IDG Capital Partners Closes IDG China Venture Capital Fund IV on US$586 Million, Leads a US$20 Million Financing Round for DewMobile (Asia)

Source: IDG Capital Partners, Asian Venture Capital Journal  |  Author(s): Andrew Woodman

Technology-focused venture capital firm IDG Capital Partners has reached a final close on IDG China Venture Capital Fund IV with US$586 million in capital commitments. The fund, which was oversubscribed, will make investments in the early-stage technology, media and telecom (TMT) sector. Investors included existing limited partners as well as new investors, such as global investment and venture philanthropy firm Breyer Capital. Separately, IDG Capital Partners has led a US$20 million Series B financing round in China-based DewMobile, which runs file transfer app Zapya. Existing investors venture capital firms Northern Light Venture Capital and Innovation Works also participated. DewMobile intends to use the financing to expand its team of 70 staff to 140.