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Marathon Venture Partners

Venture capital

Beijing · Seed–Series A · 17 people tracked

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Investment thesis

The firm invests at the early stage in China's digital healthcare sector, believing digital technology will drive a new wave of medical innovation. It focuses on three infrastructure pillars — efficient access, innovative payment, and efficiency improvement — to activate new healthcare demand, build multi-tiered lifecycle coverage, and improve the efficiency of high-quality medical supply. It sees opportunities emerging from China's aging population, high care costs, inefficient distribution channels, and ongoing regulatory reform, positioning China as potentially the world's largest market for digital health innovation.

Source: firm website, verified Sep 20, 2026.

Stage
Seed–Series A
HQ
Beijing, CN
Instruments
Equity
Founded
2016
AUM
$420M
Tracked investments
41

Team · 17 people

from the firm's website & public directories
Qiang Chen· General Partnerin
Ruirong Yang· General Partner
杨瑞荣· 合伙人

A partner at Marathon Venture Partners with over 20 years of direct investment and operating experience and extensive government background. He previously served as investment director at Orchid Asia and managing director at Northern Light Venture Capital, investing in consumer, healthcare, and fintech companies. Holds a BA in economics from Shanghai Institute of Foreign Trade and an MBA from Harvard Business School.

陈强· 合伙人

A partner with over 20 years of investment and government experience. He previously led equity investment at an insurance company and served as VP for Greater China at a New York capital firm, helping Chinese companies list in the US. Holds an MPA from Harvard Kennedy School, an MBA from Babson, and an economics degree from Shanghai University of International Business and Economics.

唐轶男· 董事总经理

A managing director focused on early-stage medical technology investment with over 10 years of healthcare experience in R&D and marketing. She previously worked at Fangho Capital and GE Healthcare China. Holds an MBA from Cheung Kong Graduate School of Business, an MS in biomedical engineering from Cornell, and a BS in biochemistry from the University of Hong Kong.

姚园园· 投资副总裁

An investment VP focused on insurtech and health insurance investment opportunities. She has three years of experience at a frontline insurtech company and led development of profitable innovative insurance and service projects. Holds a BA in economics from Peking University.

宋依然· 董事总经理

A managing director focused on early-stage digital healthcare investments with over 10 years of healthcare industry experience in sales and digital transformation. A co-founder of China's first digital therapeutics industry committee, she previously worked at Johnson & Johnson China. Holds an MBA from the National School of Development and a BS in life sciences from Peking University.

李阳· 投资总监

An investment director focused on digital healthcare investment who also runs Marathon's digital healthcare accelerator. He founded the Stanford Future Healthcare Club and previously worked at China Development Bank's healthcare investment division and at Amazon headquarters. Holds an MS in electrical engineering from Stanford and a BS from Jilin University.

路海宽· 董事总经理

A managing director with over 20 years of international healthcare entrepreneurship, investment, and operations experience. Co-founder of NCH International Medical Group and founding vice-president of the IHIEA. Holds an MBA from the University of Rochester and a BA in English from Beijing Foreign Studies University.

苏海德· 投资合伙人

A venture partner who founded Dianrong in China in 2012 to build an efficient online lending platform. He was co-founder and former CTO of Lending Club, the world's largest online lending platform, and was named a Technology Pioneer by the World Economic Forum in 2011. He previously worked at Oracle.

陈湛伟· 投资合伙人

A venture partner with over 30 years of experience in finance, technology, and investment. He is chairman and CEO of a global capital group, chairs the advisory committee of AP Family Office in Australia, and advises a Shanghai quantitative hedge fund. Holds a BA from Wharton and an MBA from Harvard Business School.

乔希·勒纳· 顾问

Josh Lerner is an advisor to the firm; he is the Jacob H. Schiff Professor at Harvard Business School and head of its entrepreneurial management unit, and a vice-chair of the World Economic Forum's Global Agenda Council on the Future of Investing. He earned his degree from Yale and a PhD in economics from Harvard.

王亚楠· 财务经理

A finance manager responsible for fund finance and back-office work with 7 years of experience, previously at Hongling Capital, Neuberger Berman, and Deloitte. Holds a master's in accounting from the University of Miami and a bachelor's from Sichuan University.

