Thursday, February 16, 2006

Ignition Forms New VC Arm In China

Seattle-based venture capital firm Ignition Partners has formed a new, venture capital firm focused on investing in Chinese companies. The firm said this week that it will form a fund, with investments from current Ignition LPs and other institutional investors, along with two former VCs from Intel's Capital China fund and Mobius Venture Capital. Ignition said that the new firm will be called Qiming Venture Partners, and will initially be capitalized with $200M with a focus on expansion stage companies in the technology sector in China. The new fund will be headed by Duane Kuang, former Director of Intel Capital China and Gary Rieschel, founder and former Managing Director of Mobius Venture Capital. Richard Tong and John Zagula, two partners in Ignition, will be moving to China to join the new fund. More information »