ZhenFund
About ZhenFund
ZhenFund is an early-stage venture capital firm based in Beijing, China, founded in 2011 by Bob Xu and Victor Wang. The firm specializes in seed, angel, and Series A investments, often being the first to support innovative Chinese entrepreneurs. With over $1 billion in assets under management, ZhenFund is recognized as the largest angel investment fund in China and plays a significant role in the early-stage venture capital landscape.
ZhenFund provides capital investment in early-stage startups across various sectors, including artificial intelligence, healthcare, education technology, and fi Per Crunchbase, ZhenFund has made 857 investments, 199 as lead investor across 602 portfolio companies, with 67 exits including 28 IPOs.
ZhenFund was set up in 2011 in collaboration with Sequoia Capital China. Its founders, Bob Xu and Victor Wang, had earlier co-founded the education company New Oriental. Wang has said the first fund in 2011 was $30 million, and by 2019 he put the capital available to invest at $1 billion. Crunchbase counts 31 funds, but ZhenFund has not published a fund-by-fund breakdown that we could find. Anna Fang is the CEO and a founding partner. Yusen Dai is listed as a partner, and one third-party profile says he focuses on AI technology. According to a Crunchbase biography of Bob Xu, the firm has offices in Beijing, Shanghai and Palo Alto.
ZhenFund does not run a separate AI fund. AI sits alongside enterprise services, healthcare and new consumption in a broad early-stage portfolio. In practice it often backs AI teams at the first institutional round and returns for follow-on rounds. It joined the April 2025 Series B of Manus, led by Benchmark, and then took part again in the October 2026 round of more than $500 million, which Boyu Capital and IDG Capital led. It also took part in the January 2026 seed round of Inferact, and a recent seed in Pollo AI, a $14 million round led by Gaorong Capital. Across its history, Crunchbase lists Horizon Robotics and XtalPi among its most notable exits.
ZhenFund concentrates on seed and Series A, with some angel and later-stage rounds. Tracxn counts 205 seed, 110 Series A, 38 angel and 36 Series B entries. The firm does not publish check sizes. Third-party databases disagree: one lists $250K to $3M and another lists $2.5M to $15M. Treat both as unverified estimates and ask the firm directly. Dealroom and other sources describe ZhenFund as investing mainly in China, with a growing presence in the US and Asia.
- Manus (Butterfly Effect): general-purpose AI agents. ZhenFund joined the $75M round in 2025 led by Benchmark and the $500M-plus round in October 2026.
- Inferact: ZhenFund participated in its seed round in January 2026. The Lounge deals desk lists the round at $150M.
- Moonshot AI: Chinese foundation model developer. Tracxn lists it among ZhenFund's portfolio unicorns.
- Pollo AI: AI video generation. It raised a $14M seed round in December 2025, led by Gaorong Capital.
- XtalPi: AI-driven drug discovery. Crunchbase lists it among ZhenFund's notable exits.
- Horizon Robotics: AI chips for smart devices. Crunchbase names it as a ZhenFund exit.
- crunchbase.com/organization/zhenfund
- crunchbase.com/person/bob-xu-3
- en.wikipedia.org/wiki/ZhenFund
- yourstory.com/2019/06/early-stage-investor-zhenfund-china-victor-wang
- multiples.vc/private-comps/manus-ai
- tracxn.com/d/venture-capital/zhenfund/**6I4QxKeghaDKm5zB5nm6YloyIRLKiG
- startupintros.com/orgs/zhenfund
- superscout.co/investor/zhenfund
Investing activity
ZhenFund has made 857 investments according to Crunchbase across 602 portfolio companies, and has led 199 rounds and seen 67 exits, 28 of them by IPO.
ZhenFund appears in 2 AI deals tracked by the AI Lounge deals desk, rounds totalling $650M. The rounds are mostly Growth and Seed, with a median round size of $500M. The most recent are Manus (Butterfly Effect) (Venture round, $500M, Oct 2026) and Inferact (Seed, $150M, Jan 2026).
ZhenFund most often invests alongside IDG Capital, Boyu Capital, Tencent and HSG, and the companies it backs on AI Lounge are mostly in AI agents and Inference infrastructure.
Deals
Frequently asked questions about ZhenFund
Who founded ZhenFund?
Bob Xu and Victor Wang, co-founders of New Oriental, established ZhenFund in 2011 in collaboration with Sequoia Capital China. Anna Fang is now CEO and a founding partner.
What check size does ZhenFund write?
ZhenFund does not publish check sizes. Third-party estimates range from $250K to $3M, and from $2.5M to $15M, so confirm with the firm.
Does ZhenFund invest in AI startups?
Yes. AI is one of its stated focus areas, and it has backed Manus, Moonshot AI, Inferact and Pollo AI. It is a generalist early-stage firm rather than an AI-only fund.
Does ZhenFund invest outside China?
Yes. It has a Palo Alto office and has backed US and Singapore companies such as Inferact and Manus, though most of its portfolio is in China.
How can founders pitch ZhenFund?
ZhenFund's site is zhenfund.com, and the firm posts on X and LinkedIn. Its public materials describe writing first checks to founders with a bold vision, so an early-stage pitch fits best.
What AI companies has ZhenFund invested in?
ZhenFund's AI investments include Manus (Butterfly Effect) and Inferact. The 2 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is ZhenFund based?
ZhenFund is based in Beijing, Beijing, China.
What stage does ZhenFund invest at?
In the rounds tracked on AI Lounge, ZhenFund has invested at Growth and Seed, with a median round of $500M.
Who does ZhenFund co-invest with?
ZhenFund's most frequent co-investors on AI Lounge are IDG Capital (1 deal), Boyu Capital (1 deal), Tencent (1 deal), HSG (1 deal) and Lightspeed Venture Partners (1 deal).
How can founders reach ZhenFund?
Founders on AI Lounge can see ZhenFund's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add ZhenFund to their Investor Pipeline to track the conversation.