Need start-up funding? Cyberport rolls out network to help connect young companies with investors
Cyberport will spearhead a network aimed at more effectively connecting investors with start-ups based in Hong Kong to help boost the entrepreneurial landscape in the city.
The Cyberport Investors Network (CIN) currently has over 50 funds and investors and is looking to add more next year, Cyberport said in a statement on Wednesday.
Investors including venture capitalists, angel investors and private equity funds from all over the world, including China, Hong Kong and Southeast Asia.
Current investors who are part of the network include CoCoon, Gobi Partners, Haitong International and the Alibaba Entrepreneurs Fund.
By next year, the network aims to expand the number of funds and investors to more than 100.
Duncan Chiu, chairman of the steering group for CIN and managing director of Radiant Ventures, said the network can help investors leverage each other’s knowledge and reduce risk.
“Most funds have small teams and can't look into every deal … so lining up all the funds in Hong Kong which look at earlier stage deals and having this collaborative platform to share deals can help save a lot of time,” Duncan said.
Chiu added that the CIN will also be helpful for start-ups looking to raise money, as they can reach a wider range of investors and increase their chances of raising capital.
The CIN will provide start-ups with pitching and investment training, as well as help to match start-ups with appropriate investors.
Chiu said that there is still “not enough” early-stage funding in Hong Kong compared to countries like South Korea and Israel.
Although the city has produced successful start-ups such as GoGoVan, which recently merged with Chinese logistics firm 58 Suyun, as well as travel booking site Klook and fintech firm TNG Wallet, Cyberport chairman Lee George Lam believes that much more needs to be done to boost innovation and entrepreneurship in Hong Kong.
“Cyberport wants to inspire young people and help them scale [their business] and go global,” Lam said.
Cyberport currently houses over 1,000 start-ups, and its companies have raised over HK$1.4 billion as of October 2017.
Alibaba owns the South China Morning Post.