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Top 50 Retail VC Funds & Investors in China (September 2026)

The most active venture capital funds investing in China Retail startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in China Retail startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
IDG Capital
VC Fund
16 China, United States, India Series A, Series B, Series C Software, Internet, E-Commerce $2.9M–$354M
ZhenFund
VC Fund
14 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Software, E-Commerce $425k–$30M
Vision Plus Capital
VC Fund
11 China, United States, Singapore Series A, Series B, Seed Artificial Intelligence, E-Commerce, Health Care $3M–$58M
HSG
VC Fund
9 China, United States, Australia Series B, Series A, Seed Artificial Intelligence, Biotechnology, Software $2M–$226M
GSR Ventures
VC Fund
8 China, United States, Singapore Series A, Series B, Seed Software, Artificial Intelligence, Information Technology $2M–$70M
Plum Ventures
VC Fund
8 China, United States, Hong Kong Series A, Angel, Seed E-Commerce, Manufacturing, Software $436k–$38M
K2VC
VC Fund
7 China, United States, Hong Kong Series A, Angel, Seed E-Commerce, Manufacturing, Software $425k–$38M
Capital Today
VC Fund
7 China, United States Series A, Series B, Series C E-Commerce, Food and Beverage, Retail $1.4M–$818M
Shunwei Capital
VC Fund
7 China, United States, India Series A, Series B, Series C Manufacturing, Software, Internet $1.5M–$105M
Alibaba Group
VC Fund
6 China, United States, India Series A, Series B, Series C Software, E-Commerce, Artificial Intelligence $3M–$900M
Meridian Capital Asia
VC Fund
5 China, United States, India Series A, Angel, Series B Information Technology, Software, Internet $425k–$62M
Ventech China
VC Fund
5 China, Singapore, United States Series A, Series B, Seed E-Commerce, Retail, Information Technology $1.4M–$50M
Hejun Capital
VC Fund
5 China Angel, Series A, Series B Food and Beverage, Information Technology, E-Commerce $283k–$72M
QF Capital
VC Fund
5 China, Hong Kong, United States Series A, Angel, Seed Artificial Intelligence, E-Commerce, Software $425k–$16M
Hillhouse Investment
VC Fund
5 China, United States, Singapore Series A, Series B, Series C Manufacturing, Software, Biotechnology $2.9M–$300M
Matrix Partners China
VC Fund
5 China, United States, Singapore Series A, Series B, Seed Health Care, Software, Biotechnology $1.6M–$137M
GGV Capital
VC Fund
5 United States, China, Singapore Series B, Series A, Series C Software, Information Technology, Artificial Intelligence $5M–$150M
Frees Fund
VC Fund
5 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Health Care, Biotechnology $447k–$35M
Fengshion Capital
VC Fund
4 China, United States Series A, Seed, Series B E-Commerce, Information Technology, Artificial Intelligence $1.4M–$22M
Luminous Ventures (former Lightspeed China Partners)
VC Fund
4 China, United States, Singapore Series A, Series B, Seed Manufacturing, Internet, Software $3M–$110M
Shenzhen Capital Group
VC Fund
4 China, United States, Japan Series A, Series B, Series C Manufacturing, Health Care, Software $1.5M–$156M
Baidu Ventures
VC Fund
4 China, United States, Singapore Series A, Seed, Series B Artificial Intelligence, Health Care, Biotechnology $1.5M–$123M
Xiaomi
VC Fund
4 China, India, Indonesia Series A, Series B, Angel Manufacturing, Software, Information Technology $429k–$71M
Oriental Fortune Capital
VC Fund
4 China, United States Series A, Series B, Seed Software, Manufacturing, Information Technology $1.4M–$100M
Chunxiao Capital
VC Fund
4 China, United States Series A, Angel, Seed Education, Retail, Internet $453k–$32M
01VC
VC Fund
4 China, Hong Kong, United States Series A, Seed, Angel E-Commerce, Information Technology, Logistics $120k–$14M
Huaying Capital
VC Fund
4 China, Japan, Hong Kong Series A, Series B, Seed Manufacturing, Information Technology, Robotics $241k–$148M
Green Pine Capital Partners
VC Fund
4 China, United States, Canada Series A, Angel, Series B Artificial Intelligence, Biotechnology, Software $425k–$150M
Sinovation Ventures
VC Fund
4 China, United States, Hong Kong Series A, Seed, Series B Artificial Intelligence, Software, Health Care $1.3M–$74M
5Y Capital
VC Fund
4 China, United States, India Series A, Series B, Series C Artificial Intelligence, Biotechnology, Software $3M–$400M
Share Capital
VC Fund
4 China, United States, Colombia Series A, Series B, Seed Health Care, Medical, Biotechnology $142k–$93M
Everbright
VC Fund
3 China, United States, Iceland Series A, Series C Health Care, Software, Biotechnology
Volcanics Venture
VC Fund
3 China, United States, Hong Kong Series A, Series B, Seed Health Care, Artificial Intelligence, Biotechnology $350k–$60M
SIG China (SIG Asia Investments)
VC Fund
3 China, United States, Japan Series B, Series A, Series C E-Commerce, Software, Information Technology $3M–$150M
Light-Up Capital
VC Fund
3 China Series A, Angel, Series B E-Commerce, Retail, Internet $425k–$10M
China Growth Capital
VC Fund
3 China, United States, Hong Kong Series A, Series B, Seed Software, Information Technology, E-Commerce $1M–$48M
Ping An Ventures
VC Fund
3 China, United States, Israel Series A, Series B, Angel Health Care, Biotechnology, Medical $425k–$100M
N5Capital
VC Fund
3 China, United States, India Series A, Seed, Series B E-Commerce, Internet, Gaming $142k–$30M
Joy Capital
VC Fund
3 China, United States, Canada Series B, Series A, Series C E-Commerce, Food and Beverage, Software $1.5M–$196M
GF Xinde Investment Management
VC Fund
3 China, United States, Hong Kong Series A, Series B, Angel Manufacturing, E-Commerce, Biotechnology $425k–$200M
Tsing Ventures
VC Fund
3 China Series A, Seed, Angel Artificial Intelligence, Robotics, Manufacturing $435k–$15M
Hejin Touzi
VC Fund
3 China Angel, Series A B2B, Retail, E-Commerce $1.5M–$1.5M
Crystal Stream Capital
VC Fund
3 China, Hong Kong, United States Series A, Seed, Series B E-Commerce, Food and Beverage, Manufacturing $1.5M–$42M
Huagai Capital
VC Fund
3 China, United States, Hong Kong Series A, Series B, Angel Health Care, Biotechnology, Medical $425k–$90M
Tencent
VC Fund
3 China, United States, United Kingdom Series B, Series A, Series C Software, Financial Services, Artificial Intelligence $3M–$418M
Magic Capital
VC Fund
3 China, United States, Hong Kong Series A, Seed, Angel Education, Internet, Artificial Intelligence $142k–$15M
BA Capital
VC Fund
3 China, Spain, Hong Kong Series B, Series A, Seed Food and Beverage, Retail, E-Commerce $8.7M–$122M
Challenjers Capital
VC Fund
3 China, United States, Japan Series A, Angel, Seed Manufacturing, Food and Beverage, E-Commerce $425k–$15M
Gaorong Capital
VC Fund
3 China, United States, Hong Kong Series A, Series B, Seed Information Technology, Software, Artificial Intelligence $2.8M–$120M
9C Capital
VC Fund
2 China Series A Retail, FinTech, Finance
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Investor list

IDG Capital
VC Fund · Beijing, Beijing, China · 16 investments in China Retail startups

IDG Capital is a global investment firm partnering with founders to build enduring businesses through capital, expertise, and long-term support.

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Investment focus

  • Industry: Software, Internet, E-Commerce
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, India

Investor stats

  • Total investments: 1056
  • Round size: Series A $2.9M–$100M; Series B $7.1M–$115M; Series C $15M–$354M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • AIxCrypto — Qualigen is a biotechnology company focused on the development and commercialization of novel therapeutic products for the treatment of cancer and infectious diseases, as well as the expansion of its flagship FastPack® diagnostic platform.
  • Hypershell — An exoskeleton innovator reshaping lifestyles and enabling technology to empower life.
  • Chengjia Apartment — Chengjia Apartment is a rental start-up that provides different product choices for apartments, hotels, and homestays. Chengjia Apartment extends the business scope to weekly rent, monthly rent, and long-term rent. The company creates a high-quality living environment with ingenuity, take care of every guest with hotel-style service, and creates awarm, comfortable, and temperature-friendly home.Chengjia Apartment is jointly established by China Living Hotel Group and IDG Capital. It has laid out nearly 100 properties in first-tier cities nationwide, with more than 10,000 houses and services.It was founded on 2015 and is headquartered in Shanghai, China.
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ZhenFund
VC Fund · Beijing, Beijing, China · 14 investments in China Retail startups

ZhenFund is a seed fund founded by former entrepreneurs to invest in the most promising innovators. New Oriental co-founders Bob Xiaoping Xu and Victor Qiang Wang established ZhenFund in 2011 in collaboration with Sequoia Capital China. ZhenFund now has a network of over 800 portfolio companies, including over 30 unicorns based in China. Webelieve that great businesses start with exceptional founding teams. We are dedicated to helping our entrepreneurs build successful companies by providing them with mentorship and the best resources available. Some of our services include biannual demo days to top Chinese VCs, ZhenHR services, marketing and PR consulting, as well as fundraising. Our strong and large CEO network also facilitates entrepreneurs helping each other, especially via our WeChat platform. ZhenFund has been ranked as the “#1 Early-Stage Investment Firm” for six years. Bob Xiaoping Xu, Founder of ZhenFund, has been named on the Midas List since 2016 and ranked #11 in 2019. Anna Fang, Founding Partner and CEO of ZhenFund, has been named on the Midas List since 2019 and made her 4th appearance as #12, and #1 on Midas Seed List in 2022.

