ZhenFund

ZhenFund is a Beijing-based venture capital firm focused on seed and early-stage investments in China. It was founded in 2011 by entrepreneurs Bob Xiaoping Xu and Victor Qiang Wang in collaboration with Sequoia Capital China. The firm backs a broad range of sectors including e-commerce, consumer, education, artificial intelligence, enterprise services, mobile internet, media, entertainment, sports, virtual reality, fintech, and healthcare. ZhenFund supports its portfolio companies with mentorship and resources such as biannual demo days for top Chinese VCs, ZhenHR services, marketing and PR consulting, and fundraising assistance, complemented by a large CEO network facilitated through a WeChat platform. It maintains a sizable portfolio network with hundreds of companies and more than 30 unicorns, and has been recognized as a leading early-stage investor in China for multiple years.

Yusen Dai

Managing Partner

Grace Gu

Principal and Head of Eastern China

Li Yi

Investment Associate

Yuan Liu

Partner

Tianyi Qin

Principal

Past deals in Entertainment

Habby

Series A in 2020
Habby is a mobile game developer and publisher founded in January 2018 in Singapore by Stefan Wang. The company focuses on creating engaging mobile games that combine casual gameplay with challenging mechanics, catering to a wide audience on both iOS and Android platforms. Habby's portfolio features titles that emphasize one-hand controls and innovative designs, making them accessible yet difficult to master. In addition to game development, Habby provides various publishing services, including product optimization, design assistance, and market research, aimed at supporting indie developers in creating unique and enjoyable games. The company is committed to promoting games that not only entertain but also contribute positively to society by enhancing skills or providing educational value.

Wanwu Dezhi

Series B in 2019
The Wanwu Dezhi app is an e-commerce platform that offers a wide range of mobile Internet services, including Wenwan handicraft transactions, expert online treasure appraisal, and the Guofeng life community. It is dedicated to breaking down industry barriers and using the transparency of the Internet to establish and improve industry standards and efficiency. It provides users with cost-effective and high-quality cultural and entertainment products and a high-quality shopping experience through its three core services of live streaming, bidding, and one-price (distribution), while also providing a large number of commodities and a convenient online trading platform for merchants to buy and sell goods.

Startor

Seed Round in 2018
Startor is a media and entertainment company that specializes in gaming video creation. It offers a platform that features gaming videos, live shows, and gaming news, all aimed at enhancing the audience's understanding of gaming culture. By focusing on engaging content, Startor provides entertainment that appeals to both gamers and enthusiasts, facilitating a deeper connection to the gaming community.

Kaiheikeji Digital

Series A in 2018
Kaiheikeji Digital Co. Ltd. is a Shenzhen-based company founded in 2016 that specializes in mobile entertainment gaming applications. The company operates an online game sparring service platform, allowing users to post their gaming demands, specify their skill levels, and set prices. Qualified players can then select these orders, providing personalized gaming experiences and companionship to clients. Through this innovative approach, Kaiheikeji Digital creates a unique marketplace within the gaming industry, connecting players of varying skill levels and enhancing the overall gaming experience.

Youhua Technology

Series A in 2018
Shanghai based Media & Entertainment company.

Lehui Technology

Seed Round in 2018
Zhuhai based Media & Entertainment company.

Xiaohongshu

Series D in 2018
Xiaohongshu, founded in 2013 and based in Shanghai, China, is a lifestyle sharing platform that allows users to share experiences through text, images, and videos. Initially aimed at assisting overseas travelers with shopping, it has transformed into a vibrant community focused on various lifestyle areas, including cosmetics, fashion, food, travel, entertainment, reading, fitness, and childcare. The platform serves as a social e-commerce space where users can post their favorite products, share shopping experiences, and discover global merchandise, particularly in luxury and beauty sectors. By fostering user-generated content, Xiaohongshu encourages a collaborative environment for lifestyle enthusiasts to exchange insights and recommendations.

Qin's Entertainment

Seed Round in 2018
Qin's Entertainment is an idol incubation company that specializes in fostering new Chinese artists and connecting them with international professional teams. The company provides a docking platform designed to facilitate collaboration and engagement between emerging talents, celebrities, and their fan base. By offering comprehensive support for artist development, Qin's Entertainment aims to bridge the gap between the entertainment industry and the market, ensuring a strong linkage between artists and their audiences. Through its innovative approach, the company cultivates a vibrant ecosystem for aspiring idols in the Chinese entertainment landscape.

