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January 18, 2016updated 31 Aug 2016 9:59am

Cocoon Networks to invest £500M in tech start-up of UK and Europe

Chinese technology and investments group Cocoon Networks will launch a £500M venture capital fund to invest in tech start-ups in UK and Europe. The company is supported by ChinaEquity Group and Hanxin Capital.

By CBR Staff Writer

ChinaEquity Group is one of the first investors in Baidu, an alternative to Google and Hanxin Capital invests in bio-tech and cloud computing investments.

The main idea behind this fund is to invest in those tech companies whose products and services have the potential for growth in the Chinese market.

The fund will be making investments in companies which range across sectors including biotech, fin-tech, medical services and creative tech industries including fashion-tech companies and to provide assistance to companies that want to start their operations in China.

Apart from investment, Cocoon Networks is partnering with University College of London and are trying to set up a large incubator that creates conducive environment for tech startups. The incubator would be a 70,000ft2 building situated at London’s Tech City.

According to Cocoon, the building would not only act as incubating space for technology companies, but also as a place to attract talent, offer accelerator programmes and co-working spaces.

Cocoon Networks, founder and CEO, John Zai said: "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. It will also help many companies grow and expand into China."

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London & Partners CEO Gordon Innes said: "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 startups."

"London is experiencing unprecedented growth in its technology sector, and there is a wealth of opportunity for entrepreneurs and investors to get a foothold in the UK and the rest of Europe."

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