胡一明· 市场经理

A marketing manager responsible for Marathon's marketing and external business activities, with nearly 10 years of marketing experience. She previously worked at the New Zealand embassy and international offices of universities in New Zealand and Australia. Holds a BBA from Beijing Institute of Technology.

范缙鑫· 运营经理

An operations manager and senior legal professional in private equity, working in law since 2018. She served as legal manager at Legend Capital (2021-2024) and previously at Haiwen & Partners and Mercedes-Benz Auto Finance. Holds an LL.M. from USC and an LL.B. from Beijing Technology and Business University.

霍倩· 财务经理

A finance manager responsible for fund finance and back-office work with 7 years of finance experience, previously at Quintiles and GrowingIO. Holds a BA in accounting from Capital University of Economics and Business.

Donald Gao

What they invest in

from 16 of 41 portfolio companies

Healthtech ×9Medical Devices ×8Digital Health ×7AI & Machine Learning ×5Biotech ×4Fintech ×4E-commerce ×3Data & Infrastructure ×2

HQs:China×10Brazil×1Mexico×1Singapore×1United States×1

Investments · 41 tracked

founders shown can be your intro path
Anchordxanchordx.com

AnchorDx develops, manufactures, and sells cancer early-screening and diagnostic products based on ctDNA methylation high-throughput sequencing, along with related testing services covering over 70% of high-incidence cancers such as lung, breast, digestive, and urinary cancers.

AI & Machine LearningBiotechDigital HealthHealthtechMedical DevicesGuangzhou, CN

范建兵(Founder)

Co-investorsOrbiMed6 Dimensions Capital

Crediblecredible.com𝕏

Credible operates an online marketplace where consumers compare prequalified rates for personal loans, student loan refinancing, private student loans, mortgages, mortgage refinancing, and insurance from multiple lenders and providers side-by-side without affecting their credit score.

FintechInsurTechMarketplacesSan Francisco, US

Stephen Dash(Executive Officer, Director)in

BoardDean Dorrell(Director)inSoulaimane Htite(Director)

Co-investorsRedbus VenturesCarthona CapitalDocuSignPear VC

Daoclouddaocloud.ioin𝕏

d.run is an AI operating system for AI data centers, providing compute scheduling, inference optimization, and operations management to increase compute utilization and inference performance.

AI & Machine LearningCloud ComputingData & InfrastructureSingapore, SG

Kay Yan(Founder)in

Co-investorsSky9 Capital

Estocaestoca.com.brinSeed · Dec 2022

Estoca provides software and logistics services that help D2C e-commerce brands in Latin America manage warehousing, fulfillment, and delivery operations more efficiently.

E-commerceEnterprise SoftwareLogistics & Supply ChainSão Paulo, BR

Caio Almeida(Founder)inRodrigo Cava(Founder)inRodrigo Cava Pereira(Executive Officer, Director)

Co-investorsAstellaFJ LabsK50 VenturesMarathon VenturesY Combinator8VC+3 more

Grandomicsgrandomics.com

Grandomics develops third-generation sequencing services and precision genomic medicine solutions for medical diagnostics, plant and animal breeding, and species conservation.

AgTechAI & Machine LearningBiotechData & InfrastructureDigital HealthMedical DevicesBeijing, CN

汪德鹏(CEO and Head of Technology Services BU)王洋(Executive Vice President and Chief Sequencing Technology Officer)赵云龙(Chief Operating Officer)

Co-investorsMatrix Partners ChinaVitalbridge Capital

Hulian120hulian120.com

护士加 is a career-growth platform for nurses in China that pairs working nurses with expert mentors for one-on-one guidance on research papers, grant/project applications, and patents, helping them turn clinical experience into publishable results for promotions.

Digital HealthEdTechHealthtech

Meru.commeru.comin𝕏Seed

Meru operates an online marketplace connecting mechanics in Latin America with automotive aftermarket suppliers and parts dealers.