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Investment focus

  • Industry: Artificial Intelligence, Software, E-Commerce
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 631
  • Round size: Seed $443k–$15M; Angel $425k–$5.8M; Series A $1.4M–$30M
  • Lead/follow: 25% lead, 75% follow
  • Last fund: Likely still investing — raised $140M in 2022

Portfolio highlights

  • Ehang — Ehang is a technology enterprise focused on R&D and production in airplane and aircraft field. With the combination of software and hardware techniques, it self-developed the communication and real-time viewing hardware and a smartphone operation system. Its product, Ghost, is accepted as the first truly smartphone app operated intelligentrobot, which is widely used in geographical information surveying, professional television aerial filming, roadshow displaying, disaster rescuing and delivery, surveillance and monitoring, and even expected to play important role in the future logistics areas.Ehang was founded in 2014 by makers from China, America, and Singapore who are enthusiastic about drone flying. The enterprise’s core members graduated from Tsinghua University, Peking University, and Duke University in America.
  • Snowplus — SNOWPLUS is an e-cigarette brand that provides users with e-cigarette products through a combination of online and offline sales models. The products are available in 12 different types of flavors. The products use TrueFeel honeycomb ceramic atomization technology and Aeroflow intake. Technology; In addition to reference to the existing food-gradestandards in China, Xuejia has also passed a number of third-party certifications in terms of safety. The core components such as atomizing core and cigarette holder comply with the highest medical safety standards of the FDA and the European Union.
  • Futuring Robot — Futuring Robot is a developer of dual-arm home service robots focusing on C-end home scenarios.
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Vision Plus Capital
VC Fund · Hangzhou, Zhejiang, China · 11 investments in China Retail startups, 24 in the past 12 months

Vision Plus Capital (also known as Yuan Jing Capital) focuses on the Internet innovation, consumer upgrades, digital medical, intelligent technology four areas, the RMB and the dollar double currency investment. Yuan Jing Capital for the start-up enterprises to provide multi-faceted help, including the introduction of talent, strategy carding,operational upgrading, financing strategies.Founded in 2015, it was composed of team members for first-line Internet company's core positions of experts and domestic first-tier VC senior investors, for the start-up companies to provide practical experience and team support.

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Investment focus

  • Industry: Artificial Intelligence, E-Commerce, Health Care
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 215
  • Round size: Seed $3M–$24M; Series A $4.6M–$58M; Series B $3.3M–$58M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — raised $36M in 2020

Portfolio highlights

  • NestWorks — NestWorks C500 | Next-Gen Smartest Desktop CNC with 800W, 18,000 RPM Industrial Power
  • Breeze Blue — Breeze Blue develops AI voice and speech generation software for creators, developers, and organizations. Its Breeze TTS models generate speech from text and support voice design, voice direction, multilingual output, and real-time streaming. BreezeBlue Creator provides a browser-based workspace for creating, directing, and exporting speech. Theplatform also offers voice cloning, prompt-based voice design, a voice library, and developer APIs and SDKs for integrating text-to-speech into applications. Its stated use cases include audiobooks, video voiceovers, podcasts, conversational agents, games, and character audio.
  • Futong Huizhi — Shanghai Futong Huizhi is a medical technology business that focuses on the development of transcranial magnetic stimulation (TMS) devices.
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HSG
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 9 investments in China Retail startups

HSG is a leading venture capital and private equity firm investing globally in the technology, healthcare, and consumer sectors.

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Investment focus

  • Industry: Artificial Intelligence, Biotechnology, Software
  • Stage:Series B, Series A, Seed
  • Geography: China, United States, Australia

Investor stats

  • Total investments: 970
  • Round size: Seed $2M–$50M; Series A $4.4M–$100M; Series B $12M–$226M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: Likely still investing — raised $2.5B in 2024

Portfolio highlights

  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • Hypershell — An exoskeleton innovator reshaping lifestyles and enabling technology to empower life.
  • Suisheng Technology — Suisheng Technology is an innovative company specializing in AI-driven memory services, dedicated to developing intelligent solutions that help individuals and businesses capture, organize, and retrieve important information with greater efficiency and precision.
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GSR Ventures
VC Fund · Palo Alto, California, United States · 8 investments in China Retail startups

GSR Ventures is a venture capital firm focused on technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare technology.The firm backs entrepreneurs building disruptive businesses that have the potential to dominate multi-billion dollar markets. GSR Ventures currently manages about $3.7 billion across itsfunds.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 465
  • Round size: Seed $2M–$10M; Series A $2.2M–$35M; Series B $6.9M–$70M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

  • Seeo — Daftar akun togel resmi bisa melalui via dana, ovo, gopay, linkaja kami juga menyediakan berbagai link togel terpercaya seperti bo togel hadiah 2d 200rb, bandar togel hadiah 4d 10 juta terpercaya, situs togel resmi dan terpercaya, agen togel terpercaya, daftar bandar togel terbesar dan terpercaya, bandar togel terbesar, situs togel prize 123, bo togel bolak balik dibayar dan banyak lainnya yang kami sediakan untuk pencinta link togel resmi di Indonesia.
  • C3Nano — C3Nano is the developer of the solution-based, transparent conductive inks and films as direct replacements for indium tin oxide (ITO). C3Nano is the performance leader in Transparent Conductor Films (TCFs) and Activegrid silver nanowire (AgNW) solution-based inks for the touch sensor and display industry. They have raised $37 million in funding todate, which has enabled the company to quickly achieve best in class ink formulations and expanded production capabilities. C3Nano is headquartered in Silicon Valley with an industry-leading manufacturing base in Korea.Founded in 2010, it is headquartered in Hayward, California.
  • KUN — KUN provides all-inclusive digital payment solutions for Web2 and Web3 enterprises.Its services include seamless on/off ramp solutions, developing markets-focused integrated payment systems, and cryptocurrency-enabled virtual and real card solutions.
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Plum Ventures
VC Fund · Changzhou, Zhejiang, China · 8 investments in China Retail startups, 27 in the past 12 months

Plum Ventures is a venture capital company that aims to encourage young people to become entrepreneurs. It specializes ins providing seed and early-stage investments in the technology, new media, and telecommunications industry. The firm was founded in May 2014 and is based in Changzhou, China.

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Investment focus

  • Industry: E-Commerce, Manufacturing, Software
  • Stage:Series A, Angel, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 270
  • Round size: Seed $676k–$10M; Angel $436k–$4.7M; Series A $1.5M–$38M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: May invest from a new fund soon — raised $78M in 2019

Portfolio highlights

  • Zeta Fusion — Zeta Fusion operates within the technology promotion and application services industry.
  • Tianxing Exploration — Tianxing Exploration is a company that provides development and manufacturing of satellite communication terminals.
  • DeepGate Transformation — DeepGate Transformation provides aerospace thermal products by using pyrolytic graphite technology.
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K2VC
VC Fund · Beijing, Beijing, China · 7 investments in China Retail startups, 12 in the past 12 months

K2VC (Xianfeng Evergreen) was founded in 2010, focused on early stage investment in technology start-ups in China, focus on promoting change and technological progress, innovative business models and lifestyles.

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Investment focus

  • Industry: E-Commerce, Manufacturing, Software
  • Stage:Series A, Angel, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 285
  • Round size: Seed $1.4M–$14M; Angel $425k–$7M; Series A $1.4M–$38M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: Likely actively investing — fresh fund, raised $31M in 2025

Portfolio highlights

  • Quantex — Quantex is committed to focusing on the next generation of information technology and integrated circuit fields, and is dedicated to the in-depth research and development of 3.2T/6.4T photonic integrated chips (PIC), optical modules and CPO (co-packaged optics) solutions, leading the localization of high-end optical transmission chips.
  • XinYang Micro — Xinyangwei is an early stage underwater sensing chip startup specializing in CMUT (Capacitive Micromachined Ultrasonic Transducer) technology. The company provides integrated acoustic sensing modules and 3D imaging components designed to give pool cleaning robots intelligent near field path planning and mapping capabilities.
  • ChipSense Technology — ChipSense Technology is a semiconductor focused on developing high-performance chips for AI computing infrastructure. The company provides chip solutions that enable perception and efficiency management in AI computing centers, helping optimize resource utilization, operational efficiency, and intelligent management of large-scale AI computingclusters.
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Capital Today
VC Fund · Shanghai, Shanghai, China · 7 investments in China Retail startups, 6 in the past 12 months

Capital Today is a leading China-focused venture capital firm founded by Kathy Xu in 2005. We invest across AI, autonomous driving, robotics, consumer brands, retail chains, and internet platforms, managing multiple funds. Our portfolio includes JD.com, Meituan, ByteDance, Boss Zhipin, NIO, Li Auto, Moonshot AI, and more.

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Investment focus

  • Industry: E-Commerce, Food and Beverage, Retail
  • Stage:Series A, Series B, Series C
  • Geography: China, United States

Investor stats

  • Total investments: 96
  • Round size: Series A $1.4M–$100M; Series B $2.8M–$145M; Series C $17M–$818M
  • Lead/follow: 50% lead, 50% follow
  • Last fund: May invest from a new fund soon — last raise in 2018

Portfolio highlights

  • Sand.ai — Sand AI is an AI company that focuses on producing videos.
  • Fish Audio — Fish Audio is an AI platform for expressive text‑to‑speech and voice cloning with pro‑grade voices and multilingual support.
  • Vita Dynamics — Vita Dynamics involves learning through real-world interactions by developing robots that can physically engage with their environment, they can adapt more naturally and efficiently.
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Shunwei Capital
VC Fund · Beijing, Beijing, China · 7 investments in China Retail startups

Shunwei Capital is a venture capital fund that focuses on early to mid-stage investments in local internet industry. It specializes in incubation, startups, early to mid-stage, and growth capital investments. It seeks to invest in the technology, media, telecommunications, high technology, new media, games, internet finance, and rural area internetsectors. Their investors include sovereign wealth funds, fund of funds, university endowment funds, and family offices.

