ByteDance founder Zhang Yiming to fund tech startups

ZHANG Yiming, the founder of tech giant ByteDance, the parent company of viral short video platforms Douyin and TikTok, founded an investment fund in Hong Kong called Cool River Venture on Monday.

Persons familiar with the matter told Jiemian News the fund will focus on investing in novel tech startups. 

In May 2021, Zhang stepped down as CEO of ByteDance and passed on the position to his old school chum and co-founder LIANG Rubo.  Since then, he has kept a low profile. A month after he stepped down, Zhang donated 500 million yuan (US$70.85 million) to his hometown Longyan, a small city in southwestern Fujian Province known for its Hakka culture. Weeks ago, Zhang donated another 200 million yuan to the city to support education.