CityU HK Tech 300 Angel Fund receives another $20 million in support from four venture capital firms
City University of Hong Kong (CityU) and four innovation and technology investment companies signed Memoranda of Understanding (MoUs) on 6 October for the establishment of co-investment partnerships that will provide a total of HK$20 million in angel fund investment each year to selected start-ups with potential in various fields and supported by CityU’s flagship innovation and entrepreneurship programme, HK Tech 300.
Under the leadership of President Way Kuo, CityU upholds the philosophy of the “integration of teaching and research” and, like other international top universities, dedicates itself to promoting a knowledge-based economy. Regarded as an innovation hub for research and professional education, CityU has achieved significant advancement in many areas.
President Kuo announced the launch of HK Tech 300 in March 2021. With an allocation of HK$500 million, the programme is helping aspiring entrepreneurs among CityU students, alumni, research staff and others to leverage CityU intellectual properties to establish start-ups and embark on their entrepreneurship journey. Regarding fund allocation and the scale of the programme, HK Tech 300 is the No. 1 university-based entrepreneurship programme in Asia.
The four innovation and technology investment companies that signed the MOUs with CityU are Particle Accelerator Limited (ParticleX), Hong Kong - Shenzhen United Investment Fund Limited (HKSZUIF), Shenzhen ZebraS Technology Startup Acceleration Limited (ZebraS), and Lion Rock Investment Management Company Limited (Lion Rock). In the first year, after signing the MoU, they will individually provide angel investment to selected start-ups on the HK Tech 300 programme.
“CityU’s world-class scholars are taking the lead in innovation and technology research. Our outstanding achievements are exemplified by being 1st among local institutions for the sixth consecutive year for the number of US utility patents granted. Through HK Tech 300, we will enable young people to convert knowledge and technology into practical applications for the well-being of society,” President Kuo said during his speech.
President Kuo officiated at the signing ceremony, which was witnessed by Dr Raymond Leung Siu-hong, CityU Council Member and Board Chairman of CityU Enterprises Limited, and Mr Duncan Chiu, Legislative Council Member (Technology and Innovation). The MoUs were signed by Mr Mingles Tsoi, Chief eXploration Officer at ParticleX, Dr Ng Chi-ho, Partner at HKSZUIF, Professor Witman Hung, Partner at ZebraS, Mr Freeman Lau, Chairman and Partner at Lion Rock, and Mr Sunny Lee Wai-kwong, Vice-President (Administration) at CityU and Managing Director of CityU Enterprises Limited.
CityU has earlier signed MOUs with three other venture capital fund and technology companies to establish co-investment partnerships for providing angel fund investment to selected start-ups incubated by HK Tech 300. They are Gravity Capital Partners Co., Ltd, Market Trend Interactive Solution Limited, and Allied Power Technology Venture LPF.
To develop and validate their business models since the launch of HK Tech 300, over 1,100 people have participated in entrepreneurship training, more than 360 teams have been awarded a seed fund of HK$100,000 each, and over 70 start-ups have been selected to receive angel fund investment of up to $1 million each. Over 100 experienced industrialists and successful entrepreneurs have accepted our invitation to serve as mentors.
For more information about HK Tech 300, please see www.cityu.edu.hk/hktech300.