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Investment focus

  • Industry: Manufacturing, Software, Internet
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, India

Investor stats

  • Total investments: 574
  • Round size: Series A $1.5M–$35M; Series B $8M–$55M; Series C $25M–$105M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: May invest from a new fund soon — raised $1.2B in 2018

Portfolio highlights

  • uban — Uban provides an internet office leasing and trading services platform that helps to connect owners, customers and brokers, corporate customers in order to provide office rental and follow-up services, enabling its clients to receive real estate related services through a single portal. The company is based in Beijing, China.
  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • Darma — DARMA - Digital Healt
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Alibaba Group
VC Fund · Hangzhou, Zhejiang, China · 6 investments in China Retail startups

Alibaba Group operates as an online marketplace connecting buyers and sellers. It provides various e-commerce activities, including retail and wholesale transactions. It also offers cloud computing and digital media services. Alibaba Group serves industries such as retail, logistics, and technology.

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Investment focus

  • Industry: Software, E-Commerce, Artificial Intelligence
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, India

Investor stats

  • Total investments: 293
  • Round size: Series A $3M–$900M; Series B $5.6M–$343M; Series C $15M–$794M
  • Lead/follow: 65% lead, 35% follow
  • Last fund: May invest from a new fund soon — raised $316M in 2015

Portfolio highlights

  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • Shanghai Media Group — Shanghai Media Group (SMG) is one of the largest media and entertainment companies in China. SMG boasts the most valuable and comprehensive business portfolio including radio, TV, newspaper and magazine traditional media outlets, TV program/drama and motion picture productions and distribution, multiplatform video distribution such as IPTV andInternet TV, and online video offerings, digital advertising, online and console gaming, TV shopping and ecommerce , live and performing arts and tourism. By the end of 2013, SMG had RMB 44.6 billion in assets and RMB 21 billion annual income.In terms of media outlets, SMG currently operates 15 satellite and cable networks, including news, entertainment, sports, finance, documentary, children networks, which are based on a free-to-air advertising business model. Among its assets are China Business News, the premier business news content provider in China since 1993.
  • Yiguo.com — Yiguo is a fresh produce e-commerce platform. The company was founded in 2005 and is based in Shanghai, China. Yiguo guarantees one-day delivery in the cities of Beijing, Shanghai, Guangzhou and Chengdu, and two-day delivery in over 200 cities.
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Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

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Meridian Capital Asia
VC Fund · Shanghai, Shanghai, China · 5 investments in China Retail startups

Meridian Capital Asia was founded in Singapore in 2008 and has launched nine funds with a total of over 1.5 billion US dollars raised since. It has invested in more than 280 startups, with many notable exits, and has focused on areas such as deep tech, artificial intelligence, robotics, cloud, SaaS, enterprise, advanced manufacturing, renewableenergy, new material, semiconductors, agri-tech, education, internet, and new media, etc. All its partners are from either Singapore, Australia, the US or UK, with extensive experience and knowhow in all technology sectors. Meridian has offices in Singapore, Silicon Valley, Shanghai and Beijing and its investments cover geographies such as SEA, China, US, Mid-east, Japan, and Europe.

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Investment focus

  • Industry: Information Technology, Software, Internet
  • Stage:Series A, Angel, Series B
  • Geography: China, United States, India

Investor stats

  • Total investments: 206
  • Round size: Angel $425k–$14M; Series A $429k–$15M; Series B $2.9M–$62M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $440M in 2023

Portfolio highlights

  • Hanhai Energy — Hanhai Energy is dedicated to explore the science and technology to accelerate the commercialization of fusion energy.
  • Lianyue Network — Internet Service Provider
  • Xiaoneng Technology — Xiaoneng Technology is a company that provides online customer service solutions for e-commerce websites. Committed to providing real-time shopping guide and online customer management system LiveCRM for all online transactions and online display products and services, affiliated to Beijing Nengtong Tianxia Network Technology Co., Ltd.
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Ventech China
VC Fund · Shanghai, Shanghai, China · 5 investments in China Retail startups

Ventech Capital was founded in 1998 in France. Ventech is one of the most famous VC funds in Europe and manages four funds. In China, Ventech China manages three funds. Globally, this represents more than USD 1B total asset under management. Ventech China is based in Shanghai. Ventech China 3 is a USD 220 million venture capital fund focused oncommunities, M-commerce, Big Data and Fintech. Its current portfolio companies include Keep, the No.1 fitness training and community app in China, WonderFull, the emerging Japanese product M-commerce platform, Juzi, the leading entertainment news platform, Datawin, the leading big data company in sales leads generation, and Blued, the No.1 gay community app in China. Ventech China is dedicated to growing together with innovative startups and help them to become global leaders in their fields.

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Investment focus

  • Industry: E-Commerce, Retail, Information Technology
  • Stage:Series A, Series B, Seed
  • Geography: China, Singapore, United States

Investor stats

  • Total investments: 84
  • Round size: Seed $1.4M–$50M; Series A $1.6M–$31M; Series B $7.3M–$40M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: May invest from a new fund soon — raised $150M in 2011

Portfolio highlights

  • Outopia — Outopia was established in China by a team of trail running champions and seasoned professionals from international luxury and sports brands. We create products that are engineered for performance and thoughtfully designed. Our goal: to enable meaningful experiences that transcend the gear itself.
  • MetaLenX — MetaLenX is a technology-based enterprise focusing on the design, manufacture and application of superlenses.
  • Huamei Haolian — Huamei Haolian specializes in providing telemedicine and medical tourism services.
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Hejun Capital
VC Fund · Beijing, Beijing, China · 5 investments in China Retail startups

Hejun Capital is a private equity and venture capital firm.

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Investment focus

  • Industry: Food and Beverage, Information Technology, E-Commerce
  • Stage:Angel, Series A, Series B
  • Geography: China

Investor stats

  • Total investments: 51
  • Round size: Angel $283k–$3M; Series A $1.4M–$5.8M; Series B $2.8M–$72M
  • Lead/follow: 24% lead, 76% follow

Portfolio highlights

  • Yunwujie — Yunwujie is a provider of trading platform and SaaS management. It focuses on cross-border e-commerce logistics industry, provide trading platform + SaaS management.
  • Shishilian — Shishilian provides agricultural products such as mushrooms, vegetables, meat, fish, flowers, fruit, grains, tea, coffee, seafood, and alcoholic beverages.
  • Lucky Pigeon — Lucky Pigeon Platform is a network freight platform. They engaged in the business of the platform, which involves the transportation of bulk agricultural products, mainly feed materials such as soybean meal and corn.They work on the future of agriculture, animal husbandry, and grain transportation.
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QF Capital
VC Fund · Shenzhen, Guangdong, China · 5 investments in China Retail startups

QF Capital is a fund management company that focuses on private equity investments.

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Investment focus

  • Industry: Artificial Intelligence, E-Commerce, Software
  • Stage:Series A, Angel, Seed
  • Geography: China, Hong Kong, United States

Investor stats

  • Total investments: 173
  • Round size: Seed $1.4M–$15M; Angel $425k–$14M; Series A $1.4M–$16M
  • Lead/follow: 46% lead, 54% follow

Portfolio highlights

  • Tianlin — Tianlin Holdings provides robotic intelligent construction services, with a focus on creating an ecosystem that includes intelligent construction robots, green building materials, and intelligent construction digital platforms.
  • Violoop — Violoop is a Chinese AI hardware startup Specializes in AI-PC automation hardware as a "physical-level AI Operator", bridging legacy software and AI agents for 24/7 workflows without APIs.
  • Traverser — Traverser is a commercial manned aerospace technology company that develops reusable manned spacecraft and operates space tourism activities.
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Hillhouse Investment
VC Fund · Singapore, Central Region, Singapore · 5 investments in China Retail startups

Founded in 2005, Hillhouse is a leading global investment management firm, active across public equity, private equity, real estate and private credit. The firm invests over a long-term horizon and partners with exceptional entrepreneurs to deliver sustainable value creation for quality companies.Hillhouse is a full life-cycle private equityfirm, investing for the long term across opportunities in the healthcare, business services, consumer, and industrials sectors. The firm manages capital on behalf of global institutions such as non-profit foundations, endowments, and pensions.

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Investment focus

  • Industry: Manufacturing, Software, Biotechnology
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 430
  • Round size: Series A $2.9M–$153M; Series B $14M–$230M; Series C $15M–$300M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: Likely still investing — raised $1.4B in 2023

Portfolio highlights

  • Qianjue Robot — Qianjue Robot researches and develops multimodal tactile perception and intelligence technologies for precision robot operations.
  • The Snow League — The Future of Winter Sports Competition | Founded by @ShaunWhite
  • DayOne — GDS International portfolio currently comprises approximately 480 MW of data center capacity in service and under construction and an additional 590 MW held for future development across strategic locations in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo).
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Matrix Partners China
VC Fund · Beijing, Beijing, China · 5 investments in China Retail startups

Matrix Partners China builds long-term relationships with entrepreneurs and helps them build significant, industry-leading companies.Since its inception in 1977, Matrix Partners China has made hundreds of investments and played an active role in the development of many successful businesses, 50 of which went on to IPO, and 75 of which have goneon to profitable M&A events. The firm consistently ranks in the top venture firms in terms of returns to its investors.Matrix Partners China combines local knowledge with global experience and vision. Its team consists of both former entrepreneurs and experienced investors. Its past successes include Focus Media, Eachnet, and Baidu, among others. The company invests across multiple sectors and stages.

