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Innovation Works Adds $148 Million To Second Fund

We have been hearing that Li Kaifu’s Innovation Works (IW) is working on a second fund. And today we learned more from a Dow Jones report that the Beijing-based venture capital has secured $148 million for its second fund. That’s the first closing; the second closing will be up around end of this year.

Innovation Works’ second fund will have the same approach as the first fund. Chris Evdemon, Partner at Innovation Works, told us: IW Fund II has the exact same strategy as our Fund I, i.e. focused on consumer internet, mobile internet and cloud computing startups, the majority of which are building products for the domestic China market. We invest in the majority of them from seed stage onwards and can selectively follow-up up and including Series B. Seed stage and China market are where the value add of our team is maximized but this does not exclude the possibility of us investing in China-based start-ups that build products/services for the global market. Some existing investors from Fund I invested in Innovation Works second fund. The rest of the money is raised from the U.S. and the U.K. Most of them, as Evdemon explains are “Fund-of-Funds, pension funds, endowment funds, foundations and large family offices.”

“We will be in a position to disclose some of our investors after final closing later this year,” he added.