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FreeS Fund, also known as 峰瑞资本, is a venture capital firm founded in 2015 and headquartered in Shanghai, China. The firm operates both RMB and USD fund vehicles, managing assets reported at approximately 3.6 billion RMB across multiple specialized funds. FreeS Fund has established itself as a legitimate institutional player in the Chinese venture capital landscape, focusing on early-stage and early growth-stage startups.
The firm has a team of 17 professionals who completed the institutional setup in just 50 days. FreeS Fund's investment strategy prioritizes long-term value creation, aiming to make a positive societal impact through its investments. The firm has built a diverse portfolio of over 150 companies, showcasing its commitment to supporting innovative startups across various sectors.
FreeS Fund invests across three primary sector verticals: consumer and TMT (technology, media, and telecommunications), deep tech/hard tech (including AI, intelligent manufacturing, and new energy), and biomedical/new drug development. The firm targets early-stage to early growth-stage companies, aligning its investment strategy with startups that demonstrate potential for sustainable growth.
While specific geographic focus is not detailed, FreeS Fund's operations in Shanghai position it well within the dynamic Chinese market. The firm emphasizes a long-term value investment approach, seeking to partner with founders who share a vision for impactful and innovative solutions. This commitment to societal impact is a key aspect of their investment thesis.
FreeS Fund has built a diverse portfolio of over 150 companies since its inception. Notable companies within its portfolio include:
In December 2025, FreeS Fund co-invested in a super-billion-yuan Series A round for Ningkang Rui Zhu, a biotech company focused on platform expansion and clinical trials.
Li Feng (李丰) - Founding partner of FreeS Fund, Li Feng has a background as a former partner at IDG Capital, focusing on education, consumer, TMT, and high tech sectors. He previously worked at Huaxing Capital and founded Miaozhen Systems, a big data company in internet advertising. Li Feng holds a chemistry degree from Peking University and a master's in chemistry from the University of Rochester.
Other team members identified include Rui Ma and Chongzhe Li, although their specific roles are not fully verified.
In December 2025, FreeS Fund co-invested in a super-billion-yuan Series A round for Ningkang Rui Zhu, a biotech company focused on platform expansion and clinical trials. This investment highlights FreeS Fund's active engagement in the venture capital space and its commitment to supporting innovative startups.
What are FreeS Fund's investment criteria?
FreeS Fund focuses on early-stage and early growth-stage startups across consumer, deep tech, and biomedical sectors. The firm seeks companies that prioritize long-term value creation and societal impact.
How can I pitch to FreeS Fund?
While specific application channels are not disclosed, founders are encouraged to present a clear vision of their startup's potential for sustainable growth and societal impact.
What makes FreeS Fund different from other VCs?
FreeS Fund emphasizes a long-term value investment approach, prioritizing partnerships that align on shared goals of sustainable growth and societal impact.
What is the geographic scope of FreeS Fund's investments?
FreeS Fund is headquartered in Shanghai, China, and primarily focuses on the Chinese market, although it has exposure to international companies like Uber and Unity.
What is the typical check size for investments?
Specific check sizes are not disclosed, but FreeS Fund participates in significant funding rounds, as evidenced by its co-investment in Ningkang Rui Zhu's Series A round.
What kind of post-investment involvement does FreeS Fund have?
Details on post-investment involvement are not explicitly stated, but the firm likely engages with portfolio companies to support their growth and development.
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