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ZhenFund

Venture Capital · Founded 2011 · Dongcheng District, China

#57 Investor Ranking 2026 Top 0.5% of investors worldwide

ZhenFund is a Chinese venture capital firm focusing on early-stage investments across multiple sectors.

434 Portfolio companies+14% in 5 years
24 Unicorns
2 Decacorns
564 Investments
Aug 2026 Last investment
02 · Biggest holdings

ZhenFund’s biggest current holdings.

ZhenFund is a named shareholder in 6 companies. Dealroom estimates those stakes are worth about $2.6B in total — the disclosed percentage × each company’s latest valuation. The 6 biggest are below, each sized by that estimate.

#CompanyEst. stakeValuationEst. value
  1. 1 RedNoteMedia · Decacorn 6% $31.0B $1.9B
  2. 2 MeicaiFood · Unicorn 7% $7.0B $490M
  3. 3 YITU TechnologyEnterprise Software · Unicorn 4.3% $2.4B $103M
  4. 4 SmartMoreEnterprise Software · Unicorn 5.5% $1.6B $88M
  5. 5 AibeeEnterprise Software · Unicorn 4.5% $1.0B $45M
  6. 6 IntellifusionSecurity · Unicorn 3.5% $1.0B $35M

Estimated value = ZhenFund’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. ZhenFund also appears inside investor groups in Momenta.ai, Ofo, Shanghai Suiyuan Technology, Vipkid, Xingsheng Youxuan, where a standalone stake isn’t disclosed. See the underlying shareholder registers on Dealroom →

03 · Exits

ZhenFund’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from ZhenFund’s transaction record.

MetaX
$48B IPO · 2025
Entered Series ANow $39BSemiconductors
$8.9B IPO · 2026
Entered Series ANow $6.3BTransportation
$4.7B IPO · 2021
Entered Series ANow $270MHealth
$2.8B IPO · 2024
Entered Series ANow $2.8BHealth
$2.4B IPO · 2023
Entered Series ANow $2.2BRobotics
$2.0B acquisition · 2025
Entered Series AEnterprise Software
$1.2B IPO · 2019
Entered Series B+Now $126MFintech
$976M IPO · 2026
Entered SeedNow $1.2BTransportation
04 · Portfolio analysis

Where ZhenFund’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 434 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. China321
  2. USA88
  3. Singapore8
  4. Hong Kong5
  5. Germany3
  6. Japan3
  7. Canada2
  8. Indonesia2
  9. Israel2
  10. Taiwan2
  11. UK2
  12. Austria1
By sectorCount
  1. Health42
  2. Education39
  3. Enterprise Software37
  4. Media32
  5. Transportation30
  6. Fintech27
  7. Robotics23
  8. Security14
  9. Semiconductors14
  10. Food13
  11. Marketing12
  12. Energy11
By stage enteredCount
  1. Seed256
  2. Series A135
  3. Series B+40
By growth stageCount
  1. Early Growth235
  2. Breakout Stage124
  3. Late Growth82
  4. Mature3
05 · Portfolio market map

Inside ZhenFund’s portfolio.

The 60 highest-funded portfolio companies, of 434 tracked.

Ofo
Transportation · Unicorn
$3.5B
Meicai
Food · Unicorn
$7.0B
Nice Tuan
Food · Unicorn
$3.0B
Momenta.ai
Transportation · Unicorn
$6.3B
RedNote
Media · Decacorn
$31B
Vipkid
Education · Unicorn
$3.0B
Bolt
Security
$300M
Yongche
Telecom · Unicorn
$1.7B
XtalPi
Health · Unicorn
$2.8B
Advance.ai
Security · Unicorn
$2.0B
Shuidi
Health
$270M
17zuoye
Education
Hesai
Robotics · Unicorn
$2.2B
Ucommune
Real Estate
Shanghai Suiyuan Technology
Semiconductors
$220M
Synthego
Health
$800M
HyperLoop One
Travel
YITU Technology
Security · Unicorn
$2.4B
LiberAI
Enterprise Software
$413M
Hanbo Semiconductor
Semiconductors · Unicorn
$1.4B
Zhaogang
Telecom · Unicorn
$1.0B
Flexiv
Robotics
$400M
MetaX
Semiconductors · Decacorn
$39B
SmartMore
Enterprise Software · Unicorn
$1.6B
Yi'an Enterprise
Fintech
$44M
Orienspace
Space
$110M
Infinigence AI
Hosting
$385M
Fuyoukache
Transportation
$680M
Mobvoi
Enterprise Software
$556M
Apollo.io
Marketing · Unicorn
$1.6B
Perfect Diary
Wellness Beauty
$617M
Black Lake Technologies
Enterprise Software · Unicorn
$1.0B
Mia.com
Kids
Club Factory
Fashion
$400M
Synyi
Health
$309M
Aibee
Enterprise Software · Unicorn
$1.0B
Republic
Fintech
$600M
Substack
Media · Unicorn
$1.1B
Xiamen Meiyou
Health
$600M
Beijing Huixi Intelligent Information Technology
Transportation
$463M
UISEE
Transportation · Unicorn
$1.2B
Zhang Tong Jia Yuan
Education
$400M
Qingteng Cloud Security
Security
$376M
Dandelion Energy
Real Estate
$350M
Deep Intelligent Pharma
Health
$300M
Intellifusion
Security · Unicorn
$1.0B
Snowplus
Consumer Electronics
$500M
Inagora
Transportation
$272M
Wisdom
Robotics
$400M
NEIWAI
Fashion
$400M
Beijing Changting Technology
Security
$688M
X-EPIC
Security
$110M
Minerva Project
Education
$30M
Waterdrop
Health
$600M
Inferact
Enterprise Software
$800M
Yaotang Bio
Health
$280M
Zeroth
Robotics
$294M
AkroStar
Semiconductors
$694M
Tiger Brokers
Fintech
$126M
Shenzhen Lexiang Technology Manufacturing
Consumer Electronics
$275M
06 · Portfolio founders

Where ZhenFund’s portfolio founders come from.

154 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. China97
  2. United States38
  3. Singapore6
  4. Hong Kong4
  5. Canada2
  6. Argentina1
  7. British Indian Ocean Territory1
  8. Cuba1
  9. Finland1
  10. United Kingdom1
UniversityCount
  1. Tsinghua University14
  2. Fudan University7
  3. Stanford University7
  4. Peking University6
  5. University of California, Berkeley6
  6. Massachusetts Institute of Technology4
  7. Zhejiang University4
  8. Harvard Business School3
  9. University of Illinois Urbana Champaign3
  10. University of Science and Technology of China3
Previous companyCount
  1. Microsoft9
  2. Alphabet | Google7
  3. Baidu4
  4. SenseTime4
  5. Tencent4
  6. Amazon3
  7. Climate Pledge Fund3
  8. Massachusetts Institute of Technology3
  9. Motorola3
  10. Adobe Photoshop2
08 · Key people

Key people at ZhenFund.

Source: Dealroom next-gen API — investor team endpoint.