Block 12 Culture

Series A in 2018
Block 12 Culture is a Beijing-based company founded in 2015 that specializes in creating and owning digital emojis and cartoon characters for mobile communication. The company develops a range of intellectual property, including popular characters such as Budding Pop, Freeze Girl, and My Immortal Buddy. In addition to digital content, Block 12 Culture markets and licenses its characters both online and offline, and it also sells toys and dolls through dispensing machines. With a focus on original content and character development, the company has established itself within the ACG (Anime, Comic, and Game) industry, offering a diverse portfolio of creative assets that resonate with audiences.

Youhua Technology

Seed Round in 2018
Shanghai based Media & Entertainment company.

Lino

Seed Round in 2018
Lino is a blockchain-based platform that aims to create a decentralized autonomous content economy. Founded in 2017 and headquartered in Cupertino, California, it develops a decentralized media distribution platform for creating, storing, and monetizing video content. The platform recognizes content value through mechanisms such as micro-tips, gifts, and purchases, incentivizing contributions across content creation, distribution, and infrastructure. By distributing revenue to content creators and affiliated contributors, Lino seeks to foster a sustainable digital content ecosystem and reduce dependence on privately owned intermediaries. The goal is to align incentives among creators, distributors, and supporters to promote long-term growth for individual creators and the broader content economy.

Youhe Wenhua

Angel Round in 2017
Youhe Zhuoyi Information Technology is a digital music interactive service provider. It offers solutions for Internet users and the development of the digital music industry.

Kaiheikeji Digital

Series A in 2017
Kaiheikeji Digital Co. Ltd. is a Shenzhen-based company founded in 2016 that specializes in mobile entertainment gaming applications. The company operates an online game sparring service platform, allowing users to post their gaming demands, specify their skill levels, and set prices. Qualified players can then select these orders, providing personalized gaming experiences and companionship to clients. Through this innovative approach, Kaiheikeji Digital creates a unique marketplace within the gaming industry, connecting players of varying skill levels and enhancing the overall gaming experience.

Bolo

Series A in 2017
Bolo is a media and entertainment start-up that specializes in developing music-focused social applications. Its platform connects musicians, music critics, and enthusiasts, facilitating the sharing of music clips, videos, and live performances. Users can engage with the content by sharing their own music experiences and insights, while also having the option to upload original lyrics. This interactive environment fosters a vibrant community around music, appealing to both creators and fans alike.

Super Evil Megacorp

Series D in 2017
Super Evil Megacorp develops core video games for mobile and tablet platforms and operates a gaming platform that offers online multiplayer experiences with high graphical fidelity and touch-friendly controls. The company aims to deliver category-defining multiplayer experiences for the touchscreen generation by combining deep technical and design capabilities to enable users to play single- or multiplayer games with engaging effects.

Soundario

Seed Round in 2017
Soundario is an audio sleep aid application that offers music and sound effects. They are using audio technology to upgrade consumption. They design and produce audio products and provide audio software and hardware solutions.

Xiaohongshu

Series C in 2017
Xiaohongshu, founded in 2013 and based in Shanghai, China, is a lifestyle sharing platform that allows users to share experiences through text, images, and videos. Initially aimed at assisting overseas travelers with shopping, it has transformed into a vibrant community focused on various lifestyle areas, including cosmetics, fashion, food, travel, entertainment, reading, fitness, and childcare. The platform serves as a social e-commerce space where users can post their favorite products, share shopping experiences, and discover global merchandise, particularly in luxury and beauty sectors. By fostering user-generated content, Xiaohongshu encourages a collaborative environment for lifestyle enthusiasts to exchange insights and recommendations.

Er Geng

Venture Round in 2017
Er Geng is a media and video content platform that focuses on providing travel, culture, and food videos. The company offers lifestyle content through multiple channels, including WeChat, Youku, and Weibo, allowing users to explore diverse cultures and lifestyles. Er Geng is actively planning to expand its operations to 30 cities across 20 provinces in China, aiming to broaden its reach and enhance user engagement with its video offerings.

Moretickets

Seed Round in 2017
Moretickets is an online ticketing company based in Shanghai that offers a platform for purchasing first-hand performance tickets. The company employs a multi-channel ticket bidding mechanism that eliminates intermediaries, allowing users to access strictly audited tickets at discounted prices. Moretickets provides detailed information about various performances, enabling customers to make informed purchasing decisions while securing tickets at more affordable rates.

FangKuai Xiong

Series A in 2016
FangKuai Xiong is an online toy video provider.

Jumpcut

Seed Round in 2016
Jumpcut, Inc. is a company based in Hollywood, California, founded in 2014, that specializes in developing and delivering online educational courses focused on content creation and digital media. The company offers a diverse range of courses covering topics such as comedy, vlogging, growth hacking, viral video production, and monetization strategies for brand partnerships. Jumpcut aims to address the challenges of online education, achieving a notable course completion rate of 65%, significantly higher than the industry average. Its courses are designed to engage users similarly to popular streaming content, resulting in a high subscription renewal rate of 90%. By incorporating best practices from the entertainment industry, Jumpcut seeks to transform the online learning experience into a more captivating and effective format.