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Investment focus

  • Industry: Health Care, Software, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 622
  • Round size: Seed $1.6M–$74M; Series A $2.9M–$61M; Series B $10M–$137M
  • Lead/follow: 37% lead, 63% follow
  • Last fund: Likely still investing — raised $92M in 2023

Portfolio highlights

  • Lexin — LexinFintech Holdings is an online consumer finance platform for educated young adults in China. As one of China's leading financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the Company's Dingsheng online investment platform, and theCompany's Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem. The Company utilizes technologies including big data, cloud computing and artificial intelligence to enable the near-instantaneous matching of user funding requests with offers from the Company's more than 30 funding partners, which include commercial banks, consumer finance companies, and other licensed financial institutions. By serving the credit needs of China's educated young adults, Lexin helps its more than 20 million registered users to enjoy a better quality of life through the use of better credit.
  • Camera360 — Camera360 is a professional but easy-to use App for photo editing and selfie retouching. Tag #camera360
  • Liepin — Liepin is the largest and most professional high-end talent community-based recruitment site, with its innovative products and unique service model model for create an interactive high-end talent recruitment platform between business, headhunting and workplace. Tens of thousands of professional executive search consultant for businesses and jobseekers set up communication between the bridge and accelerate corporate recruitment process, recommended paying jobs in the workplace, career development planning. 16 job seekers to avoid the risk of privacy protection, millions of high-end elite member libraries, help enterprises development needs.
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GGV Capital
VC Fund · Menlo Park, California, United States · 5 investments in China Retail startups

We believe the talent to build great companies comes from anywhere. A global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed- to growth-stage investments across Social/Internet, Enterprise Tech, and Smart Tech sectors.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series B, Series A, Series C
  • Geography: United States, China, Singapore

Investor stats

  • Total investments: 847
  • Round size: Series A $5M–$66M; Series B $11M–$60M; Series C $15M–$150M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: Likely still investing — raised $147M in 2024

Portfolio highlights

  • CYGNUSEMI — Cygnus Semi is a semiconductor chip technology company that focuses on 5G IoT applications.
  • Startorus Fusion — Startorus Fusion focuses on developing and commercializing fusion energy technologies, aiming for controllable device miniaturization, commercialization, and fast iteration, integrating design, R&D, operation, and maintenance.
  • SiliconFlow — Silicon Mobile Technology is an AI ​​infrastructure company that specilaizes in large models inference and deployment system to reduce the cost in the AIGC and LLM industries.
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Frees Fund
VC Fund · Beijing, Beijing, China · 5 investments in China Retail startups

By adopting revolutionary mechanisms, FREES FUND is devoted to change the long-established rules in the venture capital. By leveraging the cutting-edge technologies and resources, FREES FUND aims at investing in great startups and helping them grow into great enterprises that are valuable to our society. We mainly invest in early-stagestartups, and hope to become their first-round institutional investor. Our primary interested areas are broad-sense TMT (Technology, Media, Telecom), B2B and deep technology.

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Investment focus

  • Industry: Artificial Intelligence, Health Care, Biotechnology
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 229
  • Round size: Seed $1.4M–$14M; Angel $447k–$14M; Series A $1.4M–$35M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: May invest from a new fund soon — raised $144M in 2015

Portfolio highlights

  • Chuguang 3D — Chuguang 3D is a optical micro-nano 3D sensor technology platform that focuses on research and development, and manufacturing of micro-nano-level optical three-dimensional sensing and measurement and testing instruments.
  • Flysound — Flysound is a hearing technology company focused on making advanced AI-powered hearing aids affordable and accessible. Its products combine AI sound processing, Bluetooth connectivity, app-based personalization, and rechargeable convenience. With a focus on innovation, quality, and user-friendly design, Flysound aims to help people hear moreclearly and stay connected to everyday life.
  • Yanming Biology — Pyrotech pharmaceuticals is a biotechnology company that focuses om development for drugs for the treatment of inflammation and tumors.
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Fengshion Capital
VC Fund · Beijing, Beijing, China · 4 investments in China Retail startups

Fengshion Capital was established with a vision of coupling optimized financial solutions and commercial resources to support broad industry innovation. They work closely with entrepreneurs to discover new opportunities and to build a better tomorrow.Their team operates with the same enthusiasm they expect of the entrepreneurs they invest in.They bring to their work and investments a commitment to excellence and strive to be true value add partners to their portfolio companies.Their investors are a mix of industry leaders and prominent financial institutions; their sectoral expertise and extensive networks bring an additional dimension of competitiveness to their portfolio companies. Their investment team is dedicated to careful stewardship of their LPs funds and to generating meaningful returns while broadening their investors’ exposure to bleeding edge innovation.

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Investment focus

  • Industry: E-Commerce, Information Technology, Artificial Intelligence
  • Stage:Series A, Seed, Series B
  • Geography: China, United States

Investor stats

  • Total investments: 22
  • Round size: Series A $1.4M–$22M
  • Lead/follow: 27% lead, 73% follow

Portfolio highlights

  • KargoBot — KargoBot is an autonomous driving company that aims to commercialize robotrucks in a sustainable and scalable manner.
  • OpenJobs AI — OpenJobs AI is a AI-Powered Intelligent Hiring Solutions.
  • Shangbai Global — Shop Bedsure blankets, bamboo and organic cotton sheets, duvet covers, comforters and heated throws. Cozy bedding chosen by over 100 million families.
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Luminous Ventures (former Lightspeed China Partners)
VC Fund · Shanghai, Shanghai, China · 4 investments in China Retail startups

Lightspeed China Partners was founded in 2011 as an independent venture capital group and began operating as Luminous Ventures in November 2025. Luminous Ventures is a leading venture capital firm serving entrepreneurs as a lead investor in early stage and emerging growth companies. It has offices in Shanghai,Beijing and Hong Kong.

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Investment focus

  • Industry: Manufacturing, Internet, Software
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 178
  • Round size: Seed $4M–$28M; Series A $3M–$86M; Series B $10M–$110M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely actively investing — fresh fund, raised $460M in 2026

Portfolio highlights

  • Aerofugia — Aerofugia is a technology company with low-altitude travel and vehicle-mounted flight as its core, and a practitioner of the new general aviation strategy under Geely Technology Group.
  • Differential Robotics — Differential Robotics is a robotics company providing research, design, and development of aerial robots and intelligent autonomous drones.
  • Extreme shell technology — Extreme shell technology helps in creation and development of exoskeleton equipment for consumers. It uses data to drive exoskeleton innovation.
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Shenzhen Capital Group
VC Fund · Shenzhen, Guangdong, China · 4 investments in China Retail startups

Shenzhen Capital Group Co., Ltd (“SCGC”) is a limited venture capital company established by the Shenzhen Government in 1999. Since its establishment, SCGC has focused on cultivating national industries, shaping national brands, promoting economic transformation, and emerging industries developing. SCGC has registered capital of 5.42 billion RMB,and a total AUM of 338.99 billion RMB. SCGC primarily invests in SMEs, innovative high-tech enterprises, enterprises in emerging industries, and enterprises in start-up period, growth period and in transformation, covering industries supported by national policies, including IT, internet, new media, biopharma, new energy, environmental protection, chemical engineering, new material, high-end equipment manufacturing, consumption goods, modern service, etc. By the end of April 2019, SCGC ranked the first based on the number of portfolio companies and the number of listed portfolio companies: 994 portfolio companies, investments totaling 43.9 billion RMB, 145 of which have been listed in 16 capital markets worldwide.

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Investment focus

  • Industry: Manufacturing, Health Care, Software
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Japan

Investor stats

  • Total investments: 601
  • Round size: Series A $1.5M–$128M; Series B $13M–$141M; Series C $4.4M–$156M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: Likely actively investing — fund raised in 2025

Portfolio highlights

  • Prosemi — Pusenmei is a precision micro-resistance current sensor developer company committed to delivering professional and diverse precision micro-resistance current detecting resistors and circuit protection solutions.
  • Enrikenuo — Enrikenuo is a biotechnology company that focuses on the research and development of new generation CAR-NK technology based cell drugs.
  • Waker Biology — Weike Bio is a gene therapy drug development company.
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Baidu Ventures
VC Fund · Beijing, Beijing, China · 4 investments in China Retail startups

Doma Protocol is a purpose-built blockchain to modernize and unlock the liquidity of over 362M existing and future domains

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Investment focus

  • Industry: Artificial Intelligence, Health Care, Biotechnology
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 241
  • Round size: Seed $1.9M–$28M; Series A $1.5M–$43M; Series B $8M–$123M
  • Lead/follow: 22% lead, 78% follow
  • Last fund: Likely still investing — raised $141M in 2023

Portfolio highlights

  • Sondit — Sondit specializes in R&D and manufacturing of civilian radar systems. It includes intelligent transportation, intelligent security, vehicle-road coordination, and other fields. It engaged in traffic information monitoring and urban traffic management in the field of the intelligent transportation industry.
  • Stellar Power — Stellar Power is an aerospace energy technology company focused on the research and development of advanced space energy technologies, specializing in innovative hard-tech solutions for energy generation, storage, and transmission to support the future of aerospace and space exploration industries.
  • Deepin Technology — Deepin Technology is a company that utilizes artificial intelligence, quantum chemistry, and high-throughput experiment technologies to enhance the efficiency and workflow of chemical material innovation. it offers efficient R&D solutions for chemical materials, aiming to solve lab bottlenecks, promote innovative research, and enhance customervalue.
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Xiaomi
VC Fund · Beijing, Beijing, China · 4 investments in China Retail startups

Play to win vouchers and get up to 50% discounts!

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Investment focus

  • Industry: Manufacturing, Software, Information Technology
  • Stage:Series A, Series B, Angel
  • Geography: China, India, Indonesia

Investor stats

  • Total investments: 251
  • Round size: Angel $429k–$2.8M; Series A $1.5M–$71M; Series B $3M–$63M
  • Lead/follow: 37% lead, 63% follow

Portfolio highlights

  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • Shifang Technology — Shifang Technology is a high-tech enterprise that provides integrated intelligent equipment for manufacturing industries.
  • Hangzhou Xynova Technology Co. — Hangzhou Xynova Technology Co. develops robotic components, including dexterous hands, rotary actuators, and linear actuators.
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Oriental Fortune Capital
VC Fund · Shenzhen, Guangdong, China · 4 investments in China Retail startups

Shenzhen Oriental Fortune Capital Co Ltd. is a venture capital firm specializing investment in early venture, mid venture, late venture, emerging growth, Pre-IPO, mature, growth capital stage, mezzanine and new third board investments. The firm typically invests in financial services, telecommunication, new energy, consumer goods, medical treatmentand healthcare, life sciences, internet plus healthy lifestyle industry, logistics, energy technology, information technology, mobile innovation, media, movies and television, culture, pharmaceutical, biological medicine, renewable energy, retail, environmental protection business, consumption, new materials, new agriculture, advanced manufacturing, equipment manufacturing, culture, entertainment, and services. It seeks to invest in China focusing on Shenzhen, Shanghai, Beijing, Xi’an, and Wuhu. The firm also invests in Pearl River Delta region, Yangtze River Delta region, and Circum-Bohai-Sea region. For Pearl River Delta, it covers Guangzhou, Shenzhen, Foshan, Dongguan, Zhongshan, Zhuhai, Huizhou, Jiangmen, and Zhaoqing cities in China. For Yangtze River Delta, the firm covers Shanghai, Nanjing, Wuxi, Changzhou, Suzhou, Nantong, Yancheng, Yangzhou, Zhenjiang, Taizhou, Hangzhou, Ningbo, Jiaxing, Huzhou, Shaoxing, Jinhua, Zhoushan, Taizhou, Hefei, Wuhu, Ma’anshan, Tongling, Anqing, Chuzhou, Chizhou, and Xuancheng cities in China. For the Circum-Bohai-Sea region, it covers Beijing, Tianjin, Shenyang, Dalian, Qingdao, Dandong, Yingkou, Panjin, Fuxin, Huludao, Chaoyang, Shijiazhuang, Baoding, Tangshan, Qinhuangdao, Cangzhou, Langfang, Chengde, Zhangjiakou, Handan, Xingtai, Dongying, Yantai, Weifang, Weihai, Rizhao, and Binzhou cities in China. The firm prefers to invest 20% of its portfolio to early stage, 40% to expansion stage, and 40% to Pre-IPO stage. Shenzhen Oriental Fortune Capital Co Ltd. was formed in November 2007 and is based in Shenzhen, China with offices in Shanghai, China; Beijing, China; and Wuhu, China.

