Si­no­va­tion brings in $674mof new funds

China Daily (USA) - - BUSINESS - By BLOOMBERG

Si­no­va­tion Ven­tures, the ven­ture cap­i­tal firm founded by for­mer Google Inc ex­ec­u­tive Kai-Fu Lee, has raised more than $674 mil­lion for two new funds that will seek out in­vest­ments in China and the United States.

The firm, for­merly known as In­no­va­tion Works, re­cently closed its sec­ond yuan-de­nom­i­nated fund and its third US-dol­lar fund, tak­ing the to­tal amount un­der man­age­ment to more than $1.2 bil­lion.

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