Chinese venture capital group Cocoon Networks will be working with University College London to open a 70,000 square foot incubator space in Shoreditch for entrepreneurs, according to IT Pro.
Start-ups chosen by Cocoon will gain access to the incubator space starting from mid 2016, but the the Chinese VC firm will also be working with top London Universities to attract entrepreneurs as well as offer accelerator programs and co-working spaces.
John Zai, founder and CEO of Cocoon Networks, said: "The fund will provide capital to help the development of some excellent technology and innovative projects in London and the UK. The fund and incubator programme will bring awareness for more Chinese investors to get into London's booming technology sector. It will also help many companies grow and expand into China."
£500 million (US$709.3 million) will be invested in the incubator, reaching startups in sectors across fintech, biotech, medical devices and the UK's creative tech industries.
Li Cha, founder and managing partner at iStart Ventures, said: "The Chinese economy is vastly in need of innovation which comes from either competition in the domestic market or from international inspiration. In this respect, London is a good source of international trends and aspiration in technology and cultural creativity.”
"Chinese investors have started exploring opportunities outside of China, in order to grab hold of global cutting edge technology as well as to diversify their portfolios. In light of this, London serves as the best hub in Europe."
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