China-based venture capital firm GSR Ventures Tuesday said it has closed a $383 million new fund, GSR Ventures III, which is aimed at investing in technology companies with operations in China. The company also noted that the new fund was over-subscribed.
According to the company, its third fund will continue to target investments in internet and wireless, green technology, semiconductors and other IT.
Further, GSR also announced the first investment in the newly formed third fund today. The company said it closed an investment in iLemon Group Inc, a Shanghai-based gaming company, which develops 3D virtual worlds, using web browser based technology.
"With the new fund in place we will continue to actively seeking talented entrepreneurs and help them to build great companies. We are building on our early success in the first two funds and are expanding into new sectors like green technology." said Sonny Wu, one of GSR's founding Managing Directors.
GSR primarily invests in early stage technology companies with substantial operations in China and has invested 9 companies in China in 2008, with 26 portfolios as of end of 2008.
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