Meituan-Dianping has secured Tencent and New Hope Group as limited partners for a fund that will seek to develop an ecosystem around its local services platform.
China-based local services platform Meituan-Dianping has formed a RMB3bn ($435m) venture capital fund that will invest in the consumer internet sector, according to China Money Network, which cited local media reports.
The firm was formed in late 2015 by the merger of group buying specialist Meituan and local listings and reviews platform Dianping in a deal worth $15bn. The merged business raised another $3.3bn in a January 2016 round featuring internet group Tencent.
Meituan-Dianping intends to initially raise RMB1.5bn for…
