It has realized a number of successful exits, including CGEN Digital Media (acquired by Focus Media), Qihoo360 (NYSE IPO), iDreamSky (Nasdaq IPO), and Domob (acquired by Blue Focus). More recently, Redpoint has invested in high profile market leaders including Yixia, China’s largest mobile video platform; APUS, one of the fastest growing global platforms and Android apps, and Renrenche, China’s largest used-car marketplace. Over 90% of Redpoint’s investments in China have been in early stage, where Redpoint Ventures has been either the founding or the first institutional investor.
About Redpoint Ventures
Since 1999, Redpoint Ventures has partnered with visionary founders to create new markets and redefine existing ones. The firm invests in startups across the seed, early and growth phases. Redpoint has backed over 465 companies with 140 IPOs and M+As, including 2U, HomeAway, Heroku, Netflix, PureStorage, Twilio and Zendesk, and incubated market disruptors like Android. In total, the firm manages $4 billion across multiple funds. Redpoint is based in Menlo Park and has offices in San Francisco, Beijing and Shanghai. For more information visit: http://www.redpoint.com/
Supporting Portfolio CEO Quotes
"Redpoint’s deep experience in early and growth-stage startups helped iDreamSky in areas like corporate governance, employee training and global operations as we scaled our business,” said iDreamSky CEO Michael X. Chen. “Redpoint was invaluable in helping us establish relationships with strategic partners through its global network.”
“Redpoint was an early believer in Yixia’s vision and invested in our company well before the explosive growth in the mobile video industry,” said Yixia CEO Han Kun. “Redpoint’s dedicated China fund will help even more Chinese entrepreneurs build valuable companies.”
“As our first investor, Redpoint provided guidance on our company’s strategic direction and helped us establish key global partnerships that accelerated our growth to becoming the largest platform for the Chinese Internet. Redpoint’s dedicated China fund will help many more Chinese start-ups compete in the global marketplace,” said APUS founder and CEO Tao Li.