A new accelerator will be founded in Beijing as a cooperative effort between the Ministry of Economy and Industry and ShengJing Group of China. The Chinese company calls itself the world's largest private equity fund of funds. The Ministry of Economy and Industry is funding the project.
The five Israeli companies slated for the first class of the accelerator will receive training and mentoring for six months. They will also participate in a roadshow in order to help them raise money from investment concerns in China. The companies participating in the venture will receive professional services free of charge, and will not be required to relinquish shares. In principle, the venture is aimed at companies in all sectors with technology likely to succeed in the Chinese market. The deadline for registering for the program is the end of October.
ShengJing has already invested $100 million in Israel through venture capital funds Viola Group, Vintage Investment Partners, Jerusalem Venture Partners (JVP), and Canaan Partners. ShengJing has also invested directly in a number of Israeli startups. The Chinese fund has invested in major Chinese technology companies, such as Alibaba, Baidu, and Tencent.
Commenting on the venture, ShengJing senior partner Sherrie Wang said, "The next step for us to further engage with the Israeli ecosystem is naturally the opening of the Israel-China Accelerator Program. We are proud to partner with the Israel Ministry of Economy and Industry in this initiative."
Wang added, "Our international network of experts, which includes over 30,000 CEOs and entrepreneurs whom we have assisted in the past decade, in combination with the ecosystem established by ShengJing's Peakview Capital subsidiary, is making the new accelerator program an exceptional opportunity for Israeli high-tech companies interested in successfully penetrating the Chinese market."
Published by Globes [online], Israel Business News - www.globes-online.com - on October 1, 2017
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