How many investments has XVC Venture Capital made?

XVC Venture Capital has 15 tracked investments, 1 of which have exited.

What stage does XVC Venture Capital invest at?

XVC Venture Capital invests at the Seed, Series A, Series C, Late Stage stages.

What is XVC Venture Capital's typical check size?

XVC Venture Capital typically writes checks of $1M – $30M.

Where is XVC Venture Capital located?

XVC Venture Capital is headquartered in Beijing, CN.

Does XVC Venture Capital lead rounds?

XVC Venture Capital typically participates in rounds rather than leading them.

Who does XVC Venture Capital co-invest with?

XVC Venture Capital most often shares deals with Coatue Management, DCM Ventures, Granite Asia, among 9 tracked co-investors.

XVC Venture Capital

Venture capital

Beijing · Seed–Late Stage · 7 people tracked

Also known as XVC MANAGEMENT LTD.

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Find your way into XVC Venture Capital

748 people in our graph share verified history with the XVC Venture Capital team — schools, employers, funds. One of them is your warm intro.

Alex Tranunlockedknows Boyu Hu · together at Morgan Stanley (overlapped)

×6knows the team · via Morgan Stanley

×2knows the team · via Northwestern University - Kellogg School of Management

×2knows the team · via Fudan University

knows the team · via TapStitch

✨ Fox Verdict

Investment thesis

XVC is a dual-currency fund investing in early-stage technology and consumer companies, favouring a concentrated, high-conviction approach of placing large bets on major opportunities at an early stage. The team believes technology can improve the world and works closely with founders, providing hands-on support ranging from recruiting to data analysis while aiming to 'help without getting in the way'. Its investment team has extensive experience, and companies it has backed have reached a cumulative market value exceeding $100 billion, including consumer and internet names such as Kuaishou, Weee!, Hetao Programming and Chagee.

Invests inAI & Machine Learning Consumer E-commerce EdTech Enterprise Software Fintech FoodTech Hardware Media & Entertainment Mobility & Transportation Retail Tech SaaS Beijing China

Source: firm website, verified Sep 15, 2026.

Stage

Seed–Late Stage

Check

$1M – $30M

Beijing, CN

Leads rounds

Follows

Instruments

Equity

Founded

2016

AUM

$1.2B

VC funds

Tracked investments

Unicorns

IPOs

Team · 7 people

from the firm's website & public directories

博予

An idealistic entrepreneur and product enthusiast with over a decade of investing experience, previously at Morgan Stanley, DCM and Lanchi Ventures. He is known for concentrated early-stage bets on major opportunities, with backed companies including Kuaishou, Weee!, Hetao Programming and Chagee. Before investing he spent nearly ten years as an entrepreneur, co-founding Amarsoft, a listed credit-management software company. He holds an MBA from Kellogg.

姚睿

Before joining XVC he worked at GGV Capital and The Carlyle Group, moving from PE to VC in 2014 to grow alongside innovative founders. At GGV he focused on new demographics, interaction and consumption, participating in investments including Zuiyou, Hellobike, Tangdou, Musical.ly and Zuoyebang. A Fudan University graduate, he emphasises hands-on support for portfolio companies.

陆宜

Before joining XVC he worked at Lanchi Ventures alongside Boyu, researching industries and managing several startups, and earlier at Bain & Company's Shanghai and Sydney offices on private equity due diligence and Fortune 500 strategy. A lifelong internet builder and outdoor enthusiast, he studied software engineering at Fudan University and holds an MBA from Kellogg.

Boyu Hu· Partner· Singaporein

Boyu Hu is the founder of XVC, a research-driven venture capital fund with 1.2 billion USD in assets, backed by endowments, foundations and sovereign wealth funds; Preqin's league table ranked XVC II as the top-performing VC fund globally in the 2019 vintage within the 250–499 million category. His portfolio includes Kuaishou, Weee!, Hetao Coding and Chagee, with a combined market value exceeding 50 billion USD. Prior to investing, he spent nearly a decade in entrepreneurship, co-founding the credit risk management software company Amarsoft (SHE:300380), which he helped take public.

b•••@xvc.comreveal

Leo Lu· Partner· Park City, Utah, United Statesin

Leo Lu is a Partner at XVC, a $1.5 billion venture fund, where he focuses on early-stage investments in AI, crypto, and consumer companies across China, North America, and Southeast Asia. His investments include Chagee (NYSE: CHA), Weee!, Flash Express, Aiper, and ONES.ai. Prior to venture capital, he worked as a management consultant at Bain & Company in Shanghai and Sydney, and he holds an MBA from Kellogg.

y•••@xvc.comreveal

仕煊

A team member who approaches understanding the world through an abstract lens, curious about how things work and believing innovation and reconstruction create value. A keen Sony camera user and landscape photography enthusiast.

杨潇

Responsible for the fund's risk control, he studied accounting at Renmin University and previously audited internet companies at EY, later spending two years running fund operations at Geekbang Venture. A rational, logic-driven professional with a Stoic outlook.

What they invest in

from 2 of 15 portfolio companies

Consumer ×2FoodTech ×1IoT ×1Marketplaces ×1Mobility & Transportation ×1

HQs:China×2

Investments · 15 tracked

founders shown can be your intro path

Zhihu (知乎)zhihu.comNYSE: ZH

Co-investorsAccess Technology Ventures Blue Lake Capital PreAngel Partners Qiming Venture Partners Innovation Works

Chageechagee.com.sg

CHAGEE is a tea beverage brand offering freshly brewed milk teas, fruit teas, and tea lattes made with whole tea leaves and fresh milk.

ConsumerFoodTechYunnan, CN

Lawrence W.in

Co-investorsCoatue Management

Hellobikehellobike.com in 𝕏

Hellobike (哈啰出行) operates a bike-sharing and mobility platform in China, offering shared bicycles, e-bikes, and battery-swapping services.

ConsumerIoTMarketplacesMobility & TransportationShanghai, CN

杨磊 (Yang Lei)(Co-founder & CEO)in李开逐 (Li Kaizhu)(Co-founder, Executive President)Lei Yang(Founder)in

Co-investorsGranite Asia

Other

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

Hetao CodingKuaishouPhilm黑咔作业帮最右快手快点阅读核桃编程糖豆广场舞触手TV霸王茶姬魔盒Citybox

Exits · 1

1 IPOs

Zhihu (知乎)NYSE: ZH

Frequently asked questions

How many investments has XVC Venture Capital made?: XVC Venture Capital has 15 tracked investments, 1 of which have exited.
What stage does XVC Venture Capital invest at?: XVC Venture Capital invests at the Seed, Series A, Series C, Late Stage stages.
What is XVC Venture Capital's typical check size?: XVC Venture Capital typically writes checks of $1M – $30M.
What sectors does XVC Venture Capital focus on?: XVC Venture Capital focuses on AI & Machine Learning, Consumer, E-commerce, EdTech, Enterprise Software, Fintech, FoodTech, Hardware, Media & Entertainment, Mobility & Transportation, Retail Tech, SaaS.
Where is XVC Venture Capital located?: XVC Venture Capital is headquartered in Beijing, CN.
Does XVC Venture Capital lead rounds?: XVC Venture Capital typically participates in rounds rather than leading them.
Who does XVC Venture Capital co-invest with?: XVC Venture Capital most often shares deals with Coatue Management, DCM Ventures, Granite Asia, among 9 tracked co-investors.

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