Cocoon Networks announces £500m VC fund to bolster UK tech start-ups
Chinese investment firm will use London-based fund to support European tech companies which are looking to do business in China...
Cocoon Networks, a Chinese technology and investment group, has announced a new London-based £500m venture capital (VC) fund which will target European technology start-ups.
The fund will support tech businesses that have potential to grow in the Chinese market and will look to invest in a range of industries including financial technology (fintech), biotechnology, medical devices, and creative industries such as fashion technology (fashtech).
As part of its wider remit, the fund will also offer advice and practical help on navigating Chinese legislation and doing business in the country to companies looking to expand within its borders.
Cocoon Networks has also announced plans to set up an incubator space in partnership with University College London (UCL). Based in a 70,000 square foot building in Tech City, the incubator will help tech start-ups take their products to market.
John Zai, founder and CEO of Cocoon Networks, commented: “The fund will provide capital to help the development of some excellent technology and innovative projects in London and the UK.
“The fund and incubator programme will bring awareness for more Chinese investors to get into London’s booming technology sector.”
Gordon Innes, CEO at London & Partners, added:
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“This is a significant vote of confidence in the global nature of London’s tech sector and will deliver significant investment into some of the capital’s brightest and best start-ups.”