# Hermes Li

> Hermes Li is a Series E investor at Aspex Management backing Travel and FinTech. See 8 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [Aspex Management](https://shizune.co/investors/profile/aspex-management)
- Total investments: 8
- Last investment: Dec 2022
- Lead investor: 63%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/hermes-li-55a7281/

Hermes Li is a Founder & Portfolio Manager at Aspex Management. He attended The London School of Economics and Political Science from 2001 to 2004.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Travel | 1 | 13% |
| FinTech | 1 | 13% |
| Leisure | 1 | 13% |
| Tourism | 1 | 13% |
| Consumer | 1 | 13% |

16 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series E | 2 | 25% |
| Series F | 2 | 25% |
| Series G | 1 | 13% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| South Korea | 2 | 25% |
| Hong Kong | 1 | 13% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Toss | Toss is a South Korea-based mobile financial service platform operated by fintech startup Viva Republica.Its application offers peer-to-peer money transfers, manages credit scores and bank accounts, access loan and insurance plans, split bill options, QR payment and other similar services that enable users to manage their finance.Toss wasestablished in 2011 by Seunggun Lee in Seoul, Seoul-t'ukpyolsi. | $405M | Series G | Dec 19, 2022 |  |
| Market Kurly | Market Kurly is an online premium grocery service that compares quality and price when looking for good ingredients for foreign goodies.Market Kurly is a food delivery and logistics platform that enables users to order food via the website and receive it the following morning. The company delivers fresh high-end desserts, bread, milk, bottledwater, condiments such as flour & salt, processed foods, and more.The company was founded in 2015 and based in Seoul, South Korea. | $200M | Series F | Jul 09, 2021 |  |
| Market Kurly | Market Kurly is an online premium grocery service that compares quality and price when looking for good ingredients for foreign goodies.Market Kurly is a food delivery and logistics platform that enables users to order food via the website and receive it the following morning. The company delivers fresh high-end desserts, bread, milk, bottledwater, condiments such as flour & salt, processed foods, and more.The company was founded in 2015 and based in Seoul, South Korea. | $196.8M | Series F | Jul 09, 2021 |  |
| Klook | Klook is a developer of travel activities and services booking platform designed to connect travelers with experiences. With Klook’s innovative technologies, travelers can book on-the-go and redeem the services by using QR code-enabled e-vouchers. Each day, Klook empowers countless travelers to indulge in their wanderlust and spontaneity throughover 100,000 offerings in more than 400 destinations.The company was founded in 2014 and is headquartered in Hong Kong. | $200M | Series E | Jan 26, 2021 |  |
| Toss | Toss is a South Korea-based mobile financial service platform operated by fintech startup Viva Republica.Its application offers peer-to-peer money transfers, manages credit scores and bank accounts, access loan and insurance plans, split bill options, QR payment and other similar services that enable users to manage their finance.Toss wasestablished in 2011 by Seunggun Lee in Seoul, Seoul-t'ukpyolsi. | $173M | Series G | Aug 28, 2020 |  |
| Toss | Toss is a South Korea-based mobile financial service platform operated by fintech startup Viva Republica.Its application offers peer-to-peer money transfers, manages credit scores and bank accounts, access loan and insurance plans, split bill options, QR payment and other similar services that enable users to manage their finance.Toss wasestablished in 2011 by Seunggun Lee in Seoul, Seoul-t'ukpyolsi. | $173M | Series F | Aug 28, 2020 |  |
| Toss | Toss is a South Korea-based mobile financial service platform operated by fintech startup Viva Republica.Its application offers peer-to-peer money transfers, manages credit scores and bank accounts, access loan and insurance plans, split bill options, QR payment and other similar services that enable users to manage their finance.Toss wasestablished in 2011 by Seunggun Lee in Seoul, Seoul-t'ukpyolsi. | $64M | Series F | Aug 08, 2019 |  |
| Toss | Toss is a South Korea-based mobile financial service platform operated by fintech startup Viva Republica.Its application offers peer-to-peer money transfers, manages credit scores and bank accounts, access loan and insurance plans, split bill options, QR payment and other similar services that enable users to manage their finance.Toss wasestablished in 2011 by Seunggun Lee in Seoul, Seoul-t'ukpyolsi. | $64M | Series E | Aug 08, 2019 |  |

8 of 8 investments shown.

## Co-investors
- [HSG](https://shizune.co/investors/profile/sequoia-capital-china) — VC Fund, 6 deals together
- [Altos Ventures](https://shizune.co/investors/profile/altos-ventures) — VC Fund, 5 deals together
- [HSG](https://shizune.co/investors/profile/hsg-cap) — VC Fund, 4 deals together
- [Goodwater Capital](https://shizune.co/investors/profile/goodwater-capital) — VC Fund, 3 deals together
- [Greyhound Capital](https://shizune.co/investors/profile/greyhound-capital) — VC Fund, 3 deals together
- [CJ Logistics](https://shizune.co/investors/profile/cj-logistics) — VC Fund, 2 deals together

## About Aspex Management

VC Fund · Hong Kong, Hong Kong

Aspex Management is a Hong Kong-based investment manager focused on pan-Asian equity investing using a fundamental, research-intensive approach with a long term horizon. The firm was founded in 2018.

2 contacts available at Aspex Management.

| Name | Title | Profile |
| --- | --- | --- |
| Bonnie Fong | Partner & COO | https://shizune.co/investors/profile/bonnie-fong-f19e |
| Hermes Li | Founder, CIO & Portfolio Manager | https://shizune.co/investors/profile/hermes-li |

## Similar investors

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- [Munich Venture Partners](https://shizune.co/investors/profile/munich-venture-partners) — VC Fund
- [yet2Ventures](https://shizune.co/investors/profile/yet2ventures) — VC Fund

## FAQ

### What does Hermes Li invest in?

Hermes Li invests primarily in Travel, FinTech and Leisure startups, most often at Series E and Series F stage. Most of the 8 investments tracked by Shizune back companies in South Korea. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Hermes Li last invest?

The most recent investment recorded for Hermes Li closed in Dec 2022. Shizune tracks 8 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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