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Investment focus

  • Industry: Software, Manufacturing, Information Technology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States

Investor stats

  • Total investments: 306
  • Round size: Seed $1.5M–$100M; Series A $1.4M–$30M; Series B $3.2M–$100M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: May invest from a new fund soon — last raise in 2015

Portfolio highlights

  • CellWall — Cellwall is a desktop robot developer focused on the research, development, upgrade, and marketing of its initial product, CyboPal ONE.
  • Lightwheel — Light Wheel Intelligence is offers automated, physically precise and controllable, real and generalizable synthetic data solutions to build AI data infrastructure,
  • Chengdu Zhongweida Xinko Technology — Chengdu Zhongweida Xinko Technology is an IT firm that specializes in quantum computing and control technology products.
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Chunxiao Capital
VC Fund · Beijing, Beijing, China · 4 investments in China Retail startups

Chunxiao Capital is an investment company that invests in internet finance, software-as-a-service (SaaS), businesses to businesses (B2B), and other related fields. Chunxiao Capital also offers human resources, finance, public relations, marketing, and other training services.

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Investment focus

  • Industry: Education, Retail, Internet
  • Stage:Series A, Angel, Seed
  • Geography: China, United States

Investor stats

  • Total investments: 29
  • Round size: Seed $1.5M–$8.5M; Angel $453k–$6.3M; Series A $1.5M–$32M
  • Lead/follow: 55% lead, 45% follow

Portfolio highlights

  • Rokid — Redefine reality with Rokid's AR glasses. Experience the future with our best AR glasses and streaming box, seamlessly merging the digital and physical worlds. Buy your own augmented reality glasses and embark on a transformative journey of immersive experiences and endless possibilities!
  • Yuncaiyuan — Yuncaiyuan (subordinate to Beijing Wofeng Harvest Technology Co., Ltd.) optimizes the wholesale circulation system, relies on the national origin resources, attracts brokers, wholesalers and other companies to enter the Yuncao Garden platform, directly connects the production area, the wholesale market docking vegetable sellers, forming theagricultural product purchase order entry, providing A package of supporting services to achieve "base" → "community", "wholesale market" → "home delivery", forming a full industrial chain B2B platform
  • OEC (Organgnic ecological chain) — OEC focuses on the ecological traceability of blockchain agricultural and sideline products + online game ecology.
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01VC
VC Fund · Shanghai, Shanghai, China · 4 investments in China Retail startups, 12 in the past 12 months

01vc is a venture capital firm focused on making early-stage investments in mobile internet and marketplace startups such as trading platforms, enterprise service, SaaS, logistics, mobile internet-related finance, e-commerce, and B2B. The firm also invests in the Southeast Asia market. 01vc was established in 2014 and is based in Shanghai, China.

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Investment focus

  • Industry: E-Commerce, Information Technology, Logistics
  • Stage:Series A, Seed, Angel
  • Geography: China, Hong Kong, United States

Investor stats

  • Total investments: 77
  • Round size: Seed $120k–$14M; Angel $283k–$1.4M; Series A $1M–$11M
  • Lead/follow: 18% lead, 82% follow
  • Last fund: Likely still investing — raised $64M in 2022

Portfolio highlights

  • MORROR ART — MORROR ART combines aural and visual art, incorporates display technology into speaker devices, and designs lyrical speakers that are compatible with home decor.
  • 3S robotics — 3S robotics is an intelligent robotics technology company with an independent core supply chain. 3S Robotics is a subsidiary of the listed Harbin Institute of Technology Intelligent Technology Co., Ltd.
  • Oaktree Creek Technology — OakCreek Tech is a robotics enterprise focused on developing a general purpose operating system and application platform for humanoid robots. Its plug and play architecture provides cross platform capabilities including whole body motion control, semantic navigation, and multi modal decision making. The company aims to deeply decouple hardware andsoftware to support rapid adaptation across multiple robot brands and models.
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Huaying Capital
VC Fund · Changning, Shanghai, China · 4 investments in China Retail startups

Huaying Capital is a venture capital firm focuses on deep insight of Internet industry.

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Investment focus

  • Industry: Manufacturing, Information Technology, Robotics
  • Stage:Series A, Series B, Seed
  • Geography: China, Japan, Hong Kong

Investor stats

  • Total investments: 98
  • Round size: Seed $1.4M–$74M; Series A $3M–$70M; Series B $241k–$148M
  • Lead/follow: 39% lead, 61% follow

Portfolio highlights

  • ZINKO — Zinko is a professional marketing service provider specializing in the design, development, and delivery of customized brand promotional activities and merchandise services.
  • Qiuzhi Technology — Qiuzhi Technology focused on merging artificial intelligence and robotics, with an objective of bringing robots into households.
  • Xijian Technology — XiJian Technology operates an intellectual property and commercialization pipeline for neuromorphic perception technology by implementing its proprietary "Tianmou" vision chip paradigm. Its architectural design mimics human retinal pathways by extracting discrete visual primitives at the hardware level to circumvent bandwidth constraintsin computational processing. This hardware-software approach provides an ultra-low latency, high dynamic range input layer tailored specifically for foundational world models and downstream physical robotic agents.
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Green Pine Capital Partners
VC Fund · Shenzhen, Guangdong, China · 4 investments in China Retail startups

Shenzhen Green Pine Capital Partners Co. Ltd. (“GPCP”) was established in 2007, with the investment team assembled in 2000. GPCP is one of the most time-honored Chinese VC companies that boast experience in areas such as biotech, new materials, new resources and AI, etc. Currently, GPCP manages assets over 15 billion RMB through 21 special fundsand have invested 7 billion RMB into 388 enterprises among which 14 are listed on NEEQ and 48 of them are either listed or acquired by listed companies, including BGI(300676.SZ), Aurora(600666.SH), Nationz Tech(300077.SZ), Foresee(002530.SZ), Qudian(NASDAQ:QD), etc. GPCP invested in the angel round of BGI (Beijing Genomics Institute), Royole, Kuang-Chi, Appotronics, BMF, C-one, Arrayed Materials and other star enterprises.GPCP is based in Shenzhen, with branches in Beijing, Shanghai and Guangzhou. GPCP also runs two GPI incubators and an incubator for overseas Chinese scientists who start businesses in China.

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Investment focus

  • Industry: Artificial Intelligence, Biotechnology, Software
  • Stage:Series A, Angel, Series B
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 228
  • Round size: Angel $425k–$2.9M; Series A $1.4M–$94M; Series B $3M–$150M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: Likely actively investing — fresh fund, raised $42M in 2025

Portfolio highlights

  • Enrikenuo — Enrikenuo is a biotechnology company that focuses on the research and development of new generation CAR-NK technology based cell drugs.
  • IO-AI Tech — IO-AI Tech develops specialized data infrastructure to connect physical robots, AI models, and real-world training environments. The company's core value proposition relies on its end-to-end hardware and software products—such as teleoperation tools and motion capture units—which allow developer teams to capture, visualize, and managehigh-precision multimodal data. By automating complex data pipelines and annotations, the business model scales the collection of high-quality training assets essential for deploying frontier physical intelligence.
  • Sungen Biomedical — Sungen Biomedical is an innovative antibody drug R&D enterprise. It has established international standard technology platforms and original biological macromolecular R&D pipelines. Their focus includes therapeutic drugs for cardiovascular and cerebrovascular diseases, tumors, and more.
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Sinovation Ventures
VC Fund · Beijing, Beijing, China · 4 investments in China Retail startups, 15 in the past 12 months

Sinovation Ventures is a full-service venture capital firm that actively invests in the Chinese technology market.

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Investment focus

  • Industry: Artificial Intelligence, Software, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 330
  • Round size: Seed $1.3M–$14M; Series A $1.5M–$32M; Series B $4M–$74M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: Likely still investing — raised $203M in 2022

Portfolio highlights

  • Gestala — Gestala is China’s first pioneer in ultrasound-based Brain-Computer Interface (BCI). We are dedicated to engineering a platform with full-brain read-write capabilities, offering transformative therapeutic modalities for neurological disorders. Beyond clinical impact, we aim to decode the neural code and pave the way for a symbiotic future wherebrain science and artificial intelligence converge.
  • Jiangxian Technology — Jiangxian Technology is a company focused on embodied intelligence, a field that integrates artificial intelligence with physical systems such as robots and smart devices, enabling machines to perceive, learn from, and interact with the real world in a more human-like and adaptive manner across applications like automation, healthcare, and advancedmanufacturing.
  • Ruilian Intelligent Computing — Ruilian Zhisuan is an AI computing infrastructure innovator that provides integrated hardware software solutions. Modeled after Google's Jupiter optoelectronic architecture, it features full stack OCS scheduling to replace traditional electronic switches with optical routing. This core technology drastically minimizes network latency andsystem power consumption for advanced AI calculation networks.
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5Y Capital
VC Fund · Xuhui, Shanghai, China · 4 investments in China Retail startups

5Y Capital is a firm engaged in providing early-stage venture investments. It was formerly known as Morningside Venture Capital. The investment firm manages USD 5bn in dual-currency funds in USD and RMB, backed by world-renowned sovereign wealth funds, family offices, fund of funds, university endowments, pensions, and foundations. It is aninvestment firm of Morningside Group.It was headquartered in Xuhui, Shanghai, China in 2008 by Ken Shi and Richard Liu.

