China-backed VC fund raises $500M for European, US investment
May 16, 2017
SILK Ventures, a London-based VC firm backed by the Chinese government, has raised $500 million for its first fund, with the intention of making investments of up to $50 million in European and American technology companies, according to reports.
Founded in 2015, the firm works to support western technology startups that are trying to expand to China. Half of the fund’s capital has reportedly been raised from the Asset Supervision and Administration Commission of the State Council, a Chinese organisation that regulates and supervises state-owned businesses.