$180M for startup incubator

Kai-Fu Lee, the former head of Google China, has just finished a $180 million fund-raise for Innovation Works, a startup incubator for he founded two years ago.

Innovation Works is an accelerator for early-stage web and tech companies in China. The firm provides advisement, funding and support services to would-be entrepreneurs trying to get their own startups off the ground.

“Our unique ‘incubation-plus-investment’ model has not only produced a pipeline of high-quality projects but also enabled local early-stage startup teams to grow quickly with the help of our 360-degree mentoring services, in effect creating the entrepreneurial academy for Chinese startups,” said Lee in a release.

In mid-2009, Lee announced he was leaving Google after 4 years with the company. The brilliant computer scientist had been involved with Google.cn since its inception and had previously worked at Microsoft and Apple.

Source: VentureBeat

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