CX Corp. is adding another venture capital firm to its portfolio of Chinese-backed firms.
CX Venture Partners said Wednesday it would invest in several companies including social media giant WeChat, a smartphone maker that is backed by CX Group founder Bill Gurley.
The investment comes as CX is expanding its business operations in China.
“We will continue our investment in the local growth markets in China,” CX CEO Chris Miller said in a statement.
“As we have been, our focus is on building the most advanced, most sustainable and most sustainable growth in China, and in this space we are committed to investing in the most disruptive companies.”
CX said its investments in WeChat and Facebook would not involve any additional CX stock.
Facebook, which is owned by Facebook Inc., declined to comment.
Facebook has invested $500 million in Chinese companies since the start of 2017, including $100 million in CX, according to data compiled by Bloomberg.
WeChat has raised $50 million, including more than $30 million from CX.
Weibo, the Chinese microblogging site, has $5 million in funding from C-Suite.
The companies were founded in 2014 and have combined sales of $1.5 billion, according in a blog post.
C-suite, CX and WeChat are also based in the same San Francisco Bay Area, but they have different names.
We have been focused on building a more innovative platform that helps users make more informed decisions about the products and services they use, Miller said.
Facebook is also investing $2.5 million to build a mobile app that will help people share information, according the blog post by the two companies.
We will share more details in the coming weeks, Miller added.
The companies have more than 3 million monthly active users in China and a total of $2 billion in revenue, according a post on the C- Suite blog.