IDG Capital backs BizArk

IDG Capital has reportedly invested $40m in the Chinese e-commerce company in yet another play on an internet-related business.

IDG Capital Partners has invested in BizArk, a Chinese e-commerce company that provides solutions to local businesses that wish to expand to overseas markets, a spokeswoman for IDG confirmed to PEI Asia.

The spokeswoman declined to provide further details of the transaction, but the deal is reportedly valued at $40 million, according to a Chinese newspaper DFdaily.

Founded in 2005, BizArk provides its clients with market analysis, marketing strategies, legal services and operational advisory services, according to its website. The firm currently has more than 400 employees across offices in Shanghai, Nanjing and Michigan.

Having invested in a number of internet companies including Chinese search engine and Chinese travel website, IDG has once again put its bets on the internet sector.

Backed by US-based venture capital firms International Data Group and Accel Partners, IDG currently manages more than $2.5 billion in capital, according to its website.

In July, IDG received a RMB1.2 billion (€136 million; $177 million) commitment from China’s National Social Security Fund (NSSF) to the firm’s Harmony Growth Fund, which is reportedly targeting RMB3.5 billion. The fund had previously received RMB1 billion from China Science and Merchants Capital Management, which is affiliated to the Chinese Academy of Science. 

Since its entry into China’s market in 1992, IDG has invested more than 200 companies. The firm typically invests between $1 million and $100 million in the consumer products, franchise services, internet and wireless application, new media, education, healthcare, new energy, and advanced manufacturing sectors, according to its website.