Innovation Works hits $148m for second tech fund


The technology business founded by former Google China head Kai-fu Lee is reported to have raised $148m for its second fund.

Innovation Works, which was launched by Lee, pictured, in 2009, focuses on internet, mobile computing and cloud computing technology advancements targeted at the Greater China market.

The company closed its debut fund on $180m last year with commitments from investors including Sequoia Capital, Mohr Davidow and Motorola, and is surging towards that total with its second fund, according to Chinese news source Sina.

Lee confirmed to Sina that fundraising had begun in April, but would not disclose a target size or fundraising timetable.

IW was founded with $115m from a group of venture investors including YouTube co-founder Steve Chen, Foxconn chairman Terry Gou, Legend Group chairman Liu Chuanzhi and New Oriental chairman Yu Minhong.

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