U.S. fund Sierra Ventures has partnered with Shanghai-based Gobi Ventures to do early-stage deals in the Middle Kingdom.
Sierra Ventures
- a Silicon Valley venture firm with $1.1 billion in committed capital
- invested in Gobi Ventures - the first time its invested as a limited partner in another fund
- was seeking a partner in China to enable it to invest in early stage investments
Gobi Partners
- a Shanghai-based venture capital firm focused on early-stage technology companies
- fund expanded to $50 million following the Sierra investment
- Co-investors were International Business Machines, NTT DoCoMo, and The McGraw-Hill Companies
- fund's focus is information technology, internet, wireless, and digital media companies
- founded in 2002 by Wai Kit Lau, Thomas G. Tsao, and Lawrence Tse
- portfolio companies include Digital Media Group, which operates digital media networks in China’s subway systems, and Lingtu, a digital-mapping and location-based services provider.
Comments