Beijing, Bangalore challenge Silicon Valley for venture capital
San Francisco
THE venture capital (VC) business in Asia is beginning to rival that in North America, home to Silicon Valley and birthplace of the modern VC model.
Investments in China and India, where most of the big deals are taking place, more than tripled to US$16.9 billion in the third quarter, just less than the US$17.5 billion invested in North America as at Oct 1, according to Preqin Ltd, a London-based consultancy. That does not include venture deals in countries such as Japan, meaning that Asia's total is higher. Nine of the 10 biggest venture investments were in the region, including separate funding rounds by Chinese ride-hailing service Didi Kuaidi that totalled US$3 billion.
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