Baidu Archive

Baidu just set up a $3 billion fund to back maturing startups

Baidu, the China-based search engine giant, said earlier today on its official WeChat account that it has established a 20 billion yuan ($3 billion) investment fund that the company will use to fund mid- and late-stage deals in the internet sector, with check sizes ranging from $50 million to $100 million. Reuters, which first reported the news, notes the move looks like an attempt to future-proof the company …