Enterprise SoftwareFintechMarketplacesMexico City, MX

Manuel Rodriguez Dao(Founder)inVirgile Fiszman(Founder)inFederico Moscato(Founder)inEduardo Mata(Founder)in

Co-investorsEmles Venture PartnersFJ LabsY Combinator0BSBold Capital PartnersBrand Capital+11 more

Nanos Medicalnanosmedical.com

Nanos Medical is a Chinese medical device company specializing in otorhinolaryngology and minimally invasive surgery equipment, offering diagnostic and surgical solutions for ENT and head-neck procedures.

HealthtechMedical DevicesShanghai, CN

Co-investorsF-Prime Capital

Realbiorealbio.cn

Realbio (锐翌生物) operates a human microbiome medical and gut microbiota health management business, offering a full-cycle service covering early detection, microbiota transplantation, and microbiome-based conditioning.

BiotechDigital HealthHealthtech

Nan Qinin

RiverPayriverpayment.com

RiverPay enables global merchants to accept payments from Chinese consumers and access Chinese marketing channels including WeChat and Alibaba payment integrations.

E-commerceFintechMarketing Tech

Co-investorsExtreme Venture PartnersExtreme Venture Partners LLPIMO Ventures

Singularmedicalsingularmedical.net

Singular Medical develops implantable cardiac devices and digital health solutions for arrhythmia and heart failure management, including pacemakers, defibrillators, and remote monitoring systems.

Advanced ManufacturingBiotechDigital HealthHealthtechMedical DevicesSuzhou, CN

Co-investorsQiming Venture PartnersNorthern Light Venture Capital

Soonsolidsoonsolid.com

Zhejiang Soon Solid Technology develops 3D printing solutions for dental practices, offering a suite of chairside digitalization tools including printers, materials, software, and AI design services.

AI & Machine LearningDigital HealthHardwareHealthtechMedical DevicesShaoxing, CN

Co-investorsG Vision CapitalZWC Partners

Vedengvedeng.com

Beidenmedical is a medical device supplier and distributor serving healthcare dealers and partners in China, operating a digital supply and services platform for medical equipment distribution.

B2B MarketplacesE-commerceHealthtechMedical DevicesSaaSNanjing, CN

Co-investorsAddor CapitalPuhua CapitalSinovation Ventures

We Medwe-med.com

Weimai (唯迈) develops medical imaging systems and clinical solutions for interventional procedures, including cardiovascular, neurointerventional, gastrointestinal, obstetric/gynecological (low-dose), and orthopedic imaging.

HardwareHealthtechMedical Devices

Co-investorsEFung Capital

Xinzitongxinzitong.com

薪资通 (Xinzitong) is a payroll and HR platform that handles attendance calculation, salary computation connected directly to China's tax authority systems, salary disbursement across 200+ cities, localized individual income tax filing, and encrypted pay slips.

FintechHR TechSaaS

数坤科技shukun.net

Shukun Technology, founded in 2017, develops medical AI products including its "Digital Human Body" platform, a multimodal medical large model called "Shukun Kun," and hundreds of "AI doctor" agents covering full-modality medical imaging.

AI & Machine LearningDigital HealthHealthtechMedical DevicesBeijing, CN

Co-investors5Y CapitalQiming Venture Partners

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Au32BaozhunniuBratteaCihonDiggmeEjsinoFanmouyiliaoHofoncareIncareyIntellisuresJunipermdKnowlegeneMediTrust HealthNobleapexQijibioShendutvTotodiXinpibaoYidebYnnewcareYxvzbZhidezhenhe贝登医疗迅实科技镁信健康

Frequently asked questions

How many investments has Marathon Venture Partners made?
Marathon Venture Partners has 41 tracked investments.
What stage does Marathon Venture Partners invest at?
Marathon Venture Partners invests at the Seed, Series A stages.
What sectors does Marathon Venture Partners focus on?
Marathon Venture Partners focuses on AI & Machine Learning, Digital Health, Healthtech, InsurTech, Medical Devices.
Where is Marathon Venture Partners located?
Marathon Venture Partners is headquartered in Beijing, CN.
Who does Marathon Venture Partners co-invest with?
Marathon Venture Partners most often shares deals with F-Prime Capital, Qiming Venture Partners, B Capital Group, among 15 tracked co-investors.

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