Thursday, September 22, 2005

Top Valley VC Firms to Invest in China

From Mercury News: Top valley VC firm will invest in China

"One of Silicon Valley's top venture capital firms is going to start investing directly in China, in a move other companies are likely to follow.
Last week, Sequoia Capital -- which has backed Google, Cisco Systems and Apple Computer -- said it will announce a $200 million fund next month to seed Chinese start-ups. Sequoia has already hired two people in China, and may be looking for more."

"... one of the early valley firms to venture abroad, Draper Fisher Jurvetson, has scored some big wins in China, including backing Chinese search engine Baidu, which now is valued at $2.6 billion. In fact, Draper Fisher Jurvetson's success -- as backer of Baidu, Focus Media and others -- apparently drew Sequoia's attention. Word is Sequoia hired away Fan Zhang, a former director of DFJ's China operations, called ePlanet Ventures. Zhang could not be reached for comment, and DFJ did not respond to a request for comment. Last month, Sequoia also hired Neil Shen, the co-founder and chief financial officer of Ctrip, the online travel company in China."

"Another big valley firm, New Enterprise Associates, also plans to announce a China fund next month, said partner Dick Kramlich. The fund will be led by Min Zhu, co-founder of WebEx Communications."


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