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Top 25 Retail VC Funds & Investors in Hong Kong (July 2026)

The most active venture capital funds investing in Hong Kong Retail startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Hong Kong 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
MindWorks Capital
VC Fund
3 China, Hong Kong, United States Seed, Series A, Series B Financial Services, FinTech, Information Technology $850k–$41M
Golden Gate Ventures
VC Fund
3 Singapore, Indonesia, United States Seed, Series A, Series B FinTech, Software, E-Commerce $473k–$60M
IDG Capital
VC Fund
2 China, United States, India Series A, Series B, Series C Software, Internet, E-Commerce $3M–$200M
Andreessen Horowitz
VC Fund
2 United States, United Kingdom, Brazil Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.6M–$112M
Decent Capital
VC Fund
2 China, United States, Singapore Seed, Angel, Series A Internet, Information Technology, Software $425k–$25M
Bluebell Group
VC Fund
2 Hong Kong Seed Retail, Fashion, E-Commerce $1.5M–$3.5M
HSBC Innovation Banking
VC Fund
1 United Kingdom, United States, Germany Debt Financing, Pre-Seed, Post-IPO Debt Financial Services, FinTech, Software $750k–$233M
Tasly Holding Group
VC Fund
1 China, Canada, Hong Kong Series A, Angel, Series B Health Care, Medical, Biotechnology $2.8M–$51M
Pine Venture Partners
VC Fund
1 Singapore, Hong Kong Seed, Series A, Series B Apps, Health Care, Mobile Apps
New Heritage Investment Limited
VC Fund
1 Hong Kong Angel Retail, Software, Marketing
Haitao Capital
VC Fund
1 China, United States, Canada Seed, Series A Software, Apps, Education $120k–$4.7M
Collins Co., Ltd.
VC Fund
1 Hong Kong Seed Retail, E-Commerce
Betatron Venture Group
VC Fund
1 Hong Kong, Singapore, India Seed, Series A, Pre-Seed Information Technology, Software, E-Commerce $30k–$10M
MSA Capital
VC Fund
1 China, United States, Egypt Series A, Seed, Series B E-Commerce, Biotechnology, Financial Services $1.4M–$130M
Frees Fund
VC Fund
1 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Health Care, Biotechnology $425k–$35M
Chuxin Capital
VC Fund
1 China, Hong Kong Angel, Seed, Series A Software, Artificial Intelligence, Information Technology $425k–$40M
Big Bloom Investment
VC Fund
1 Hong Kong, United States Seed, Series A E-Commerce, Apps, Music $500k–$3.5M
Era
VC Fund
1 United States, Hong Kong Seed, Series A, Pre-Seed Software, FinTech, Financial Services $500k–$2B
DST Global
VC Fund
1 United States, China, India Series B, Series C, Series A FinTech, E-Commerce, Financial Services $10M–$900M
Battery Road Digital Holdings
VC Fund
1 Egypt, Singapore, India Seed, Series A E-Commerce, Transportation, Payments $200k–$10M
Alibaba Entrepreneurs Fund
VC Fund
1 Hong Kong, Taiwan, United States Series A, Seed, Series B Software, E-Commerce, Artificial Intelligence $1.2M–$150M
Lightspeed Venture Partners
VC Fund
1 United States, India, Israel Series A, Series B, Seed Software, Information Technology, Artificial Intelligence $2.5M–$125M
Gaorong Capital
VC Fund
1 China, United States, Hong Kong Series A, Series B, Seed Information Technology, Software, Artificial Intelligence $2.8M–$110M
Xiaohongshu
VC Fund
1 China, Hong Kong Seed, Series A, Series B E-Commerce, Beauty, Fashion $1.4M–$15M
ZhenFund
VC Fund
1 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Software, E-Commerce $425k–$28M
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822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

MindWorks Capital
VC Fund · Central, Hong Kong Island, Hong Kong · 3 investments in Hong Kong Retail startups

MindWorks Capital invests in and empowers Asia's most promising entrepreneurs to establish transformative businesses. MindWorks manages capital for university endowments, global asset managers, fund of funds, family offices, and Asia's top new economy innovators.

