We are a day-one investor in China's enterprise / technology startups.
We back technologist-turned founders to achieve world-class breakthrough.
About us
We are a China-focused seed and early venture investor since 2006. We pioneered fintech, enterprise software and deeptech investing thesis in China since 2012. We have seeded and backed more than 160 teams with $1.3+ billion currently under management.
Select portfolio
We have built a large network of extraordinary founders in China, across enterprise systems, frontier technologies, life sciences as well as consumer evolution themes.
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Our approach
Deep insights
Investing early has always been a key success factor for us. The ability to enter a newly formed industry early enpowered us to become a leader. We all have real industry experience as business operators ourselves with the right skillsets in trend-spotting, pattern recognition and fast decision-making. All of us are deeply involved in deal-sourcing and closing. You get all of us once you get one of us.
Balanced sectors
We never wanted to be a single-sector investor in China, as we have witnessed the repetitive turmoil of themes for the past twenty years. We decided to mingle sectors within one fund and focused on early stage only. Despite of slight portfolio construct differences between funds, we have always maintained a high percentage in enterprise and technology deals, while staying vigilant to new ideas in life sciences and consumer themes.
Superior discipline
We are laser focused on investment discipline. We target a 10X return for each round at the moment of investment, regardless of lead / follow or follow-on strategies. We have also carefully kept our fund size at identical level so that we can keep up our performance through the years.
Product oriented
We only invest in product companies. Be it software, hardware, healthcare or consumer, it has to be a product company as we believe there is a higher possibility of success, if associated with a product format. In those companies, we are actively taking product prototyping risk and Product-Market-Fit (PMF) risk.
Firm at a glance
We manage $1.3+ billion with 160+ portfolio companies, leading to 5 IPOs and 30+ M&As by the end of 2021.
$1.3B+
160+
30+
10+
Sectors we invest in
We focus on industries driven by technology. We help transform technologists into entrepreneurs. We actively take technology and product risks.
Enterprise Software
Vertical-specific SaaS
Infrastructure Software
Fintech, Tech-fin & Financial Software
Frontier Technology
Ubiquitous Computing
Internet of Things
Smart Manufacturing
Life Sciences
Genetics and Multi-omics
New Modality Therapeutics
Next Generation of Sequencing and AI
Consumer 4.0
Demographic Shifts
Direct-to-Consumer Brands
Born Global, Live Local
Team
We attracted and promoted partners from internal and our entrepreneur circles only. Some of our interpersonal relationships went back to as early as 2004. The trust is deep and built for the long run.