No Panda Culture (Bukongwenhua)

Series A in 2016
No Panda Culture (Bukongwenhua) is a Shanghai-based entertainment and culture agency.

Mountain Top

Seed Round in 2016
Founded in 2015, Mountain Top is a Beijing-based celebrity management agency. It aims to create a new entertainment ecosystem by leveraging strong artist resources and breaking barriers between industries.

Er Geng

Series A in 2016
Er Geng is a media and video content platform that focuses on providing travel, culture, and food videos. The company offers lifestyle content through multiple channels, including WeChat, Youku, and Weibo, allowing users to explore diverse cultures and lifestyles. Er Geng is actively planning to expand its operations to 30 cities across 20 provinces in China, aiming to broaden its reach and enhance user engagement with its video offerings.

Juzi Entertainment

Series B in 2016
The young Zillertal are more than 20 years successfully in the music industry operates and, in recent months also includes Franz Wolf for "JUZI team". As the music scene has changed in recent years and the tasks become more complex, the new company JUZIentertainment was launched.

Juzi Entertainment

Series B in 2016
Juzi Entertainment, based in Beijing, China, is a media company focused on developing mobile applications that deliver information tailored to young audiences. The company specializes in a wide range of entertainment categories, including celebrity news, film and television, fashion, beauty, and lifestyle trends. Juzi Entertainment aims to engage users by providing fresh and captivating content that resonates with their interests. By concentrating on the evolving world of entertainment and fashion, the company acts as a platform for users to stay informed and connected to the latest developments in these dynamic fields.

Pencilnews

Angel Round in 2016
PencilNews is a media company dedicated to delivering truthful information about early-stage startups in China, founded by Fang Wang in response to prevalent issues of corruption and unprofessionalism in the media landscape. The company prioritizes authenticity by ensuring that its reporters do not accept payments or incentives for writing. PencilNews has garnered a reputation for being a trusted source, appealing to both investors seeking insights into emerging companies and startups wanting to understand market dynamics. By directly interviewing founders and backing articles with recorded conversations, PencilNews maintains a high standard of credibility. Its coverage spans a diverse range of industries, including agriculture, entertainment, gaming, and technology, reflecting the vibrant startup ecosystem in China. Through its commitment to integrity and transparency, PencilNews has become a favored media outlet among venture capitalists and has received substantial funding from notable investors.

Hyper

Seed Round in 2015
Hyper is a video magazine designed for iPad that emphasizes a minimalistic aesthetic and a curated selection of content. Each daily edition features between six to twelve carefully chosen videos, offering users a streamlined experience focused on quality rather than quantity. By delivering the most relevant and engaging content in a visually appealing format, Hyper aims to provide a refreshing alternative to traditional video platforms.

FangKuai Xiong

Seed Round in 2015
FangKuai Xiong is an online toy video provider.

Super Evil Megacorp

Series B in 2015
Super Evil Megacorp develops core video games for mobile and tablet platforms and operates a gaming platform that offers online multiplayer experiences with high graphical fidelity and touch-friendly controls. The company aims to deliver category-defining multiplayer experiences for the touchscreen generation by combining deep technical and design capabilities to enable users to play single- or multiplayer games with engaging effects.

Yingxiong Huyu

Series A in 2015
Yingxiong Huyu specializes in the development of mobile e-sports games and the organization of e-sports competitions. The company focuses on creating engaging gaming experiences that cater to the growing demand for mobile e-sports, while also facilitating competitive events that bring players together. Through its dual role as a game developer and competition organizer, Yingxiong Huyu aims to contribute to the vibrant e-sports ecosystem, appealing to both gamers and audiences interested in competitive gaming.

Yingxiong Huyu

Series A in 2015
Yingxiong Huyu specializes in the development of mobile e-sports games and the organization of e-sports competitions. The company focuses on creating engaging gaming experiences that cater to the growing demand for mobile e-sports, while also facilitating competitive events that bring players together. Through its dual role as a game developer and competition organizer, Yingxiong Huyu aims to contribute to the vibrant e-sports ecosystem, appealing to both gamers and audiences interested in competitive gaming.

Juzi Entertainment

Series A in 2015
Juzi Entertainment, based in Beijing, China, is a media company focused on developing mobile applications that deliver information tailored to young audiences. The company specializes in a wide range of entertainment categories, including celebrity news, film and television, fashion, beauty, and lifestyle trends. Juzi Entertainment aims to engage users by providing fresh and captivating content that resonates with their interests. By concentrating on the evolving world of entertainment and fashion, the company acts as a platform for users to stay informed and connected to the latest developments in these dynamic fields.

