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ZhenFund (真格基金) is a prominent venture capital firm based in 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 its headquarters in Beijing, with additional offices in Shanghai and Shenzhen, as well as an expansion into the United States, specifically in Palo Alto. With over $1 billion in assets under management (AUM), ZhenFund has made a significant impact in the startup ecosystem, having completed 1,061 investments across more than 800 companies. The firm is recognized for its impressive portfolio, which includes over 30 unicorns, showcasing its ability to identify and nurture high-potential startups. The current CEO, Anna Fang, has been a notable figure in the venture capital landscape, being listed on the Midas List since 2019. ZhenFund is distinguished by its commitment to building deep, long-term partnerships with founders, positioning itself as the 'first institutional check' for many entrepreneurs.
ZhenFund primarily focuses on seed and Series A investments, with check sizes ranging from $2 million to $15 million, typically around $5 million. The firm is industry agnostic but has a concentrated interest in sectors such as artificial intelligence (AI), healthcare, edtech, enterprise software, consumer products, robotics, and fintech. ZhenFund aims to be the 'first believer' in the startups it supports, emphasizing a founder-first investment thesis that prioritizes the founding team, market potential, and product viability. The firm particularly seeks to invest in Chinese returnees—entrepreneurs who have gained global experience and possess local market knowledge. This strategic focus allows ZhenFund to leverage unique insights into both domestic and international markets, making it a valuable partner for innovative startups looking to scale.
ZhenFund boasts a diverse portfolio of over 800 companies, including more than 30 unicorns. Notable investments include Xiaohongshu (RED), VIPKid, UCommune, Hesai Technology, EHang, Waterdrop, Tiger Brokers, Niu Technologies, and Horizon Robotics. The firm has achieved over 50 exits, demonstrating its effectiveness in identifying and nurturing successful ventures. Recent investments include companies like Manus, Future Not Far, and Better AI, reflecting ZhenFund's commitment to supporting technology-driven startups that integrate advanced solutions into their offerings. The firm's extensive network and resources provide portfolio companies with significant advantages in navigating the competitive landscape.
Bob Xiaoping Xu - Co-founder, New Oriental; instrumental in establishing ZhenFund and its strategic direction.
Victor Qiang Wang - Co-founder; plays a key role in investment decisions and firm operations.
Anna Fang - CEO; recognized on the Midas List since 2019, leading the firm with a focus on founder-first investments.
To pitch ZhenFund, founders should visit their website at en.zhenfund.com or email dream@zhenfund.com. The firm welcomes pitches that clearly articulate the startup's vision, team, and market potential. ZhenFund prefers to receive both warm introductions and cold applications, ensuring that all entrepreneurs have the opportunity to connect.
In the last 12 months, ZhenFund has made 8 investments, with the latest being in RheoFit Pre-A on October 24, 2024. This investment reflects the firm's ongoing commitment to supporting innovative startups, particularly in the robotics sector. Recent activity also includes an angel round for the robotics startup '未来不远' and a $14 million seed investment in Pollo.AI, showcasing ZhenFund's focus on technology-driven ventures.
ZhenFund focuses on seed and Series A stages, positioning itself as the 'first institutional check' for founders looking to launch or scale their startups.
Founders can pitch ZhenFund through their website at en.zhenfund.com or via email at dream@zhenfund.com. The firm prefers to receive pitches that clearly outline the team, market potential, and product viability.
ZhenFund invests across various sectors, with a strong emphasis on AI, healthcare, edtech, enterprise software, consumer products, robotics, and fintech. This diverse focus allows them to support a wide range of innovative startups.
The typical check size for ZhenFund ranges from $2 million to $15 million, with a sweet spot around $5 million, making it a significant partner for early-stage funding.
ZhenFund primarily invests in China but has expanded its operations to the United States, particularly in Palo Alto, allowing them to tap into both markets effectively.
Founders can apply by submitting their pitch through the ZhenFund website or via email. The firm values clear communication regarding the startup's vision, team, and market strategy.
ZhenFund emphasizes long-term partnerships with its portfolio companies, offering support through its ZhenCampus community, AI hackathons, and founder-friendly terms that foster growth and innovation.
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