Silicon Valley Investor Forms U.S. $360 Million Fund and Builds Beijing and Shanghai Team for China
BEIJING, CHINA — April 24, 2007 – Kleiner Perkins Caufield & Byers (KPCB) today announced it has officially opened operations in China with offices in Beijing and Shanghai. Joe Zhou, formerly with Softbank Asia Infrastructure Fund (SAIF), and TDF Capital partners Tina Ju, David Su and Forrest Zhong are leading the KPCB China team, supported by additional former TDF professionals.
The KPCB China team plans to invest its new U.S. $360 million China Fund to assist Chinese entrepreneurs and to promote innovation in high-growth industries, including technology, Internet, media and wireless communications. The Fund will also invest in new consumer areas, healthcare and greentech.
“We are very excited to join KPCB,” said Ju, a co-founder of KPCB China. “We’ve been working together for the past year and are impressed by how closely our values and goals match. We’re convinced Chinese entrepreneurs will be best served by our global team’s assistance in recruiting, business building, strategy, networking and financing. The experience and reputation of our worldwide team, its global resources and ability to see global trends early will be very valuable to China ventures.”
John Doerr, KPCB partner, said, “This is a terrific day for innovators and new businesses in China and for KPCB worldwide. The breaking news is that Tina, her TDF partners and Joe are joining forces. For more than two years, KPCB respectfully networked with leaders in China to find Joe, Tina, Forrest and David. They are among the very best venture capitalists in the country, and they will assist its very best entrepreneurs. They are much more than proven investors; they are a team of business builders. Their strong technology, operating and investing experience is unique, which will be a significant benefit to new businesses. Joe, Tina, Forrest and David share a deep and long-term commitment to help entrepreneurs contribute to growth, jobs and innovation in China and worldwide.”
TDF Capital’s core assets – the strength of its team and its corporate culture – were the deciding factor for KPCB add the group to the partnership. KPCB identified Zhou and Ju as the ideal leaders for KPCB China based on their shared philosophy that venture capital is a services business in which networks of relationships matter most, a particularly relevant dynamic in the rapidly growing Chinese market.
“My dream begins today: to build a global venture platform for the long term,” Zhou said. “By co-founding KPCB China, I can help entrepreneurs create new initiatives, take more risks and ultimately have a bigger impact on innovation, technology and business. I believe KPCB is the best firm to accelerate venture capital in China and will strive to make KPCB the best venture capital firm in the world.”
Ted Schlein, KPCB partner, said, “The KPCB China partners are very well-regarded and networked in China. Now, more than ever, their networks of ‘relationship capital’ are valuable to new Chinese businesses. And our partners’ experience in China will be a significant advantage to our U.S. investment perspective and U.S. ventures in this increasingly global market. On a global scale, the pace of innovation is increasing and China is helping lead the way.”
Ju brings 19 years of experience in venture capital, investment banking and operations to the KPCB partnership. Ju was the founding and managing partner of TDF Capital and managing partner of Venture TDF China. She was named one of China’s top venture capitalists in 2005 and 2006, and has backed successful ventures such as Alibaba, Baidu, Cgen, China Netcom, Focus Media and Hurray. Prior to joining the venture industry in 1999, she worked in investment banking at Deutsche Bank, Merrill Lynch and Goldman Sachs. She was head of Asia technology and transport for Deutsche Bank and head of Asia technology and corporate finance execution team for Merrill Lynch Hong Kong. Ju has an undergraduate degree in engineering from University of California, Berkeley, and an MBA from Harvard Business School.
Zhou is a well-respected venture investor and technologist who focuses on identifying market opportunities in telecommunications, media and technology, and the healthcare and consumer sectors. Zhou started his venture capital career in 1999 and has worked with Softbank China Venture Capital and with SAIF since 2001. He is well-known for his significant involvement in many of SAIF’s investments, such as Shanda, Acorn, ATA, Alchip, Unionpay Merchant and Yasi. Zhou was named VC of the Year in 2005 by TopCapital and a top ten venture capitalist by CVCF in 2000, 2001, 2005 and 2006. He also has 15 years of operations and technology experience, serving as a VP at UTStarcom (China) and as an engineer at AT&T Bell Labs and Lepton Inc. Zhou also taught engineering for five years at Beijing University of Technology.
Su joined Venture TDF in 2000 as a director and became a venture partner in 2002. He was a co-founding partner of TDF Capital in 2005. Su’s successful ventures include AAC Acoustic, Baidu and P-Cube (acquired by Cisco Systems). Prior to venture capital, Su was a managing director of China operations at Lotus Development, IBM. Su also held software development and management roles with Port of Singapore Authority. He graduated with a Bachelor of Applied Science in Computer Engineering from Nanyang Technological University, Singapore.
Zhong was a co-founding partner at TDF Capital. Prior to TDF, Zhong was a director with JAFCO Venture. He has backed several successful companies, including China Wireless, China GrenTech and Fiberxon, and was named one of the top 20 venture capitalists in 2006. Prior to starting his venture capital career in late 1999, Zhong spent more than eight years in top management and operations positions with leading technology companies, such as China Aerospace International and Nortel. He received his bachelor’s and master’s degrees in engineering from Huazhong University of Science & Technology, a Ph. D. in Robotics and Artificial Intelligence from the Napier University Edinburgh, and an MBA from Ivey School of Business, the University of Western Ontario.
KPCB China also includes principal Ian Goh and CFO Nancy Sun, with plans to increase the number of team members in the next 12 months.