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Investment focus

  • Industry: Financial Services, FinTech, Information Technology
  • Stage:Seed, Series A, Series B
  • Geography: China, Hong Kong, United States

Investor stats

  • Total investments: 73
  • Round size: Seed $850k–$13M; Series A $1.4M–$14M; Series B $9.3M–$41M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely still investing — raised $250M in 2022

Portfolio highlights

  • Collov Labs — Collov is a virtual interior design & shopping platform that offers interior design services stocked with shoppable goods from many brands.
  • InsForge — Go from prompt to a production backend in minutes. Your coding agent builds the database, wires up auth, and runs it for you.
  • Kitar — Kitar is a professional platform for mobile phone recycling and resale, focused on making technology more sustainable and affordable by extending the lifecycle of devices through responsible collection, refurbishment, and redistribution, while also reducing electronic waste and providing consumers with access to high-quality, cost-effectivesmartphones.
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Golden Gate Ventures
VC Fund · Singapore, Central Region, Singapore · 3 investments in Hong Kong Retail startups

Golden Gate Ventures is a venture capital firm investing across Southeast Asia. Since 2011, the firm has launched four funds, managed US$250M AUM, and invested in 60+ companies in over 7 countries in Asia. The firm focuses on investing in technology companies driven by the rising consumer class in Southeast Asia.

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Investment focus

  • Industry: FinTech, Software, E-Commerce
  • Stage:Seed, Series A, Series B
  • Geography: Singapore, Indonesia, United States

Investor stats

  • Total investments: 139
  • Round size: Seed $473k–$6M; Series A $1.5M–$15M; Series B $10M–$60M
  • Lead/follow: 37% lead, 63% follow
  • Last fund: Likely still investing — raised $100M in 2024

Portfolio highlights

  • IWG — IWG is a medical start-up that provides cloud-based solutions for medical resource shortages and work support tools.
  • OrtCloud — OrtCloud provides specialized cloud infrastructure optimized for AI agents and workloads requiring deterministic, predictable performance.
  • Sampingan — Sampingan is an Indonesian company that connects businesses through their platform with selected and trained freelancers for easily doable task-based jobs that provides agents with temporary work. The company was founded in 2018 and is based in Jakarta, Indonesia.
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IDG Capital
VC Fund · Beijing, Beijing, China · 2 investments in Hong Kong 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: 745
  • Round size: Series A $3M–$122M; Series B $8.3M–$141M; Series C $15M–$200M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • Yuantiku — Yuantiku is a Chinese online education product launched by Beijing Fenbi Lantian Technology Company Ltd.Yuantiku has launched material for the National College Entrance Exam, administrative aptitude tests, essay tests for civil servants, entrance exams for postgraduates, first-level constructor exams, law counselor of enterprises exams, junioraccountant exams, securities qualification exams, and more.Yuantiku is an exercise database that provides authoritative contents of previous years' examinations for students. Based on the knowledge level of students, it can also provide tailored exercises to improve their efficiency. It offers computer-based exercises as well as smartphone-based exercises.
  • Bivision — Biovision Pharma is a biomedical enterprise focusing on the research and development of targeted radiopharmaceuticals (TRT) integrated with visual diagnosis and treatment.
  • Xingxing Charging — Xingxing Charging provides safe and intelligent charging services.
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Andreessen Horowitz
VC Fund · Menlo Park, California, United States · 2 investments in Hong Kong Retail startups

Andreessen Horowitz (a16z) is a venture capital firm in Silicon Valley, California, investing in bold founders, innovators, and entrepreneurs building the future through technology.

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Investment focus

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

Investor stats

  • Total investments: 1759
  • Round size: Seed $1.6M–$17M; Series A $9M–$55M; Series B $16M–$112M
  • Lead/follow: 48% lead, 52% follow
  • Last fund: Likely actively investing — fund raised in 2025

Portfolio highlights

  • Tenfold — Tenfold connects systems of engagement and customer data to enable contextual continuous conversations. Get a free demo today.
  • Shapeways — Shapeways is the #1 online 3D printing service company. Working with over a million customers since 2007 - Get 3D products and parts delivered to over 100 countries.
  • Matik — Remove the data bottleneck & pull numbers, tables, and charts directly into decks and PDFs
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Decent Capital
VC Fund · Shenzhen, Guangdong, China · 2 investments in Hong Kong Retail startups

Decent Capital is a venture capital firm with a cross-border presence. It was founded in 2007 by Jason Zeng, co-founder of Tencent Holdings Limited. Decent Capital has two teams, venture investment and asset management, with offices in Hong Kong, mainland China, Singapore and the United States. Decent’s investment team invests from Seed to SeriesA, primarily focusing on SaaS, Consumer Internet, and Frontier Tech. Decent has invested in over 200 companies globally, spanning across the United States, China, Australia, Canada, United Kingdom, Hong Kong and Singapore. Decent upholds strong dedication to post-investment management, they continue to heavily support their portfolio companies’ business operations, supply chain and logistics, and future fundraising efforts. While Decent’s emphasis is on early-stage investments, they prioritize continuing to support portfolio companies throughout growth, for example, Decent invested in Lime from Seed to Series D.

