The venture capital fund, founded by two ex-members of IDG Capital Partners, has secured Zhejiang Daily Media as a limited partner.
China-based media company Zhejiang Daily Media Group has committed RMB 100m ($16m) to a venture capital fund called Furui Fund, Reuters reported yesterday, citing a securities filing.
Furui Fund is being raised by Li Feng, a partner at IDG Capital Partners, a local corporate venturing affiliate of US-based media and data company International Data Group. It is targeting RMB 1bn ($160m) for its first fund.
Li Feng reportedly left IDG Capital earlier this year, but the firm has not confirmed…
