Forbes Midas List #25 Yuri Milner from Russia has invested in Innovation Works Development Fund, an early-stage 180 million U.S. dollar-based fund focused on the Chinese Internet. DST founder Yuri Milner isn’t new to China having invested in Chinese online store 360buy.com. Yuri Milner hopes that Innovation Works will help produce in China companies on the scale of Facebook, Zynga, or Groupon, of which DST is an investor.
The other investors in Innovation Works included WI Harper, Silicon Valley Bank, Baillie Gifford, Sequoia Capital, IDG-Accel, Foundation Capital, Mohr Davidow, Chunghwa Telecom, Singapore Telecom, Mediatek, Foxconn, New Oriental, SAP, Bertelsmann, Motorola, Autodesk, pension funds from the U.S. and Canada, and Ron Conway.
Founded in September 2009, Innovation Works incubated and invested in 34 ventures in China, of which nine obtained Series A funding from third-party VCs. Innovation Works is headed by Kai-Fu Lee, former Google president in China. In 2009, Innovation Works launched with $150 million investment from WI Harper, Steve Chen (co-founder of YouTube), Terry Gou (chairman of Foxconn), Liu Chuanzhi (chairman of Legend Group), Yu Minhong (chairman of New Oriental) and others.