We are pleased to share the news that Redpoint has raised a new fund dedicated to the domestic market in China led by our partners David Yuan, Tony Wu and Reggie Zhang. Redpoint China I is a $180 million early stage fund that will allow us to fully capitalize on the positive momentum Redpoint has experienced in China and the tremendous investment opportunities we see ahead.
The formation of Redpoint China I represents the next exciting chapter in our China investment strategy that began back in 2005 when our partners John Walecka and Geoff Yang recruited and collaborated with David Yuan to identify promising startups within the nascent China Internet landscape. Since that time, Redpoint has been fortunate to work with several successful startups through to exit, including CGEN Digital Media, Qihoo360, iDreamSky and Domob. Within our current Redpoint China portfolio, we are proud to work with market-leading companies such as APUS, one of the top ten most downloaded Android apps worldwide, Renrenche, China’s leading online car marketplace, and Yixia, now the largest mobile video platform in China.
China’s startup ecosystem has never been more promising due to the growing class of serial entrepreneurs, strong government support and accelerating global technology developments. The next generation of important Internet and mobile companies are coming from the US and China as two of the largest innovation markets in the world. Within this dynamic landscape, our team in China has grown and we are seeing an ever increasing number of compelling investment opportunities.
All of which makes now the right time to launch the dedicated Redpoint China I fund. We believe that strong, local knowledge coupled with global perspective and insights make us better partners and investors. The strategic bond between our U.S. and China teams is vital to helping future entrepreneurs compete in the global marketplace. We’re thrilled for our team in China and look forward to continuing our close collaboration to help entrepreneurs build exceptional companies across borders.