# Joy Capital

> Joy Capital is a VC fund backing E-Commerce and Food and Beverage. See 109 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Changyang, China
- Total investments: 109
- Last investment: Mar 2026
- Lead investor: 35%
- Fund size: $550M
- Last fund: Jul 2022
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/%E6%84%89%E6%82%A6%E8%B5%84%E6%9C%AC/?originalSubdomain=ky
- Website: http://www.joycapital.com.cn

Joy Capital is a VC fund in Changyang focused on E-Commerce and Food and Beverage. JOY CAPITAL invests in startups of both early and growth stages and focuses on TMT and innovative consumption sectors. “Do Hard Things with JOY”. JOY CAPITAL keeps partnering with entrepreneurs for helping them make right decisions at key moments during a startup’s developments and sharing the hardship and joy with them while starting theirbusiness. Founding partners of JOY CAPITAL have invested in more than 80 startups and over 10 portfolios they’ve invested in are unicorns.

## Contacts

5 contacts available for Joy Capital. Shizune tracks 2 team members at Joy Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/joy-capital?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $1.4M–$39M |
| Series B | $10M–$175M |
| Series C | $50M–$196M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| E-Commerce | 9 | 8% |
| Food and Beverage | 7 | 6% |
| Software | 6 | 6% |
| Automotive | 6 | 6% |
| Information Technology | 5 | 5% |

99 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series B | 27 | 25% |
| Series A | 25 | 23% |
| Series C | 15 | 14% |
| Angel | 6 | 6% |
| Series D | 5 | 5% |

14 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| China | 51 | 47% |
| United States | 2 | 2% |
| Canada | 1 | 1% |
| Israel | 1 | 1% |
| Germany | 1 | 1% |

6 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Erhai Liu | Founding and managing partner | 19 | https://shizune.co/investors/profile/liu-erhai |
| Xiao Li | Founding Partner | 5 | https://shizune.co/investors/profile/xiao-li-4d87 |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Zero One Auto | Zero One Auto is a new energy-efficient heavy-duty truck developer company.Zero One Auto creates new energy-efficient heavy-duty vehicles with advanced autonomous driving characteristics. The first batch of products is separated into two models, with an emphasis on the new energy heavy-duty truck short-distance freight market. | $174.8M | Series B | Mar 11, 2026 |  |
| UniUni | UniUni's revolutionary delivery approach and cutting-edge technology make it the most reliable, cheap, and flexible last-mile service in North America, enabling eCommerce enterprises to prosper. | $30M | Series D | Feb 12, 2026 |  |
| HydoTech | Hyde Hydrogen Energy is a green hydrogen industry company, focusing on carbon neutrality, providing advanced products and digital platform services for global new energy applications. |  | Venture - Series Unknown | Sep 15, 2025 |  |
| Haivivi | Haivivi is a dedicated children's educational toy brand that focuses on creating engaging, high-quality, and developmentally appropriate products designed to inspire creativity, support learning, and foster cognitive growth in young minds | $27.9M | Series A | Aug 20, 2025 |  |
| UniUni | UniUni's revolutionary delivery approach and cutting-edge technology make it the most reliable, cheap, and flexible last-mile service in North America, enabling eCommerce enterprises to prosper. | $70M | Series D | Jun 19, 2025 |  |
| UniUni | UniUni's revolutionary delivery approach and cutting-edge technology make it the most reliable, cheap, and flexible last-mile service in North America, enabling eCommerce enterprises to prosper. | $30M | Series C | Nov 14, 2024 |  |
| Hyde Hydrogen Energy | Hyde Hydrogen Energy is a green hydrogen industry company, focusing on carbon neutrality, providing advanced products and digital platform services for global new energy applications. |  | Venture - Series Unknown | Aug 28, 2024 |  |
| Lemmo | LEMO is a manufacturer and supplier of e-bikes. They are available for purchase as an e-bike or as a traditional bicycle. Their singular design is made possible by employing two separate aspects of production. It provides integrated e-parts for bikes, including the battery, motor controller, IoT device, and USB-A and USB-C charging ports. | $10M | Seed | Jun 04, 2024 |  |
| Kuafu | Kuafu operates in the food industry and offers various fried skewers and beverages. |  | Series B | Feb 26, 2024 |  |
| Legend Energy | Legend Energy provides clean, low-carbon, safe, and efficient smart energy storage products and solutions. |  | Series B | Jan 06, 2023 |  |

10 of 109 investments shown.

## Co-investors
- [NIO Capital](https://shizune.co/investors/profile/nio-capital) — VC Fund, 13 deals together
- [Qiming Venture Partners](https://shizune.co/investors/profile/qiming-venture-partners) — VC Fund, 9 deals together
- [CICC](https://shizune.co/investors/profile/cicc) — VC Fund, 7 deals together
- [Matrix Partners China](https://shizune.co/investors/profile/matrix-partners-china) — VC Fund, 7 deals together
- [Sinovation Ventures](https://shizune.co/investors/profile/sinovation-ventures) — VC Fund, 7 deals together
- [ZhenFund](https://shizune.co/investors/profile/zhenfund) — VC Fund, 7 deals together

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## FAQ

### What does Joy Capital invest in?

Joy Capital invests primarily in E-Commerce, Food and Beverage and Software startups, most often at Series B and Series A stage. Most of the 109 investments tracked by Shizune back companies in China. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Joy Capital's check size?

Joy Capital typically joins rounds of $1.4M–$39M at Series A, $10M–$175M at Series B and $50M–$196M at Series C. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Joy Capital participates in.

### How do I contact Joy Capital?

Public channels for Joy Capital include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Joy Capital?

The team at Joy Capital includes Erhai Liu (Founding and managing partner) and Xiao Li (Founding Partner). The Team section lists each member with their title, investment count and links.

### 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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