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Investment focus

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

Investor stats

  • Total investments: 131
  • Round size: Seed $425k–$14M; Angel $425k–$2.3M; Series A $1.4M–$25M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • Hongde New Materials — Hongde New Materials produces thermoplastic composite materials with fiber reinforcement. It offers energy storage and auxiliary components for solar and automobile power and steering systems.
  • Qingyu Technology — Qingyu Technology is a software development service company specializing in the research, development, and sales of intelligent robots.
  • LightDimension Unbounded — LightDimension Unbounded is a manufacturer of smart sports consumer devices.
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Bluebell Group
VC Fund · Quarry Bay, Hong Kong Island, Hong Kong · 2 investments in Hong Kong Retail startups

Bluebell Group is a distributor of luxury, premium, and lifestyle brands throughout Asia since 1954.

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Investment focus

  • Industry: Retail, Fashion, E-Commerce
  • Stage:Seed
  • Geography: Hong Kong

Investor stats

  • Total investments: 2
  • Round size: Seed $1.5M–$3.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Grana — GRANA is a direct-to-consumer online fashion brand designing wardrobe essentials in-house, using the finest fabrics from around the world, available at honest prices.Strategically headquartered in Hong Kong, GRANA was founded by Luke Grana and Pieter Paul Wittgen in October 2014. GRANA ships globally to over 65 countries within 1-2 days.Countries include Australia, United States, Singapore, Hong Kong, Belgium, France, Germany, Italy, Netherlands, New Zealand, Spain and United Kingdom.
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HSBC Innovation Banking
VC Fund · London, England, United Kingdom · 1 investments in Hong Kong Retail startups

HSBC Innovation Banking

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Investment focus

  • Industry: Financial Services, FinTech, Software
  • Stage:Debt Financing, Pre-Seed, Post-IPO Debt
  • Geography: United Kingdom, United States, Germany

Investor stats

  • Total investments: 37
  • Round size: Pre-Seed $750k–$750k; Post-IPO Debt $232M–$233M; Debt Financing $8.5M–$112M
  • Lead/follow: 81% lead, 19% follow

Portfolio highlights

  • Numan — Convenient care, tailored to you. Offering treatments for weight loss, diagnostics, erectile dysfunction, hair loss, and more.
  • Baskit — baskit | Empowering wholesalers and distributors with the world's first cloud-native all-in-one app
  • TRIVER — Triver develops online and digital tools to assist and support various financial services. It is based in London, England.
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Tasly Holding Group
VC Fund · Tianjin, Guangdong, China · 1 investments in Hong Kong Retail startups

Incorporated in 1994, Tasly Holding Group has now developed to an internationalized and high-tech cooperation, engaging in pan-health industry with biological medicine industry as the core business, health industry and medical service as two supporting businesses.Guided by Chinese ancient civilization, Tasly is devoted to the philosophy “seekingfor harmonization between human and nature, improving humankind life quality” . With the mission of “to share the joy of health with all”, Tasly aims to become the No. 1 in modern biological pharmaceuticals and leader of integrated health industry in China. By now, Tasly has set up a pan-health industry line, which contains six core industries,including bio-pharmaceutical industry, health products industry, herbs industry, medical industry, health management industry and children education industry.Aiming to realize TCM globalization, Tasly has been sticking to develop the international market since its foundation. By now, more than 30 types of preparation products in 8 medical categories of Tasly have been put into the international market. And the export routes cover 23 countries in America, Europe, Africa and Asia. With the distribution network spreading to more than 40 countries, Tasly’s distributor members have almost reached a million in the world. In recent years, Tasly has been listed in the top 10 of TCM exporters in China. And in 2016, Tasly Pharm. Co.,Ltd was listed in the Top 500 of Chinese Enterprises released by the US Fortune magazine.

