On February 9, Xiamen Nuowei Qifeng Venture Capital (Limited Partnership) was formally established with a registered capital of 100 million yuan ($15.7 million). The new VC institution has received joint funding from several companies, including Chinese short video sharing firm Kuaishou Technology and online game content provider G-bits. The fund mainly focuses on cultural creativity and other fields, and invests in early unlisted enterprises.
Commercial inquiry platform Qichacha shows that the company is jointly held by Kuaishou and G‑bits, the latter of which published an announcement showing that the company plans to contribute 25 million yuan to subscribe for shares of Nuowei Qifeng. As one of the limited partners, Kuaishou contributed 20 million yuan.
The establishment of this VC shows Kuaishou’s continuous investment in the game industry. Kuaishou has always been optimistic about its game business and regards it as part of its long-term strategy. Last year, Kuaishou upgraded its game business department to a stand-alone business department, devoting itself to long-term investment in the game business.
Kuaishou has set up three regional business departments in Beijing, the Yangtze River Delta region and the Pearl River Delta region. Each business department is aiming at incubating high-quality games.
Kuaishou also has attached importance to gaming talent and set up an industry-leading team. Currently, Kuaishou has been investing in many categories such as card games, simulation games, shooting games and action games. The core members of its teams have many years of experience at well-known Chinese companies and have led and participated in millions of online, mid-core and hardcore games with annual income exceeding one billion yuan, in addition to well-known VR games.