Chinese Game Developer The9 Sets Up $100 Million Fund For App Developers
The9, a Chinese online game operator and developer, this morning announced that it has entered into a memorandum of understanding with three investors – Chengwei Ventures, ChinaRock Capital Management and China Renaissance K2 Ventures – for the establishment of an investment fund with a total size of $100 million.
The fund, dubbed Fund9, will focus on investments in both Chinese and overseas mobile Internet application and platform developers. The company says proposals can be submitted directly online to the fund investment committee, composed of members appointed by the four fund investors mentioned above, for evaluation.
The only thing that was missing in the press release announcing the formation of the fund is the website address.
In a separate news release, The9 has announced that it has entered into an agreement with Aurora Feint for a five-year license to use its OpenFeint mobile social gaming network software, which works with both the iOS and Android platform, in China.
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