Fundraising Fox
XVC Venture Capital
Venture capitalBeijing · Seed–Series A · 9 people tracked
Also known as XVC · XVC MANAGEMENT LTD.
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Investment thesis
XVC describes itself as a research-driven, 'sniper-style' venture capital firm. It seeks entrepreneurs who leverage technology and insight to create outstanding products, then patiently supports them to build long-term value. The firm believes that in business history a tiny number of 'whale' companies generate most of the value, so it aims to identify these rare companies early and invest heavily in them while they are still young. Its team, made up of former operators and founders, emphasizes deep industry research, empathy with founders, and hands-on post-investment support across strategy, hiring, and operations.
Source: firm website, verified Oct 27, 2026.
Team · 9 people
from the firm's website & public directories
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.
Neil approaches understanding the world through an abstract lens, curious about how things work and viewing innovation and reconstruction as paths to creating value. He is a keen landscape photographer and Sony camera user.
Rickey previously worked at GGV Capital and The Carlyle Group, moving from PE to VC in 2014. At GGV he focused on new demographics, interactions and consumption, participating in investments including Hellobike, Musical.ly and Zuoyebang. He is a graduate of Fudan University.
An idealistic entrepreneur and product geek with over a decade of investing experience, Boyu previously worked at Morgan Stanley, DCM and Lanchi Ventures. He backed early-stage winners such as Kuaishou, Weee!, Hetao Programming and Chagee, and before investing co-founded Amarsoft, a leading Chinese credit-management software company (SZSE: 300380). He holds an MBA from Kellogg.
Leo previously worked at Lanchi Ventures alongside Boyu researching and investing across multiple sectors, and before that at Bain & Company's Shanghai and Sydney offices on private equity due diligence and corporate strategy. He studied software engineering at Fudan University and holds an MBA from Kellogg.
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.
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.
Neo is XVC's operating partner responsible for fund operations and risk control. A Renmin University accounting graduate, he previously audited internet companies at EY and spent two years handling fund operations at Geekbang Venture.
What they invest in
from 4 of 34 portfolio companiesConsumer ×3AI & Machine Learning ×1Direct to Consumer ×1E-commerce ×1FoodTech ×1Future of Work ×1IoT ×1Marketplaces ×1
HQs:China×2
Investments · 34 tracked
founders shown can be your intro path
Zhou Yuan(Founder)
Co-investorsAccess Technology VenturesBlue Lake CapitalPreAngel PartnersQiming Venture PartnersHongShan Capital GroupInnovation Works
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
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)Li Kaizhu(Founder)Yang Lei(Founder)
Co-investorsGranite AsiaPrimavera Venture Management LimitedFosun CapitalGaorong VenturesGGV Capital
Moody sells daily disposable colored contact lenses direct to consumers, offering spherical lenses in cosmetic colors such as the GlowyLock Moonstone Blue.
ConsumerDirect to ConsumerE-commerce
Co-investors5Y CapitalGranite AsiaPlum VenturesSource Code Capital
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ONES AI builds AI features (Copilot and a planned Autopilot) for project management, offering intelligent recommendations, natural-language navigation, AI-generated content, project insights, and risk evaluation.
AI & Machine LearningFuture of WorkSaaS
Co-investorsChina Growth Capital
Developing the Spin CJ system, a spinal fixation implant for osteoporotic vertebrae.
Co-investorsLifetime Ventures
Mobile video-based dating and relationship community.
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
ApifoxHetao CodingKuaishouLOOKNOWPhilm黑咔YUP作业帮元鼎智能光良酒业最右利和味道徕芬科技快手快点阅读时宜极课大数据核桃编程科杰大数据筑橙科技糖豆广场舞肆拾九坪菲鹿儿触手TV霸王茶姬领鹊科技魔盒Citybox
Exits · 1
1 IPOsZhihu (知乎)NYSE: ZH
Frequently asked questions
- How many investments has XVC Venture Capital made?
- XVC Venture Capital has 34 tracked investments, 1 of which have exited.
- What stage does XVC Venture Capital invest at?
- XVC Venture Capital invests at the Seed, Series A 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, Data & Infrastructure, E-commerce, EdTech, Enterprise Software, Fintech, FoodTech, Hardware, Media & Entertainment, Mobility & Transportation, Retail Tech, Robotics, 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 Access Technology Ventures, Granite Asia, Primavera Venture Management Limited, among 15 tracked co-investors.
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