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Investment focus

  • Industry: Artificial Intelligence, Biotechnology, Software
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, India

Investor stats

  • Total investments: 312
  • Round size: Series A $3M–$100M; Series B $10M–$195M; Series C $35M–$400M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • DaSouChe — DaSouChe is the AI application infrastructure for China’s used car industry. According to CIC, the Company has held an over 90% market share in operating systems for China’s used car dealers since at least 2021. Building on this digital foundation, DaSouChe further supports used car dealers with essential transaction services across theirworkflows. Beyond used car dealers, the Company also works with other auto merchants, including OEMs, authorized dealers and new car brokers. Its services further engage and benefit thousands of dealers’ collaborators, such as inspectors, transporters and other internet platforms, creating an ecosystem with used car dealers at its center. The Company’s unwavering focus on used car dealers’ success underpins everything it does and has made its mission critical to their business.
  • Zenitar — Baoling Bio is an innovative drug research and development and industrialization service provider. The company's research and development pipeline covers the research and development of innovative drugs such as tumors (solid tumors and hematomas), autoimmune diseases, and cytokine storms caused by new coronavirus pneumonia.
  • Natural Selection — Natural Selection is a technology startup that focuses on AI-powered intelligent companions.
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Share Capital
VC Fund · Shenzhen, Guangdong, China · 4 investments in China Retail startups

Share Capital is a venture capital firm specializing in seed, start-up, early, middle, growth capital, and Pre-IPO investments. it primarily invests in big living, medical healthcare, and internet innovation. In medical healthcare, it seeks to invests in pharmaceuticals, innovative equipment, biotechnology, diagnostic testing equipment andreagents, anti-infectives, drug discovery, medical health service, mobile medical services, and informatization.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Colombia

Investor stats

  • Total investments: 112
  • Round size: Seed $142k–$7.3M; Series A $1.4M–$17M; Series B $2.9M–$93M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • Microview — Microview is a high-tech enterprise specializing in the research and development of high-precision complex process chip packaging equipment.
  • SuperDimension Power — SuperDimension is dedicated to creating leading embodied intelligent brains and robot bodies.
  • Help Therapeutics — Help Stem Cell Innovations Co. Ltd. is the first biotechnology company in China to use iPSC-induced pluripotent stem cell technology to regenerate myocardial, liver, nerve and other tissues and organs. Relying on this core technology, Elp Regenerative Medicine is committed to building a national biological sample bank and cell preparation center,leading the frontier of cell therapy, promoting the clinical transformation of regenerative medicine, and solving the clinically unresolvable degenerative and functional impairment diseases. Reshape human health.
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Everbright
VC Fund · Wan Chai, Hong Kong Island, Hong Kong · 3 investments in China Retail startups

Everbright is China’s cross-border investment and asset management company.

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Investment focus

  • Industry: Health Care, Software, Biotechnology
  • Stage:Series A, Series C
  • Geography: China, United States, Iceland

Investor stats

  • Total investments: 44
  • Lead/follow: no public data

Portfolio highlights

  • Grit Science — Grit Science is a gene therapeutics firm, that engages in the R&D of liver genes.
  • Yinuo Pharmaceutical — Yinuo Pharmaceuticals is a small molecule inhibitor drug developer.
  • Terminus Technologies — EXPO 2020 OFFICIAL PREMIER PARTNER
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Volcanics Venture
VC Fund · Changning, Shanghai, China · 3 investments in China Retail startups

Volcanics Venture was founded in May 2016. They identify, invest in, and serve the most promising companies and outstanding entrepreneurs in Internet Innovation, Intelligent Technology and Healthcare industry. Managing Partners Suyang Zhang, Yeshun Dong and Ying Wu have been working closely for years as first-class USD/RMB fund managers.They have more than 60 years of aggregated VC investment and corporate management experience, as well as in-depth understanding of three focused fields. Volcanics Venture brings a powerful combination of global perspective and local experience to investment management, striving to provide sustainable value-added service to their portfolio companies and bring superior return to their limited partners.

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Investment focus

  • Industry: Health Care, Artificial Intelligence, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 105
  • Round size: Seed $350k–$17M; Series A $1.4M–$22M; Series B $6.7M–$60M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: May invest from a new fund soon — raised $73M in 2018

Portfolio highlights

  • Unisic — Unisic designs and manufactures silicon carbide core power components. Unisic develops sets of products based on silicon carbide and has applied silicon carbide power modules to aviation, new energy power generation, high-end medical care, oil exploration, lighting, new energy vehicles, data centers, and other important fields.
  • EVAS Intelligence — EVAS Intelligence is an autonomous driving chip startup. The company was founded by Liu Hui.
  • Fengtai Technology — Focusing on industrial information security, Fujian and Taiwan technology mainly provides professional, standard chemical control safety consulting and evaluation services to ensure information security of key industrial information infrastructure and improve security protection solutions. It mainly serves the government, industry customers, designinstitutes, research institutes, institutes, integrators and hardware and software manufacturers. Through visual, process and customized tools and methods, it helps users to carry out effective risk management and reliable operational support. .
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SIG China (SIG Asia Investments)
VC Fund · Shanghai, Shanghai, China · 3 investments in China Retail startups

SIG's China venture capital and private equity activities are operated through SIG Asia Investments, LLLP (SAI) and its wholly foreign owned enterprise (WFOE) based in Shanghai with a branch office in Beijing. The SIG China team seeks to commit the firm’s capital to venture capital and private equity investments in China.SAI is a member ofthe Susquehanna International Group of companies (SIG), which has evolved over the past 20+years into a leading financial institution focusing on trading and market making, institutional sales and research, private equity, and venture capital. With more than 1,400 employees across offices worldwide, SIG’s professionals develop ideas in an entrepreneurial environment, taking full advantage of SIG’s cutting edge technology and quantitative research.SIG is committed to expanding its global businesses in China. As part of that effort SAI has been mandated to commit SIG's proprietary capital in VC and PE investments in companies operating in the PRC.

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Investment focus

  • Industry: E-Commerce, Software, Information Technology
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, Japan

Investor stats

  • Total investments: 238
  • Round size: Series A $3M–$30M; Series B $9.5M–$93M; Series C $25M–$150M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: May invest from a new fund soon — raised $200M in 2009

Portfolio highlights

  • xMEMS — xMEMS is driving the future of Edge AI with pioneering solid-state MEMS speakers and micro-cooling technology, delivering breakthrough silicon audio, fan-on-a-chip thermal management, and piezoMEMS innovations for AI wearables, intelligent eyewear, smart glasses, earbuds, headphones, mobile devices, and next-generation consumer electronics.
  • RapidBox — Rapidbox is ecommerce website for footwear and fashion accessories
  • Kabest Coffee — Kabest Coffee is a beverage manufacturing company that engages in the production and sales of coffee. The company also engages in brand management, wholesale of edible agricultural products, and sales of unprocessed nuts and dried fruits.
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Light-Up Capital
VC Fund · Tianjin, Guangdong, China · 3 investments in China Retail startups

Lighting Investment is an investment organization focused on the angel investments.

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Investment focus

  • Industry: E-Commerce, Retail, Internet
  • Stage:Series A, Angel, Series B
  • Geography: China

Investor stats

  • Total investments: 12
  • Round size: Angel $425k–$3M; Series A $1.5M–$10M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Zuodashi — Zuodashi is a take-out food supply service company.
  • TechSight — TechSight provides retail financial digitization and security services. They comprehensively solve the technical problems faced by financial institutions in retail financial business. They offer credit risk management for financial institutions that help banks.
  • Jodell Robotics — Jodell develops intelligent robotic equipment designed to serve in automotive and logistics industries.
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China Growth Capital
VC Fund · Beijing, Beijing, China · 3 investments in China Retail startups

China Growth Capital (CGC) is a leading early-stage venture capital firm in China with an extended interest in Silicon Valley. The firm funds seed to Series B in enterprise, technology and marketplace. The typical investment size ranges from $1M to 5M with a hard cap ceiling at $15M per company. Since its founding in 2006, China Growth Capitalhas grown to manage 8 Billion RMB (approximately 1.2 Billion USD) in asset under management across its different RMB and USD funds. Notable portfolio includes SMZDM (300785.SZ), Missfresh (NASDAQ:MF), Wish (NASDAQ:WISH), Tongdun, Tiger Brokers (NASDAQ: TIGR), BeyondHost (now part of Meituan 03690.HK), Ezbuy (NASDAQ:LITB), Cai Cloud (now part of ByteDance), PingCAP, DeePhi (now part of NASDAQ: XLNX), Airlango (now part of HKEX:03690), Nreal, Landspace, WeRide, Plus.ai, Sinovation, Singleron, 4B, ABM Therapeutics and InxMed etc.

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 184
  • Round size: Seed $1M–$14M; Series A $1.5M–$34M; Series B $8.6M–$48M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • Pavepal — Paitner is an intelligent construction robot developer focuses on construction robot research and is dedicated to offering Chinese robot solutions for the world's dangerous, dirty, and labor-scarce construction industry.
  • Juewu Technology — Juewu Technology focuses on heavy-duty all-terrain robotics.
  • Gongda Laser — Shenzhen Gongda Laser Co., Ltd. is a young high-tech intelligent manufacturing company established in Taoyuan Science and Technology Innovation Park, Bao'an District, Shenzhen. The company's main business is concentrated in the upper reaches of the laser industrial intelligent equipment manufacturing industry. Engaged in the research anddevelopment, production and sales of "advanced short-wavelength fiber lasers" and "laser precision processing solutions". We are a laser company specializing in the R&D, production and application of medium and high power short wavelength (green and ultraviolet) all-fiber lasers. We have 16 years of experience in fiber laser R&D and application. We have developed many types of high-power fiber lasers. Local and international laser equipment manufacturers provide laser solutions with superior performance, and are committed to becoming an international first-line and domestic leading fiber laser supplier.
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Ping An Ventures
VC Fund · Pudong, Shandong, China · 3 investments in China Retail startups

Ping An Ventures is a professional VC under Ping An Insurance (Group) Company of China, Ltd. with focused interest in start-ups of emerging innovation. It is committed to growing with the partners and driving success by provision of both funds and managerial expertise, resources and a platform."

