VCs Continue to Bolster an Expanding Wireless China

Filed in archive Venture Capital on August 16, 2006

It's no surprise that venture capitalists continue their gold rush into China's broadband and wireless market. With more than 350 million mobile subscribers- the delivery of broadband content across 2.5 and 3G networks can only grow exponentially. According to Digital Media Asia, Wireless China, a
mobile content services firm based in Beijing, has raised a $1.2 million seed round of funding.

The round was co-led by Shanghai-based Dragonvest Partners and U.S.-based Kodiak Venture Partners.

The funding will be used to launch the company's service in GuangDong Province (next to Hong Kong), ZheJiang Province (next to Shanghai) and Shanghai. WC provides an SMS platform to China Mobile at that location.
The venture firm, Dragonvest was co-founded and co-managed by partners Cha Li and Jesse Parker in 2004. The firm now has in place a $30 million fund for early-stage investments in China. Investments will range from $500,000 to about $2 million.

Jesse Parker has more than twenty years of experience in Greater China, gained as Founder and CEO of Changsha Consulting, a Boston-based China business development consulting firm; Vice President of Softbank International
Ventures; and Vice President of Marketing for IBM Microelectronics.

Parker now joins Wireless China's Board of Directors as a representative of both Dragonvest and Kodiak. Look for more news coming out of the industry at the upcoming Wireless Summit scheduled in Beijing next month.