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Investment focus

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

Investor stats

  • Total investments: 19
  • Round size: Series A $3.8M–$14M; Series B $2.8M–$51M
  • Lead/follow: 53% lead, 47% follow

Portfolio highlights

  • Hegea Bio — Hygieia Pharmaceuticals_MVIP_DDP_NSDP Hygieia Pharmaceuticals is committed to building a delivery technology platform and drug development of siRNA.
  • Hengyu Medical — Hengyu Medical is a medical device firm focused on R&D and production of IVUS and optical coherence tomography, and catheter equipment.
  • Tokyo Lifestyle — Tokyo Lifestyle is a import and retail of Japanese beauty and cosmetic products and operates live e-commerce business.
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Pine Venture Partners
VC Fund · Singapore, Central Region, Singapore · 1 investments in Hong Kong Retail startups

Pine Venture Partners is a venture capital firm that focuses on growth stage startups.

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Investment focus

  • Industry: Apps, Health Care, Mobile Apps
  • Stage:Seed, Series A, Series B
  • Geography: Singapore, Hong Kong

Investor stats

  • Total investments: 5
  • Lead/follow: 60% lead, 40% follow

Portfolio highlights

  • ZumVet — ZumVet provides access to affordable and convenient veterinary care through video calls and medication delivery. They are passionate about animals and want them to get the best possible care by offering video consults, referrals, home visits, and emergency services. It was incorporated in 2019 and is based in Singapore.
  • Retykle — Buy & sell new and second hand designer children's clothing at up to 90% off. Shop today for great discounts on clothes, shoes and accessories from over 2000+ of the best baby and kids brands
  • Alchemy Foodtech — Want to reduce sugar in your drinks or bakes, or offer healthier carbs to your customers but don't know how? Alchemy Fibre and SweetFibre solutions are here to help.
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New Heritage Investment Limited
VC Fund · 1 investments in Hong Kong Retail startups

We are a Family investment company based in Hong Kong with a development history in China spanning 3 decades and two generations.

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Investment focus

  • Industry: Retail, Software, Marketing
  • Stage:Angel
  • Geography: Hong Kong

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • slowe — slowe is co-creating a sustainable future economy with our community of 10,000 impact businesses & 10 million conscious consumers by transformation. slowe is following the UNSDG Goal #12 - Ensure sustainable consumption and production patterns. For consumers, we are part of the goal (Target #12.8) of "By 2030, ensure that people everywherehave the relevant information and awareness for sustainable development and lifestyles in harmony with nature". For the business side, slowe "Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycle (Target #12.6).Our community app is the gateway to change by making a transformation to a sustainable life easy. In our community, you will discover slowe business in your neighbourhood, creative inspiration for sustainable living, passionate advocates and muses on the journey of transformation with you. With everyday small changes, like buying coffee from a shop sourcing Fair Trade coffee or shopping at "one-for-one" shoe retailers, it could result in great impact in future. With slowe index, you could easily sort out which business fit your values before making consumption. Add stamp after purchase to create your own conscious spending passport. Each step you take move the wheel of our virtuous cycle.Our community app is also a theatre for impact business to shine. By joining our community to embrace slowe value, we provide super easy-to-use yet powerful, affordable yet effective tools for targeted marketing and consumer relationship management. United, we are stronger. slowe encourage businesses to exchange resources and collaborate on our platform to better serve consumers.slowe is playing the infinite game because we should preserve our planet for generations to come. We hope to change the world bit by bit, person after person, community after community, and unite everyone to blossom and thrive in our far future.Support us by downloading our Community App today to join the consumer revolution.
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Access 48,091 investors

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

Browse database — It's Free!
Haitao Capital
VC Fund · Shanghai, Shanghai, China · 1 investments in Hong Kong Retail startups

Haitao Capital is the first China-macro driven early stage venture fund. China's story is no longer just a Chinese story.

