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Fusion Fund is a venture capital organization founded in 2015 by Lu Zhang, based in Palo Alto, California. The firm focuses on supporting early-stage startups that leverage technical or data advantages, particularly in the healthcare, enterprise AI, and industrial technology sectors. Since its inception, Fusion Fund has raised multiple funds, with the latest, Fund IV, closing at $190 million in March 2025, oversubscribed due to strong demand. This brings the firm’s total assets under management (AUM) to approximately $500 million over a decade.
Fusion Fund operates primarily in the United States and Canada, targeting companies at the Pre-Seed, Seed, and Series A stages. The firm has established a reputation for backing innovative startups that demonstrate significant potential for growth and disruption in their respective fields. Notable milestones include the launch of a 12-week VC Fellowship program aimed at enhancing the capabilities of founders and fostering a strong community among portfolio companies.
Fusion Fund invests in early-stage startups across various sectors, with a strong emphasis on healthcare, enterprise AI, and industrial technology. The firm targets companies at the Pre-Seed, Seed, and Series A stages, providing check sizes ranging from $1 million to $3 million. This investment strategy is designed to identify and support startups that exhibit significant technical or data advantages, which are crucial for success in today's competitive landscape.
The firm seeks to partner with experienced founders who are well-versed in their industries and can leverage Fusion Fund's resources and network to drive innovation. The focus on healthcare and AI aligns with current market trends, where technological advancements are reshaping traditional sectors. Fusion Fund's approach combines financial backing with strategic guidance, ensuring that portfolio companies are well-equipped to navigate the challenges of early-stage growth.
Fusion Fund's portfolio includes a diverse range of companies that exemplify its investment thesis. Notable portfolio companies include:
These companies reflect Fusion Fund's commitment to investing in sectors that are ripe for disruption and innovation, particularly through the application of advanced technologies.
Lu Zhang: Founder and Managing Partner. Lu has a background in venture capital and technology, having previously worked at leading firms before establishing Fusion Fund. She is known for her expertise in identifying and supporting early-stage startups in technical sectors.
To pitch Fusion Fund, founders should use the contact form available on their website at fusionfund.com. It is advisable to include a comprehensive pitch deck that outlines the startup's vision, market opportunity, and team qualifications. Founders should expect a response within a few weeks, and warm introductions are preferred but not mandatory.
Fusion Fund runs a 12-week VC Fellowship program designed to demystify venture capital for founders. This program provides participants with insights into the investment process, networking opportunities, and mentorship from experienced investors. Founders interested in the fellowship can apply through the Fusion Fund website.
In March 2025, Fusion Fund successfully closed Fund IV at $190 million, which was oversubscribed, indicating strong investor interest. This fund will continue to focus on early-stage investments in deep tech and healthcare startups across the United States and Canada. The firm has also been recognized in Forbes for its achievements and contributions to the venture capital space.
What are Fusion Fund's investment criteria?
Fusion Fund focuses on early-stage startups in healthcare, enterprise AI, and industrial technology. They specifically target companies at the Pre-Seed, Seed, and Series A stages that demonstrate significant technical or data advantages.
How can startups apply or pitch to Fusion Fund?
Startups can pitch to Fusion Fund through their website at fusionfund.com. It is recommended to include a detailed deck outlining the business model, market opportunity, and team background.
What makes Fusion Fund different from other venture capital firms?
Fusion Fund emphasizes a strong partnership with founders, providing not only financial support but also strategic guidance and access to an extensive network in technical and data-driven sectors.
What is the geographic scope of Fusion Fund's investments?
The firm primarily invests in startups located in the United States and Canada, focusing on regions with strong innovation ecosystems.
What is the typical check size for investments?
Fusion Fund typically invests between $1 million and $3 million in each startup, depending on the stage and potential of the company.
What kind of post-investment involvement does Fusion Fund have?
Fusion Fund actively engages with its portfolio companies, offering mentorship, resources, and strategic guidance to help them navigate the challenges of growth and scaling.
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