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Israel

Investor stats

  • Total investments: 90
  • Round size: Angel $425k–$1.8M; Series A $425k–$100M; Series B $3.5M–$99M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • DentaLink China — Developer of dental imaging technology and dental clinic management software. The company's software helps dental professionals accurately diagnose patient conditions through oral CT scanning, as well as keep track of patient records and appointments, enabling dental professionals to provide treatment more efficiently.
  • Zhangshang Tangyi — Zhangshang Tangyi is a health management platform with a focus on diabetes. It allows patients to upload their own health data to their mobile app and receive treatment guidance from doctors. Zhangshang Tangyi was founded in 2014 and is based in Hangzhou, Zhejiang.
  • Xgene Pharmaceutical — Xgene Pharmaceutical is a pharmaceutical company.
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N5Capital
VC Fund · Beijing, Beijing, China · 3 investments in China Retail startups

N5Capital is a Beijing-based leading venture capital firm focusing on early stage investment in mobile internet. N5Capital is the only early stage USD venture fund in China specializing in mobile internet, big data and cloud’s disruptive convergence with consumer sectors. N5 believes these technologies are emerging to be the infrastructure ofproductivity growth and consumer behavior transformation. Founded in 2013 by Mr. Will Jiang and Mr. Weiguo Zhao, N5Capital is currently managing two RMB funds and one USD fund, with the total capital managed at $350 million USD. In 2016, N5Captial was awarded the Top 20 Early Stage Venture Capital Firm in China. The power of mobile disruption in the internet savvy Chinese population guarantees a strong investment potential. With more than 60 companies in its portfolio, N5Capital has represented some of the most leading-edge tech companies, including Talking Data, 360 Finance, Car 300, Hot & Hot, Viva Video, LGD, Ofashion and inMotion/SoloWheel. N5Capital has a unique GP team combination with a collective successful track record spanning from angel, early stage, and growth stage to corporate M&A with approximately 30 years combined investment experience. N5Capital analyzes in consumer sectors such as finance, retail, housing, automobile, travel among others and invests in start-ups that thrives on either build or leverage the underlying technology to disrupt or recreate the industry value chain . Through an expansive network, in-depth industry analysis and rigorous user behavior research, N5Capital is shifting the investment landscape for both start-ups and investors. For more information, visit www.n5capital.com.

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Investment focus

  • Industry: E-Commerce, Internet, Gaming
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, India

Investor stats

  • Total investments: 93
  • Round size: Seed $142k–$2.1M; Series A $1.3M–$15M; Series B $425k–$30M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • Feiyu — Feiyu is an online purchasing platform for luxury trading bags.
  • Harmay — HARMAY is based on contemporary fashion and aesthetics, conveys the concept of beauty and beautiful life. Covering first well-known international cosmetics and skin care brands products, global unique boutiques, and HARMAY’s own products,
  • Zhongying Cross-border — Zhongying Cross-border is a cross-border e-commerce comprehensive service platform.
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Joy Capital
VC Fund · Changyang, Beijing, China · 3 investments in China Retail startups

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.

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Investment focus

  • Industry: E-Commerce, Food and Beverage, Software
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 111
  • Round size: Series A $1.5M–$28M; Series B $10M–$175M; Series C $50M–$196M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $597M in 2022

Portfolio highlights

  • Yuan Planet — Youdi is a second-hand auto parts trading platform.
  • UniUni — Explore our shipping Universe. Our mission is to be your first-choice for last-mile delivery.
  • 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.
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GF Xinde Investment Management
VC Fund · Guangzhou, Guangdong, China · 3 investments in China Retail startups

GF Xinde Investment Management Co., Ltd. was established in 2008 through the approval of the China Securities Commission on Direct Investment, with registered capital of RMB 2.3 billion. GF Xinde is one of the leading direct investment brokerages in China. Through a deep understanding of capital markets, known for integrity, professionalservice, and possessing an abundance of industry resources; GF Xinde not only provides strong financial support to investing corporations, but imparts a wealth of advanced management experience and access to a national business network. Supported by the comprehensive strengths of GF Securities, GF Xinde will assist the invested enterprise with establishing a strategic, long-term plan for growth by increasing their management efficiency, building the ideal capital structure, and a strong platform necessary for a successful IPO. All possible types of investments, merger and acquisitions, business, and technical cooperation opportunities will be provided for the invested enterprise. This will ensure the mutual benefits of both the Company and the invested enterprise are financially sound and increase the overall investment value through business synergies.As a direct investment brokerage, GF Xinde provides distinct advantages in regards to investment resources, market research, professional expertise, mergers and acquisitions and IPO experience. As of December 2014, GF Xinde’s accumulated total assets under management exceeded RMB 5 billion, with 16 successful IPOs, ranking first amongst the industry in both scale and number of successful public offerings.Currently, the Company has successfully created a number of diverse management funds: mezzanine funds, merger and acquisition funds, private equity funds, and other investment funds, covering but not limited to a wide range of industries, such as medicine, consumer stocks, and the internet.

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Investment focus

  • Industry: Manufacturing, E-Commerce, Biotechnology
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 149
  • Round size: Angel $425k–$1.4M; Series A $1.4M–$42M; Series B $3M–$200M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: May invest from a new fund soon — raised $200M in 2016

Portfolio highlights

  • Bose Quantum — Bose Quantum has the patent layout and core technology of quantum computing technology comparable to that of the United States. The scientific research achievements in the field of quantum computing are currently the only solution with short-term commercialization feasibility in the world, creating a new generation of quantum computing poweracceleration for artificial intelligence. Artificial intelligence co-processing equipment to achieve megabit ultra-large-scale quantum computing. The Bose Quantum team has completed the CIM engineering prototype verification of 1000+ qubits abroad, and has stably running some accelerated algorithms. The technical advantages of Bose Quantum are reflected in the fact that the CIM technology solution adopted is the most advanced second-generation optical quantum computing technology, which is the most advanced quantum computing technology route in the three major mainstream scalable quantum computing technology routes of superconductivity, ion trap and optical quantum. The largest technical solution.
  • Xihu Xinchen — Xihu Xinchen is a technology company focusing on the research and development of artificial intelligence services.
  • Shexu Technology — Established in 2020, Shanghai Shexu Technology Co., Ltd. is an AI-driven industrial design software R&D technology enterprise and design service provider. The company has a professional scientific research and technical team, and has independently developed automatic industrial design software based on AI computing engine. The design softwarehas been widely used in the field of automotive industry equipment, significantly improving the design efficiency of industrial machinery designers.
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Tsing Ventures
VC Fund · Beijing, Beijing, China · 3 investments in China Retail startups

Tsing Ventures is China’s leading service system of innovative entrepreneurship.

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Investment focus

  • Industry: Artificial Intelligence, Robotics, Manufacturing
  • Stage:Series A, Seed, Angel
  • Geography: China

Investor stats

  • Total investments: 36
  • Round size: Seed $1.5M–$3M; Angel $435k–$9.5M; Series A $1.2M–$15M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • Yongxin Technology — Yongxin Technology is a company dedicated to the research and development of high-performance semiconductor chips, aiming to deliver advanced solutions for applications such as artificial intelligence, data centers, and next-generation consumer electronics.
  • Moonshot AI — Dark Side of the Moon is an AI large-scale model company.
  • Advanced Materials Technology & Engineering — Advanced Materials Tech& Eng is a semiconductor equipment manufacturer that focuses on the development of front-end process equipment, compound semiconductors and MEMS.
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Hejin Touzi
VC Fund · Shanghai, Shanghai, China · 3 investments in China Retail startups

Hejin Touzi is an venture capital investment firm.

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Investment focus

  • Industry: B2B, Retail, E-Commerce
  • Stage:Angel, Series A
  • Geography: China

Investor stats

  • Total investments: 3
  • Round size: Series A $1.5M–$1.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • mytech — mytech is a new cross-border retail services platform.
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Crystal Stream Capital
VC Fund · Beijing, Beijing, China · 3 investments in China Retail startups, 10 in the past 12 months

Crystal Stream Capital specializes in making early-stage investments in the technology, media, and telecommunications sector.

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Investment focus

  • Industry: E-Commerce, Food and Beverage, Manufacturing
  • Stage:Series A, Seed, Series B
  • Geography: China, Hong Kong, United States

Investor stats

  • Total investments: 100
  • Round size: Seed $1.6M–$42M; Series A $1.5M–$30M; Series B $7.2M–$30M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • NK-Quantum — NK-Quantum is a quantum computing firm dedicated to the independent research, development, and engineering of underlying system architectures for neutral atom quantum computing.
  • Shumeiwuwu — Shumeiwuwu is a cross-border e-commerce company that provides quality goods and services to consumers through global shopping.
  • LatentVerse — LatentVerse develops a unified foundation model architecture combining vision-language models, world models, and real-time tactile feedback to enable robots to understand task intent and physically navigate unstructured environments.
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Huagai Capital
VC Fund · Beijing, Beijing, China · 3 investments in China Retail startups, 9 in the past 12 months

Huagai Capital is a private equity investment firm that invests in start-up or growth companies in the areas of healthcare, TMT, and culture.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 150
  • Round size: Angel $425k–$15M; Series A $1.4M–$73M; Series B $3.5M–$90M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: May invest from a new fund soon — raised $430M in 2018

Portfolio highlights

  • SeaArt — SeaArt AI is an all-in-one AI creativity community for art, videos, audio, and AI chats, where creators collaborate, spark inspiration, and grow together.
  • GigaAI — Excellent Vision is a spatial intelligence company focused to transforming video creation into a 4D world model, enabling AI big models to grasp, generate, and reason about 4D space.
  • Falcon Technology — Falcon Technology focuses on DSA processor design innovation, developing a dedicated computing technology ecosystem based on the RISC-V architecture to deliver high-performance, energy-efficient processing solutions for next-generation intelligent computing applications.
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Tencent
VC Fund · Shenzhen, Guangdong, China · 3 investments in China Retail startups

Tencent is an internet service portal offering value-added internet, mobile, telecom, and online advertising services. Its communications and social platforms Weixin and QQ connect users with each other, with digital content and daily life services in just a few clicks. Tencent has maintained steady growth under its user-oriented operatingstrategies. It provides value-added internet, mobile, and telecom services, as well as online advertising under the strategic goal of providing users with "one-stop online lifestyle services." Tencent’s Internet platforms in China – QQ (QQ Instant Messenger), WeChat, QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai, and Tenpay – aim to address the various needs of internet users, including communication, information, entertainment, e-commerce, and others.In September 2013, Tencent's market valuation rose to $101 billion, and as of November 21, 2013, QQ had 2 billion active users and WeChat had 650 million monthly active users. The numbers of active users for QQ mail, Qzone, Tencent Weibo, and QQ news were 274 million, 626 million, 220 million, and 150 million, respectively.Tencent was founded in November of 1998. In April 2000, the IDG and PCCW invested a total of $2.2 million dollars in the company. Tencent was listed on the Hong Kong Stock Exchange (SEHK) on June 16, 2004. Baidu, Alibaba, and Netease are Tencent's major competitors.