Qianlong Xincheng

Angel Round in 2015
Qianlong Xincheng provides fun and entertainment for the younger generation of game users.

Juzi Entertainment

Angel Round in 2015
Juzi Entertainment, based in Beijing, China, is a media company focused on developing mobile applications that deliver information tailored to young audiences. The company specializes in a wide range of entertainment categories, including celebrity news, film and television, fashion, beauty, and lifestyle trends. Juzi Entertainment aims to engage users by providing fresh and captivating content that resonates with their interests. By concentrating on the evolving world of entertainment and fashion, the company acts as a platform for users to stay informed and connected to the latest developments in these dynamic fields.

Mybo Games

Seed Round in 2014
Mybo Games is a gaming company based in China that specializes in developing mobile applications for iOS users, with a focus on overseas markets. The company has created a variety of popular gaming titles, including Ponon! Delux, Tetris, Starry Nuts, and Bouncy Seed. These games are designed to provide users with engaging and entertaining experiences during their leisure time.

Xiaohongshu

Series A in 2014
Xiaohongshu, founded in 2013 and based in Shanghai, China, is a lifestyle sharing platform that allows users to share experiences through text, images, and videos. Initially aimed at assisting overseas travelers with shopping, it has transformed into a vibrant community focused on various lifestyle areas, including cosmetics, fashion, food, travel, entertainment, reading, fitness, and childcare. The platform serves as a social e-commerce space where users can post their favorite products, share shopping experiences, and discover global merchandise, particularly in luxury and beauty sectors. By fostering user-generated content, Xiaohongshu encourages a collaborative environment for lifestyle enthusiasts to exchange insights and recommendations.

Xiaohongshu

Series A in 2014
Xiaohongshu, founded in 2013 and based in Shanghai, China, is a lifestyle sharing platform that allows users to share experiences through text, images, and videos. Initially aimed at assisting overseas travelers with shopping, it has transformed into a vibrant community focused on various lifestyle areas, including cosmetics, fashion, food, travel, entertainment, reading, fitness, and childcare. The platform serves as a social e-commerce space where users can post their favorite products, share shopping experiences, and discover global merchandise, particularly in luxury and beauty sectors. By fostering user-generated content, Xiaohongshu encourages a collaborative environment for lifestyle enthusiasts to exchange insights and recommendations.

Super Evil Megacorp

Seed Round in 2013
Super Evil Megacorp develops core video games for mobile and tablet platforms and operates a gaming platform that offers online multiplayer experiences with high graphical fidelity and touch-friendly controls. The company aims to deliver category-defining multiplayer experiences for the touchscreen generation by combining deep technical and design capabilities to enable users to play single- or multiplayer games with engaging effects.

Xiaohongshu

Seed Round in 2013
Xiaohongshu, founded in 2013 and based in Shanghai, China, is a lifestyle sharing platform that allows users to share experiences through text, images, and videos. Initially aimed at assisting overseas travelers with shopping, it has transformed into a vibrant community focused on various lifestyle areas, including cosmetics, fashion, food, travel, entertainment, reading, fitness, and childcare. The platform serves as a social e-commerce space where users can post their favorite products, share shopping experiences, and discover global merchandise, particularly in luxury and beauty sectors. By fostering user-generated content, Xiaohongshu encourages a collaborative environment for lifestyle enthusiasts to exchange insights and recommendations.

S-Game

Series A in 2013
S-Game is a content production company specializing in the development of mobile games. The company has produced a variety of titles, including the Rain Blood series and the Shadow Blade series, which are available on both iOS and Android platforms. S-Game focuses on creating engaging stand-alone online games and aims to cater to the growing demand for mobile gaming content.

Pianpian

Angel Round in 2013
Pianpian (片片) is a Chinese application owned by Atom Interaction (Beijing) Technology Co., Ltd., an internet company focused on innovation. It enables users to watch and download high-definition films and television series including different varieties of blockbusters, TV series, variety programs, animated cartoons, and more. The company’s initial staff comes from National University of Singapore, Michigan State University, Tsinghua University, and many other universities. Its members have previous technology and operation experiences of mobile internet. The company aims on developing interesting mobile applications that can change life and affect the living habits, and spreading it to the Silicon Valley as well as the rest of the world. Developed mobile applications of the company are focused on video, social intercourse, entertainment, and many other features. Pianpian is an audiovisual mobile application developed by Yuanzi Hudong. It was launched in October 2012.

Jiecao

Seed Round in 2012
Jiecao is an entertainment social app.
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