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£500 million Chinese fund looks to back European tech startups

Chinese investment firm Cocoon Networks has launched a £500 million fund to invest in small European technology companies. 21 Jan 2016

Backed by China Equity Group and Hanxin Capital, the London-based UK and China High Tech Fund will look for fintech, biotech and creative industry startups whose products and services show promise and potential for growth in the Chinese market, Cocoon Networks said.

Any companies interested in moving to China will be helped in dealing with the country's legal system, Cocoon Networks said.

In partnership with University College London, Cocoon Networks is also setting up an incubator space for technology startups, it said.

John Zai, chief executive of Cocoon Networks 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," he said.