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Investment focus

  • Industry: Software, Financial Services, Artificial Intelligence
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, United Kingdom

Investor stats

  • Total investments: 848
  • Round size: Series A $3M–$200M; Series B $15M–$256M; Series C $23M–$418M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • BYJU'S — BYJU’S is a global ed-tech company that provides highly adaptive, engaging, and effective learning solutions to more than 150 million students around the world. Founded in India in 2011, BYJU's mission is to make high-quality learning accessible to students everywhere.The BYJU's family of brands includes Disney-BYJU's Early Learn,BYJU's FutureSchool, Epic!, Osmo, Tynker, Toppr, and WhiteHat Jr., along with the company’s beloved flagship product, BYJU's: The Learning App. Together, BYJU's solutions support pre-K–12 education and a wide range of competitive exams.BYJU’S delivers a world-class learning experience with tools that sit at the crossroads of mobile, interactive content, and personalized learning methodologies. Byju's geography-agnostic solutions and 12,000+ teachers make learning engaging with visual and contextual programs that adapt to the unique learning style, skill level, and pace of each student. In addition, BYJU’S has innovative partnerships with some of the world's largest companies, including Disney and Google, to drive engagement and help even more students become active and lifelong learners.BYJU’S is backed by blue-chip investors including the Chan-Zuckerberg Initiative, Sequoia Capital, Bond Capital, Silver Lake, BlackRock, Sands Capital Management, Alkeon Capital Management, Sofina, Verlinvest, Tencent, Prosus (previously Naspers Ventures), CPPIB, General Atlantic, Tiger Global, Qatar Investment Authority, Owl Ventures, Lightspeed Venture Partners, Times Internet, Aarin Capital, and IFC. Since 2017, BYJU’S has completed more than 15 acquisitions, including companies in the U.S., UK, Austria, India, and Singapore. A 2021 Time 100 Most Influential Company, BYJU’S is headquartered in India, with operations in more than 21 countries globally and learning programs in more than 8 languages.
  • Utaite — Utaite is an operator of an entertainment platform that focuses on planning, production, and development of entertainment content.
  • VIPKID — VIPKid is a global education technology company that connects children with the world’s best teachers for real-time online English immersion learning.VIPKid’s mission is to inspire and empower every child for the future. VIPKid envisions a global classroom that empowers students and teachers through personalized learning, connection of culturesacross the world and the passion for lifelong learning. It believes that education is not one-size-fits-all, rather, all students are unique and the world is within their reach when connected with great teachers capable of personalizing learning and sparking curiosity.Founded in 2013 and formally launched in 2014, VIPKid has become China’s market-leading online education startup, attracting investment from Tencent, Coatue Management, Sequoia Capital, Sinovation Ventures, Yunfeng Capital, Matrix Partners, Learn Capital, Northern Light VC and Bryant Stibel, among others. The VIPKid platform currently connects over 500,000 paying students with over 60,000 teachers in the US and Canada.
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Magic Capital
VC Fund · Shanghai, Shanghai, China · 3 investments in China Retail startups

Magic Capital is an investment firm focused on supporting Chinese Internet companies. The company's founders are working cross a broad range of sectors, from education to media to healthcare to SaaS to AI to e-commerce to game to social networking service.

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Investment focus

  • Industry: Education, Internet, Artificial Intelligence
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 49
  • Round size: Seed $142k–$3M; Angel $242k–$8.3M; Series A $200k–$15M
  • Lead/follow: 10% lead, 90% follow
  • Last fund: May invest from a new fund soon — raised $13M in 2009

Portfolio highlights

  • Flexiv — Flexiv is a deep-tech company that is committed to developing and manufacturing general-purpose adaptive robots that redefine intelligent automation. Combining advanced robotics and artificial intelligence with human-centered design, Flexiv's robots empower businesses to flexibly automate complex tasks with intuitive and easy-to-use interfaces.
  • Anlaiye — Anlaiye is a campus university mobile network O2O service platform for students.
  • Noematrix — Noematrix is an embodied intelligence company that specializes in innovative general robotic intelligence solutions and services.
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BA Capital
VC Fund · Jingan, Shanghai, China · 3 investments in China Retail startups

BA Capital is a venture capital firm focused on the consumer sector.

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Investment focus

  • Industry: Food and Beverage, Retail, E-Commerce
  • Stage:Series B, Series A, Seed
  • Geography: China, Spain, Hong Kong

Investor stats

  • Total investments: 29
  • Round size: Seed $10M–$55M; Series A $8.7M–$65M; Series B $14M–$122M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: Likely still investing — raised $348M in 2022

Portfolio highlights

  • KDHY Foods — KDHY Foods is a company that specializes in manufacturing processed fruit and potato products. KDHY Foods involves producing canned, frozen, or dried fruits, as well as processed potato goods such as frozen fries, chips, and mashed potato products.
  • Brompton Bicycle — Designers and makers of the iconic Brompton Folding Bike. Learn more about the benefits of a Brompton folding bicycle.
  • Shenzhen Amos Sweets & Foods Co. — Shenzhen Amos Sweets & Foods Co. is a food processing company that makes and sells candies.
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Challenjers Capital
VC Fund · Beijing, Beijing, China · 3 investments in China Retail startups

Challenjers Capital invests in China, and help build iconic brands of tomorrow. They determined to invest in the start-ups, which create authentic products and services, instead of companies, which inflate their margins with marketing fees.

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Investment focus

  • Industry: Manufacturing, Food and Beverage, E-Commerce
  • Stage:Series A, Angel, Seed
  • Geography: China, United States, Japan

Investor stats

  • Total investments: 56
  • Round size: Seed $4M–$10M; Angel $425k–$1.5M; Series A $1.4M–$15M
  • Lead/follow: 32% lead, 68% follow

Portfolio highlights

  • Outopia — Outopia was established in China by a team of trail running champions and seasoned professionals from international luxury and sports brands. We create products that are engineered for performance and thoughtfully designed. Our goal: to enable meaningful experiences that transcend the gear itself.
  • ANYCUBIC — For Freedom To Make
  • Shangbai Global — Shop Bedsure blankets, bamboo and organic cotton sheets, duvet covers, comforters and heated throws. Cozy bedding chosen by over 100 million families.
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Gaorong Capital
VC Fund · Wangjing, Beijing, China · 3 investments in China Retail startups

Gaorong Capital is a venture capital firm that focuses on early and growth stage investments in TMT, including AI and frontier technologies.

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Investment focus

  • Industry: Information Technology, Software, Artificial Intelligence
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 340
  • Round size: Seed $2.8M–$81M; Series A $2.9M–$75M; Series B $14M–$120M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: Likely still investing — raised $185M in 2022

Portfolio highlights

  • Cascade — Cascade produces novel medications that target nuclear receptors for treating metabolic disorders and inflammation.
  • XPENG Robotics — Xpeng Robotics a Shenzen, China-based affiliate of XPeng Inc. and a key part of its mobility ecosystem dedicated to creating smart robots,
  • ALLYRNA Pharmaceuticals — ALLYRNA, an innovative small molecule drug developer focused on first-in-class drug development, has established a unique platform for radiotherapy and immunotherapy sensitizers.
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9C Capital
VC Fund · Beijing, Beijing, China · 2 investments in China Retail startups

9C Capital is an early venture capital institution. Its partners and senior executives are from internationally renowned investment banks and domestic large-scale financial technology companies. They have deep experience in the early stage of equity investment in Internet companies. Innolux focuses on early early investments in related segments ofthe Internet, financial technology, consumer and technology sectors. Relying on the strategic resources support of domestic financial technology leading companies and listed companies, as well as the professional management of investment management, the company adheres to the concept of achieving others and achieving self, and promotes the innovation and upgrading of the entire Internet industry while obtaining excessive returns for investors.

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Investment focus

  • Industry: Retail, FinTech, Finance
  • Stage:Series A
  • Geography: China

Investor stats

  • Total investments: 5
  • Lead/follow: no public data

Portfolio highlights

  • Master Bao — Bao Master is a luxury care service platform. The company is committed to mobile Internet + luxury aftermarket services, providing a range of related services such as private exclusive luxury care and idle luxury goods transactions, as well as auctions, fashion new media and other aspects.
  • Lanseral — Lanseral is a Men's cosmetic brand that provides makeup equipment products.
  • Licai Mofang — Licai Mofang is a mobile APP specialized in investment consulting and financial services.
Show all investments...

Retail VC funding in China at a glance

Stats across 802 deals from 938 investors.

938
investors
in China Retail startups
802
deals
in China Retail startups
$5M
median round
in China Retail startups
43%
lead investors
lead at least one round
30%
Series A
most common funding stage

Access all 938 VC funds in China Retail startups.

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