With $19 million in fresh funding, Netherlands-based GreenPeak Technologies is ready to go. The company completed its Series B venture capital financing round, which was led by European investor Gimv and Robert Bosch Venture Capital. DFJ Esprit, Motorola Ventures and Allegro Investment Fund also participated.
Clearly, the Chinese venture capital market is hot right now. In addition to sinking some hefty scratch into local ventures — along with the Chinese and provincial governments — the VC community is on the prowl for more. When U.S. renewable energy producer GreenHunter Energy was ready to sell off its minority stake in Guangdong MingYang Wind Power Technology, it found a buyer in Chinese growth venture firm DT Capital Partners, which agreed to play for $9.1 million.
GreenHunter Energy picked up its stake in the Chinese manufacturer of industrial-scale wind turbines back in late 2007. It seems pretty safe to infer that the company made the move back then because the U.S. equivalent wasn’t far enough along. Now, says CEO Gary Evans, the U.S. wind turbine biz is far enough along, making it preferable to owning a piece of a Chinese company.
The Chinese government is committing $1.32 billion to launch venture capital funds jointly with several of its provinces, according to a Reuters report. Private investors will also be involved in the effort, the purpose of which is to bolster the growth of the high-tech sector across China. Specific sectors that will benefit include information technology, energy, pharma and environmental.
China isn’t spending all its money in one place. Rather, it’s spreading the cash across 20 venture capital funds. One billion yuan (slightly more than 10% of the capital) will come from the Chinese government, with 1.2 billion yuan coming from the local governments. The rest is being kicked in by the private sector.
A friend of mine e-mailed me last week to ask where I write. He can’t sort it out through all the tweets and links and so on. I can understand; I’m all over the place. So, if you’re interested in following my work, see the following links:
Gadling (travel): http://www.gadling.com/bloggers/tom-johansmeyer (If you want to read about hostels and backpacking, go read someone else. I tend to roll upscale)
BloggingStocks (finance, economics and markets): http://www.bloggingstocks.com/bloggers/tom-johansmeyer (I do a bit on the clean technology sector, venture capital, private equity, hedge funds and social media for this blog, in addition to all my work as a generalist)
DailyFinance (finance and economics): http://www.dailyfinance.com/bloggers/tom-johansmeyer (I don’t have a specific beat, though I do write a lot about cleantech, social media and the alternative investment space)
Envy (travel): http://envymags.com/index.php?s=johansmeyer (It’s not a regular gig, but I am starting to do more with this magazine)