RocketSpace secures $336m from HNA Group
HNA has invested USD 336 million in technology accelerator RocketSpace to serve Chinese startups and expand to new business areas.
After helping launch Uber and Spotify, technology startup accelerator RocketSpace got a big backer to take its business to China.
HNA Group, a Chinese conglomerate with holdings from aviation to financial services to real estate and logistics, has invested USD 336 million in RocketSpace.
Started in 2011, the company has now housed more than 800 tech startups in an office building in San Francisco. Alumni include Uber and 15 other tech companies valued at more than USD 1 billion.
RocketSpace intends to open campuses in China and London in 2017. RocketSpace was looking to raise about USD 50 million, but HNA said the figure lacked ambition.
HNA’s backing represents China’s biggest bet on an accelerator, and one of the single largest investments in a U.S. startup by a China-based group, according to data from Dow Jones VentureSource.
Under the deal, HNA is taking an undisclosed minority stake in RocketSpace, which declined to discuss the accelerator’s valuation. With RocketSpace, HNA hopes to serve Chinese startups and expand to new business areas.
Earlier this year, HNA created an arm of the company called EcoTech to step up innovation across the company.
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