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Investment focus

  • Industry: Software, Apps, Education
  • Stage:Seed, Series A
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 26
  • Round size: Seed $120k–$4.7M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • Aggregion — Any scenarios for data collaboration in a secure and trusted environment: Building and running ML models, Customer data management and communications, Business partnerships and ecosystems
  • 247tickets — 247tickets is a one-stop-shop for tickets to the best events, movies, experiences and trips in China and around SE Asia.With offices in Shanghai, Shenzhen & Beijing, 247tickets aims to present customers with endless options of events, experiences, trips, tours and movies, with personalised recommendations, all the best deals and the bestcustomer service and concierge agents in the business. Tickets can be booked on their easy to use mobile/desktop website, via a WeChat concierge service or via distribution partners, including websites such as TimeOut China and City Weekend Shanghai.With an emphasis on the best in entertainment and experiences, 247tickets have sold tickets to tens of thousands of plays, sports events, musicals, tours, movies, trips and more. In 2017 they acquired the trip and experience provider Travelers Society, stating their intent to join the high growth markets of inbound and outbound tourism in China.
  • Hippo & Crate Ltd — Hippo&Crate is a subscription-based D2C oral care brand fast becoming a world-class lifestyle brand for personal care CPGs.  Think of us as the DollarShaveClub of the U.S. whom got acquired by Unilever for a cool US$1B with MUJI aesthetics.We are in the early innings of a generational oral care upgrade in China and riding on the megaconsumption upgrade trend that is taking the entire continent by storm. Our purpose is to allow our customers to look and feel good, and that's why we went to great length to make really high quality, beautiful oral care products with better ingredients for them.Our model is relatively simple, vertically integrated, digital native disrupting the major players like P&G, Unilever by cutting off the retailers and selling to the consumers direct. We do this by building up a fanatical fan base with word of mouth tactics. These behemoths do not have relationship with their customers and overly depend on broadcast advertising, this is where we come in.Brushing is the new Sexy!
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Collins Co., Ltd.
VC Fund · 1 investments in Hong Kong Retail startups

Founded in 1969, listed on the Taiwan Stock Exchange, Collins trades building materials & processed products in the U.S., Europe & Asia.

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Investment focus

  • Industry: Retail, E-Commerce
  • Stage:Seed
  • Geography: Hong Kong

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • HEXAI — Hexai is a technology startup focused on AI driven global e-commerce company By leveraging artificial intelligence and big data, we enable highly efficient and precise management on the world’s largest e-commerce platform, Amazon. In early 2025, we received strategic investment from a publicly listed company, marking the beginning of our rapidexpansion. While our products were initially sold mainly in the U.S., we are now actively expanding into the U.K., Germany, France, Canada, and other markets.Through algorithmic decision-making and AI technologies, Hexai significantly improves sales efficiency and reduces operational risk, allowing a lean team to manage a vast product portfolio with precision. Our AI system dynamically analyzes market trends, enabling optimal pricing strategies, targeted advertising with higher ROAS, and smarter supply chain and inventory management to keep products highly competitive.Our vision is to build a future where AI and human teams operate e-commerce together. We aim to break traditional boundaries with innovative technologies, making cross-border commerce smarter and more efficient while continuously expanding into new markets. If you are passionate about AI, e-commerce, data analytics, or supply chain management, we welcome you to join us and shape the future of AI-powered commerce.Milestones • Dec 2021 Annual revenue surpassed USD$3 million for the first time and has continued to grow since • Nov 2022 Our technical team secured investment from 500 Global (USA) and launched Ailumia • Jan 2025 Received strategic investment from public company Collins Co Ltd., entering a high-growth phase
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Betatron Venture Group
VC Fund · Sheung Wan, Hong Kong Island, Hong Kong · 1 investments in Hong Kong Retail startups

Betatron Venture Group is a venture capital firm that invests in early-stage companies.

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Investment focus

  • Industry: Information Technology, Software, E-Commerce
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Hong Kong, Singapore, India

Investor stats

  • Total investments: 50
  • Round size: Seed $30k–$4.1M; Pre-Seed $30k–$150k; Series A $2.1M–$10M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely still investing — raised $15M in 2022

Portfolio highlights

  • ZhenHub — Add Your Tooltip Text Here
  • SHIPNEXT — SHIPNEXT is a blockchain-driven Digital Shipping Platform. It uses Natural language processing, machine learning, Linear programing, AI and Big Data analysis for instant and to generate the best Shipping and Transport solutions. SHIPNEXT is patented solution, that uses unique algorithms, as well as data and real-time information from over 85data-bases for instant Cargo-to-Ship matching and integration in door-to-door delivery. Each day SHIPNEXT continues to expand and improve through interconnectivity and interoperatibility with Shipping companies, Ports & Terminals, Exporters & Importers, Digital Solution providers, Banking platforms, and transport related infrastructure. While being automated, SHIPNEXT can literally provide thousand freight quotes for a thousand requests each minute. This allows integration of SHIPNEXT in any trade or supply chain, for further digitalization and increased efficiency.
  • Bookairfreight — Save more than 20% on international door-to-door shipping. We're a one-stop freight solution for SMEs, ecommerce, and Amazon Merchants. Get a quote now!
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MSA Capital
VC Fund · Beijing, Beijing, China · 1 investments in Hong Kong Retail startups

MSA Capital is a global venture capital and private equity firm that invests in technology-enabled companies from seed to growth stage. The firm manages capital from the world's top sovereign wealth funds, international asset managers, pension funds, university endowments, fund of funds, and family offices, as well as China's leading neweconomy entrepreneurs.

