Venture Capital · Profile from Venture Capital Research Companion
ZhenFund
China's best-known angel and seed firm, founded in 2011 by New Oriental co-founders Bob Xu (Xu Xiaoping) and Victor Wang (Wang Qiang) in partnership with Sequoia Capital China. It turned Xu's personal angel investing (Jumei) into an institutional seed franchise with 750+ portfolio companies (Xiaohongshu, Perfect Diary, Mobvoi, VIPKid, ofo) and, in the AI era, early cheques into Moonshot AI and Manus.
At a glance
- Founded
- 2011, Beijing (Xu Xiaoping and Wang Qiang had invested personally as angels from ~2006–07)
- Founders
- Xu Xiaoping (Bob Xu) and Wang Qiang (Victor Wang), co-founders of New Oriental Education; launched in collaboration with Sequoia Capital China
- Headquarters
- Beijing, with offices in Shanghai and Shenzhen
- Ownership / structure
- Independent partnership managing USD and RMB funds; Sequoia Capital China (now HongShan) was a founding partner and LP in early funds (reported; current relationship verify)
- Leadership (2026)
- Founders Xu Xiaoping and Wang Qiang; Anna Fang (Fang Aiyi), CEO and founding partner; Dai Yusen, managing partner (Jumei co-founder)
- AUM / capital raised
- Reported at ~$1bn+ across funds (third-party estimates vary widely). Fund VII ~$400m (USD); Fund VIII capped at ~$300m (closing 2026, reported). RMB funds in parallel (sizes not disclosed)
- Stage focus
- Angel and seed (first cheques typically ~$0.3–2m), with follow-ons into Series A–B; consumer internet, education, enterprise, robotics, and (since 2023) AI
- Signature investments
- Jumei (NYSE 2014), Xiaohongshu (RED), Yatsen (Perfect Diary, NYSE 2020), Mobvoi (HKEX 2024), VIPKid, Niu Technologies, EHang, Momenta, Moonshot AI, Manus (Meta acquisition 2025, ordered unwound by China in April 2026, verify). Failures / instructive cases: ofo (collapsed 2018), VIPKid (2021 education crackdown), Yatsen (post-IPO collapse)
8 deals and moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2010
Jumei
Angel
2012
Mobvoi
Angel
2013
Xiaohongshu
Angel
2014
VIPKid
Early Venture
2016
Ofo
Series A+
2016
Yatsen
Angel
2023
Manus
Seed
2023
Moonshot AI
Angel