Tianjin Economic-Technological Development Area (TEDA) announces in a statement that Tianjin Binhai Angel Venture Capital Fund was founded recently in TEDA. The new fund, holding 100 million yuan (12.5 million US dollars), will commit itself to investing capital in technology enterprises and projects, which are in their initial stage and boasting home grown intellectual property rights.     The founding of this fund will upgrade the local innovation and entrepreneurship environment and promote the growth of innovation culture in Tianjin, which, as a result, will generate a cluster effect for the innovative enterprises in TEDA and the Binhai New Area, and foster foundations for new economic growth in the area.    The fund will focus investment on start-up enterprises characterized by strong technology strength, technology related projects and the industries enjoying priority development due to Tianjin's preponderances in the industry chain, such as bio-tech and IT.