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Investment focus

  • Industry: E-Commerce, Biotechnology, Financial Services
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Egypt

Investor stats

  • Total investments: 138
  • Round size: Seed $1.4M–$9M; Series A $3.5M–$33M; Series B $10M–$130M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: May invest from a new fund soon — last raise in 2020

Portfolio highlights

  • Flextock — Discover efficient order fulfilment with Flextock. We streamline your inventory, orders, and shipping, ensuring accuracy and cost-effectiveness.
  • MindOn — MindOn is a robotics company that develops artificial intelligence software and algorithms to create humanoid robots.
  • Westlake Lingxi — Westlake Lingxi develops brain-computer interface technologies, including neuro-prosthetic systems and neural decoding solutions, to support rehabilitation for people with language and movement disorders.
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Frees Fund
VC Fund · Beijing, Beijing, China · 1 investments in Hong Kong 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: 211
  • Round size: Seed $1.4M–$14M; Angel $425k–$17M; Series A $1.4M–$35M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: May invest from a new fund soon — raised $130M in 2015

Portfolio highlights

  • SoundAI — Sound Technology is a science and technology innovation company that specializes in acoustics frontier technology and artificial intelligence interaction. It is committed to lead the more interactive experience of artificial intelligence in the real environment and realize the human-computer interaction vision that "listen to you and know whatyou think".
  • Methuselah — Methuselah is a research and development manufacturer of medical nutritional food.
  • 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.
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Chuxin Capital
VC Fund · Beijing, Beijing, China · 1 investments in Hong Kong Retail startups, 11 in the past 12 months

Chuxin Capital is an early-stage fund that actively deploys emerging formats centered on technology and consumption upgrades. It specializes in early-stage investments into companies within the enterprise services, technology, entertainment, and consumer products and services industries.Chuxin Capital was established in 2015 and is headquarteredin Beijing, China.

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Investment focus

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

Investor stats

  • Total investments: 65
  • Round size: Seed $1M–$14M; Angel $425k–$10M; Series A $425k–$40M
  • Lead/follow: 22% lead, 78% follow
  • Last fund: May invest from a new fund soon — raised $50M in 2019

Portfolio highlights

  • Aha Global — Aha is a one-stop influencer marketing platform designed to deliver results-driven campaigns. We empower brands to reach a global audience by connecting them with talented content creators. Aha is designed to become advertiser's most reliable partner in the digital marketing landscape, regardless of the scale or history of your business, Ahais creating a level playing field where all advertisers can thrive in the era of AI and data-driven marketing.Aha's mission is to foster an ecosystem where brands and creators thrive together, creating transparent and effective content marketing solutions.
  • Goodeep — Goodeep is a autonomous intelligent technology company that develops enterprise-level intelligent agents.
  • Shenzhen Entropy Technology — Shenzhen Entropy Technology is a robotics company that offers flying robotic butlers for home spaces.
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Big Bloom Investment
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 1 investments in Hong Kong Retail startups

Big Bloom is an Angel Investor based in Hong Kong. We are always looking for people and businesses with a passion for what they do.

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Investment focus

  • Industry: E-Commerce, Apps, Music
  • Stage:Seed, Series A
  • Geography: Hong Kong, United States

Investor stats

  • Total investments: 6
  • Round size: Seed $500k–$2M; Series A $2.2M–$3.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Oddup — Trade on real-world outcomes with our unique Yes/No/Maybe model. Crypto, FX, indices, commodities, and more.
  • Wingz — Book a driver for a ride. Drivers are background checked. Wingz, the smarter & safer transportation service
  • Floship — Streamline your eCommerce logistics with Floship. Fast shipping, global network, and advanced fulfillment tech.
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Era
VC Fund · New York, New York, United States · 1 investments in Hong Kong Retail startups

Founded by Jasper Lau, Era is a global investment firm backed by leading closely-held family enterprises across 19 countries and 25 industries. Era brings together the collective expertise, industry intel, and strategic capital of the firm’s families to invest in category-defining technology companies solving civilization’s biggest industrialchallenges.

