To speed up development in the cell phone gaming industry, Shanghai Muhe Network Technology Company, a share-holding subsidiary of Phoenix Digital Media Ltd, initiated a special venture fund.

The fund will focus on interactive entertainment, including game development, publishing, operations and accessory products.

According to Muhe’s latest board meeting, the fund has around 100 million yuan ($16 million), among which 25 million yuan was invested by Muhe.

The Muhe Network Technology Company, headquartered in Shanghai, was founded in 2011. It is a technological innovation-based enterprise, committed to game development and operations on intelligent platforms. It has branches in Hong Kong and South Korea.