Joy Capital
Venture capitalBeijing · Seed–Growth · 6 people tracked
Investment thesis
Joy Capital backs startups at both early and growth stages, concentrating on TMT (technology, media, telecom) and innovative consumption. Guided by the motto 'Do Hard Things with JOY', the firm partners closely with entrepreneurs to help them make sound decisions at critical moments in a company's development. Its founding partners have invested in more than 80 startups, over ten of which have become unicorns, spanning internet, consumer, enterprise services, high-tech and technology-enabled businesses across China and the U.S.
Source: firm website, verified Aug 25, 2026.
Team · 6 people
from the firm's website & curated & public directories
What they invest in
from 6 of 11 portfolio companiesAI & Machine Learning ×2Consumer ×2FoodTech ×2Robotics ×2Biotech ×1Cleantech ×1Climate Tech ×1Energy ×1
HQs:China×3
Investments · 11 tracked
founders shown can be your intro pathAqara (Lumi United Technology) builds smart home hardware and software, including presence and motion sensors, smart locks, lighting, plugs, cameras, and hubs, with integrations for Apple Home, Google Home, Amazon Alexa, SmartThings, and Matter.
HardwareIoTPropTech
Co-investorsCathay Innovation
Momenta develops autonomous driving software based on a data flywheel and World Model approach, offering mass-production assisted driving systems (L2 to L2++) adaptable across vehicle models as well as scalable autonomous solutions for Robotaxi, Robovan, and Robotruck.
AI & Machine LearningMobility & TransportationRobotics
Co-investorsZhenFund
Kuafood (夸父炸串) is a Chinese fried-skewer (zhachuan) fast-food chain offering 40+ skewer varieties plus snacks and beverages, expanding through a franchise model.
ConsumerFoodTechXiamen, CN
Luckin Coffee is a coffee retail chain that sells freshly roasted and ground coffee made from Arabica beans, using automated Swiss coffee machines in its outlets.
ConsumerFoodTechRetail Tech
Leading O2O auto maintenance chain service provider; Hong Kong listed September 2023.
Xiaodong Hu(Founder)in
Co-investorsB Capital GroupB4 CapitalCathay InnovationHundreds CapitalNIO CapitalQiming Venture Partners+1 more
Fund performance · per public LP disclosures · 4
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Joy Capital III, L.P.LPs: Los Angeles County Employees Retirement Association | 2019 | — | 7.4% | 1.38x | 0.00x |
| Joy Capital Opportunity, LPLPs: Los Angeles County Employees Retirement Association | 2019 | — | 4.5% | 1.28x | 0.00x |
| Joy Capital II, L.P.LPs: Los Angeles County Employees Retirement Association | 2017 | — | 5.3% | 1.42x | 0.00x |
| Joy Capital ILPs: Los Angeles County Employees Retirement Association | 2015 | — | 27.9% | 2.33x | 1.71x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Joy Capital made?
- Joy Capital has 11 tracked investments.
- What stage does Joy Capital invest at?
- Joy Capital invests at the Seed, Series A, Series B, Series C, Growth stages.
- What sectors does Joy Capital focus on?
- Joy Capital focuses on AI & Machine Learning, Consumer, Data & Infrastructure, Deep Tech, Enterprise Software, Fintech, FoodTech, Media & Entertainment, Medical Devices, Mobility & Transportation, PropTech, Retail Tech, SaaS.
- Where is Joy Capital located?
- Joy Capital is headquartered in Beijing, CN.
- Who does Joy Capital co-invest with?
- Joy Capital most often shares deals with Cathay Innovation, B Capital Group, B4 Capital, among 7 tracked co-investors.
Co-investors · 3
DCM Ventures is an early-stage venture capital firm that leads rounds and partners with a small number of companies each year, backing innovative founders with a global, cross-border team.
Granite Asia is a multi-asset investment platform focused on Asia, providing bespoke financing structures and comprehensive investment solutions across multiple asset classes and strategies to support company growth.
IDG Capital is a multi-strategy investment platform founded in 1993 that supports entrepreneurs across the full business lifecycle, bridging East and West with a global presence and over 300 professionals.
Firms observed investing alongside Joy Capital, from public investor directories. Shared companies are the overlap with Joy Capital's recorded portfolio.
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