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Investment focus

  • Industry: Software, FinTech, Financial Services
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, Hong Kong

Investor stats

  • Total investments: 16
  • Round size: Seed $3.2M–$2B; Pre-Seed $500k–$3M; Series A $7.7M–$75M
  • Lead/follow: 44% lead, 56% follow

Portfolio highlights

  • Nitra — Nitra offers expense management software that integrates with the banks to provide innovative loan products.
  • Unconventional AI — Unconventional AI is rethinking the foundations of compute to bring biology-scale energy efficiency to AI.
  • Exponent Financial — Exponent Financial is a financial platform designed for franchise owners and multi-location enterprises.
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DST Global
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 1 investments in Hong Kong Retail startups

DST Global is an investment firm that focuses on late-stage ventures in the Internet sector. The firm has invested in several rapidly growing companies. Its offices are in Menlo Park, New York, London, Beijing, and Hong Kong. The firm was founded in 2009 by Yuri Milner, Saurabh Gupta, John Lindfors, Rahul Mehta, and Tom Stafford.

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Investment focus

  • Industry: FinTech, E-Commerce, Financial Services
  • Stage:Series B, Series C, Series A
  • Geography: United States, China, India

Investor stats

  • Total investments: 290
  • Round size: Series A $10M–$75M; Series B $20M–$180M; Series C $43M–$900M
  • Lead/follow: 37% lead, 63% follow
  • Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

  • ofo — Ofo is a “station-free” bike-sharing platform operated via an online mobile application. It is committed to providing the best short distance transportation solution, solving the “last mile” transportation problem by turning the last mile into a green, low-emission trip. To date, ofo has connected more than 10 million bikes to over 200 millionusers in more than 20 countries: Australia, Austria, China, Czech Republic, France, Germany, Hungary, India, Israel, Italy, Japan, Kazakhstan, Malaysia, Portugal, Russia, Singapore, Spain, Thailand, the Netherlands, the UK, and the US. The platform generates more than 32 million daily transactions and has provided global users in 250+ cities with over 6 billion efficient, convenient, green rides.The ofo platform is easy to use. After downloading the ofo mobile phone app (iOS/Android), users may scan the QR code or enter the plate number displayed on each bike to receive a passcode and unlock it. Its bike-sharing system requires no docking stations, providing significant flexibility for users to find and return bikes anywhere, anytime. Once they reach their destination, the user may park the bike anywhere that is legitimate, convenient, and easy for the next user to access. But ofo does more than help commuters and travelers access bikes for getting around their cities. As a partner of the UN Development Programme, they are focused on achieving Global Sustainability Goals and promoting green and healthy living, and they have also launched a partnership with Rihanna's Clara Lionel Foundation to provide bikes and scholarships for schoolgirls in Malawi.
  • Flexport — Cut costs, automate workflows, reliably move goods, go carbon-neutral, and improve your supply chain from end to end. It all starts here.
  • Karrot Market — Karrot is the largest local community marketplace to buy, sell and trade new and used home decor, furniture, fashion and more. Join our growing community of over 10 million verified users!
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Battery Road Digital Holdings
VC Fund · Mumbai, Maharashtra, India · 1 investments in Hong Kong Retail startups

Battery Road Digital Holdings is a venture capital and private equity firm that focuses on frontier and emerging markets.

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Investment focus

  • Industry: E-Commerce, Transportation, Payments
  • Stage:Seed, Series A
  • Geography: Egypt, Singapore, India

Investor stats

  • Total investments: 19
  • Round size: Seed $200k–$3M; Series A $4.4M–$10M
  • Lead/follow: 21% lead, 79% follow

Portfolio highlights

  • zypl.ai — We help financial institutions, government entities make more accurate decisions
  • AwanTunai — AwanTunai seek to reinforce Indonesian needs and productivity by providing digital loan for a better financial freedom and capability to micro-entrepreneurs
  • IMAN — One-stop shop for Halal investing
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Alibaba Entrepreneurs Fund
VC Fund · Causeway Bay, Hong Kong Island, Hong Kong · 1 investments in Hong Kong Retail startups

The Entrepreneurs Fund is a not-for-profit initiative launched by Alibaba Group in 2015 to help entrepreneurs and young graduates realize their dreams and vision. Two separate funds have been set up in Hong Kong and Taiwan respectively to support specific programs in each place.

