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ZhenFund (真格基金) is a prominent venture capital firm based in Beijing, China, founded in 2011 by Bob Xiaoping Xu and Victor Qiang Wang, who are also co-founders of New Oriental. The firm was established in collaboration with Sequoia Capital China and has since evolved into one of the earliest angel investment firms in the country. ZhenFund operates with a significant asset under management (AUM) exceeding $1 billion and has made over 1,061 investments across more than 800 companies, achieving over 30 unicorns in its portfolio.
Headquartered in Beijing, ZhenFund also has offices in Shanghai and Shenzhen, with a recent expansion into the United States, specifically in Palo Alto. The firm is known for its founder-friendly approach, emphasizing long-term partnerships and support for entrepreneurs. CEO Anna Fang has been recognized on the Midas List since 2019, highlighting her influence and leadership in the venture capital space.
ZhenFund primarily invests in seed and Series A stages, with check sizes ranging from $2.5 million to $15 million, typically around $5 million. The firm positions itself as the 'first institutional check' for founders, providing essential early-stage capital. While ZhenFund maintains an industry-agnostic stance, it concentrates its investments in sectors such as artificial intelligence (AI), healthcare, edtech, enterprise software, consumer products, robotics, and fintech.
The investment thesis at ZhenFund is distinctly founder-first, encapsulated in the phrase, 'I invest in people, not projects.' The firm particularly seeks out Chinese returnees—entrepreneurs who have gained global experience and possess local market knowledge. Core investment criteria include the founding team, market potential, and product viability, ensuring that ZhenFund backs startups with strong foundations and growth prospects.
ZhenFund boasts a diverse portfolio of over 800 companies, including more than 30 unicorns. Notable investments include:
Additionally, ZhenFund has achieved over 50 exits, showcasing its ability to identify and nurture successful startups.
Bob Xiaoping Xu: Founder, co-founder of New Oriental, with extensive experience in education and investment.
Victor Qiang Wang: Co-Founder, also a co-founder of New Oriental, bringing a wealth of knowledge in entrepreneurship and venture capital.
Anna Fang: CEO and Founding Partner, recognized on the Midas List since 2019 for her leadership in the venture capital industry.
Yusen Dai: Managing Partner, involved in numerous successful investments across various sectors.
Yuan Liu: Managing Partner, focusing on strategic investments and portfolio management.
Dai Yusen: Managing Partner, with expertise in technology-driven startups.
Liu Yuan: Managing Partner, specializing in early-stage investments.
Yin Le: Partner, contributing to the firm's investment strategy and execution.
Zhong Tianjie: Investment Director, responsible for sourcing and evaluating potential investments.
Kuang Wei: Investment Director, focusing on technology and innovation sectors.
To pitch ZhenFund, founders should visit their website at en.zhenfund.com or send an email to dream@zhenfund.com. The pitch deck should include a clear overview of the business model, market opportunity, and team qualifications. Founders can expect a response within a few weeks, and warm introductions are preferred but not mandatory.
ZhenFund runs several initiatives to support entrepreneurs, including:
On October 24, 2024, ZhenFund made its latest investment in RheoFit Pre-A, continuing its trend of supporting innovative startups. In the past 12 months, the firm has completed 8 investments, including notable companies like Pollo.AI, which received a $14 million seed round.
Q? What are ZhenFund's investment criteria?
A: ZhenFund focuses on seed and Series A investments, primarily in sectors like AI, healthcare, edtech, and fintech. They prioritize the founding team, market potential, and product viability.
Q? How can startups apply or pitch to ZhenFund?
A: Startups can pitch to ZhenFund through their website at en.zhenfund.com or via email at dream@zhenfund.com.
Q? What makes ZhenFund different from other investors?
A: ZhenFund positions itself as the 'first believer' in startups, offering founder-friendly terms and a supportive community through initiatives like ZhenCampus.
Q? What is ZhenFund's geographic focus?
A: ZhenFund primarily invests in China but has expanded its focus to include the United States, particularly in Silicon Valley.
Q? What is the typical check size for investments?
A: ZhenFund typically invests between $2.5 million and $15 million, with a sweet spot around $5 million.
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