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Investment focus

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

Investor stats

  • Total investments: 70
  • Round size: Seed $1.2M–$8M; Series A $2M–$68M; Series B $7M–$150M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: May invest from a new fund soon — raised $130M in 2015

Portfolio highlights

  • Vpon Holdings — Vpon Holdings is an AI big data analysis and advertising company.
  • Ziwu Technology — Ziwu Technology offers the conversion of bio-based waste into sustainable new materials and provides environmentally friendly solutions.
  • Rice Robotics Limited — The friendliest robot at your service.
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Lightspeed Venture Partners
VC Fund · Menlo Park, California, United States · 1 investments in Hong Kong Retail startups

Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends.

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Investment focus

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

Investor stats

  • Total investments: 1704
  • Round size: Seed $2.5M–$30M; Series A $7M–$95M; Series B $13M–$125M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: Likely still investing — raised $2.4B in 2022

Portfolio highlights

  • Razorpay — Online Payments India: Start Accepting Payments Instantly with Razorpay's Payment Suite, which Supports Netbanking, Credit Card & Debit Cards, UPI etc.
  • Matillion — Enterprise level data integration tools built for the cloud. Harness your data into transformative business insights. Your data is your competitive edge.
  • Ricursive Intelligence — We develop frontier AI methods to reinvent chip development, collapsing traditional design timelines, closing the loop between AI and the hardware that fuels it, and enabling a Cambrian explosion of custom silicon.
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Gaorong Capital
VC Fund · Wangjing, Beijing, China · 1 investments in Hong Kong 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: 273
  • Round size: Seed $2.8M–$57M; Series A $2.8M–$71M; Series B $14M–$110M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: May invest from a new fund soon — raised $1.2B in 2020

Portfolio highlights

  • GravityXR — GravityXR is an XR chip developer and a terminal equipment manufacturer serving the XR (AR/VR/MR) field, providing chip platforms for virtual reality, augmented reality and mixed reality as well as supporting hardware solutions, including platforms A complete set of technical services including software and technology suites includingapplication interfaces, key component selection, product prototype development support, etc.
  • XYZ Robotics — XYZ Robotics develops AI-enabled robotic perception and manipulation technology for logistics and manufacturing automation. The company develops autonomous robotic solutions for put wall sorting and goods-to-person picking. Its robot sorts unorganized, random warehouse goods into groups of customer orders. The solution embodies its strength in deeplearning and robotics.
  • Danke Apartment — Danke Apartment (蛋壳公寓) is a leading internet enabled apartment management startup in China. Founded in Jan 2015, Danke is managing over 320K apartment units in Beijing, Shanghai, Shenzhen, Hangzhou, etc
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Xiaohongshu
VC Fund · Shanghai, Shanghai, China · 1 investments in Hong Kong Retail startups

Xiaohongshu is a lifestyle-sharing platform for users to share positive energy and good life through the sharing of text, pictures, and videos. Xiaohongshu offers an overseas shopping tip app. Xiaohongshu started its business by helping overseas travelers to draft a shopping list before they hit the roads. But with the aggregation of more UGCcontent, the service is transforming into a community for those who are passionate about fashion and shopping and want to know more about these fields even though they do not have overseas traveling plans on their schedules.

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Investment focus

  • Industry: E-Commerce, Beauty, Fashion
  • Stage:Seed, Series A, Series B
  • Geography: China, Hong Kong

Investor stats

  • Total investments: 14
  • Round size: Series A $1.4M–$15M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • RheoFit — RheoFit is a wellness technology firm offering AI-powered smart massagers for muscle recovery and full-body relaxation.
  • Lanestar — Lanestar is a company specializing in "outdoor intelligent cooling technology."
  • XTEINK — XTEINK is an e-ink screen that magnetically attaches to the back of your phone.
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ZhenFund
VC Fund · Beijing, Beijing, China · 1 investments in Hong Kong 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: 373
  • Round size: Seed $650k–$20M; Angel $425k–$21M; Series A $1.4M–$28M
  • Lead/follow: 16% lead, 84% follow
  • Last fund: Likely still investing — raised $130M in 2022

Portfolio highlights

  • ImageDT — ImageDT is a Enterprise services company.
  • 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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Retail VC funding in Hong Kong at a glance

Stats across 31 deals from 43 investors.

43
investors
in Hong Kong Retail startups
31
deals
in Hong Kong Retail startups
$7.5M
median round
in Hong Kong Retail startups
37%
lead investors
lead at least one round
35%
Seed
most common funding stage

Access all 43 VC funds in Hong Kong Retail startups.

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