After crossing the "Shoucheng" stage of the blue thread of the road, the elites of large factories chose to start from 0 to bravely enter the venture capital circle.
There are some well-known investors in the venture capital circle who used to be executives of major Internet companies. They chose to leave the big factory to join the venture capital circle and become the founders and participants of the well-known domestic enterprises. Surprisingly, even across the industry, these former big factory elites are still replicating their success.
From executives to investors, the two seem to be completely different businesses, but their internal logic is similar. Both require a deeper understanding of an industry, as well as indomitable courage and determination. In addition, executives learn more about the values of industry knowledge, technical understanding, market leadership, and business models from large companies, giving them a high degree of agility in investment decisions. It's easier to invest in high-potential companies, and for start-up companies, getting such investors can be of substantial help.
These executive-turned-investors may have given them a deep understanding of the market and a keen sense of opportunity. And this also allows them to make great progress in this investment field of "fast, accurate and ruthless", and reap fruitful results.
01 Jinqiu**: byte-based VC
On July 15, 2022, a VC** named Jinqiu** completed the filing with the AMAC. According to the filing information, Jinqiu ** was established on March 30, 2022 and is a private equity and venture capital ** manager with a registered capital of 10 million yuan. Yang Jie, the former head of the financial investment department of ByteDance, is the legal representative and executive director of the **. In addition, according to the official information of Jinqiu**, the core personnel of the team, executive director Zang Tianyu, vice president of investment Zheng Xiaochao, and investment manager Luo Zhao are all from the ByteDance financial investment team.
It is worth mentioning that in addition to the team members, the name "Jinqiu" is also inextricably linked to ByteDance.
In March 2012, Zhang Yiming came to Zhichun Road and rented a private house, Jinqiu Homestead, as ByteDance's first office. Starting from this small office, ByteDance has gradually moved from Zhichun Road to the world, with a maximum market value of 29 trillion. As the starting point of Zhang Yiming's dream, Jinqiu Home carries his deep feelings.
In 2021, ByteDance publicly stated that it would launch a new venture capital brand, Jinqiu Venture Capital. It's just that in January 2022, ByteDance announced the dissolution of the war investment department, which also led to the termination of the Jinqiu venture capital plan. By July of this year, Jinqiu ** was born, although there is no ByteDance figure among its investors, but the industry generally believes that this is ByteDance's independent GP.
At present, Jinqiu** has invested in many technology companies, including Cloud Whale Intelligence, Moore Threads, Qingzhou Zhihang, VisionNav Robotics, Jiazhi Technology, Zongteng Network, Zhongtong Express, etc.
In recent years, the scientific and technological capabilities represented by artificial intelligence have been significantly improved, which also creates the possibility for intelligence to be implemented in more and more fields. Jinqiu ** is an opportunity to focus on the intelligence of all things, and on this basis to make layout investment.
According to the official information of Jinqiu**, Jinqiu** pays attention to the transformation of AI technology for traditional industries, focusing on the three major directions of industry, agriculture and going to sea, and expanding to logistics and transportation, new energy, and biomedicine. The investment preference is for companies that take into account the growth stage in the early stage, and the initial investment rounds are mostly in the pre-A round - B round.
In the direction of industry, Jinqiu's investment is in new industries with high prosperity (lithium battery, photovoltaic, semiconductor) and traditional industries with low penetration (construction machinery, iron and steel metallurgy);In the direction of agriculture, we are optimistic about the "industrialization of agriculture", with the new planting and breeding system empowered by science and technology as the main line of investment, taking into account the new breeding system driven by AI + gene technology and the alternative production mode based on synthetic biologyIn the direction of going overseas, we will focus on improving the efficiency of cross-border business flow, logistics and capital flow driven by digitalization and AI technology.
Although Jinqiu**, led by Yang Jie, was only founded in 2022, the key members of the investment team have managed two phases of virtual ** during their service to the ByteDance financial investment team. The two ** have achieved good results, laying the foundation for the establishment of Jinqiu**.
In August 2019, the first phase of ByteDance Virtual ** was established, with a fundraising scale of 48.91 million US dollars (about 300 million yuan), and the investment preference is biased towards the early stage. As the pioneering work of ByteDance's war investment department, the first phase of virtual ** has achieved very remarkable results. As of March 2022, the return on investment is 213, which is about the cost of 79 times.
From the perspective of the project, the first phase of Byte Virtual ** is mainly aimed at the fall of the AI field. These include Yunjing Intelligence, a unicorn for home AI robots, Songzhi Intelligence, which develops AI technology to empower manufacturing, Lingxi Technology, a specialized and special new enterprise that develops AI customer service, and Wangshi Wisdom, which develops biopharmaceuticals for AI. Among them, many projects have received sky-high returns. Taking Cloud Whale Intelligence as an example, the first phase of Byte Virtual ** has achieved nearly 4 times the return, and the total return on investment has reached 458.
In January 2021, ByteDance struck while the iron was hot and carried out the second phase of virtual ** fundraising. Due to the success of the first phase, the second phase of fundraising was carried out extremely smoothly, raising a total of 55.1 billion US dollars (about 4 billion yuan), more than 10 times the scale of the first phase. In terms of investment preference, it has expanded from the early stage of the foundation to the growth stage. As of March 2022, the return on investment in early-stage projects was 16 times, the total yield is 86;Growth period return on investment11 times, total yield 28.
The classification of investment projects is also broader than that of the first phase. These include the Zongteng network in the field of logistics, the Qingzhou Intelligent Aviation in the field of intelligent driving, and the ...... of Feigu Technology in the field of light industry
02 Yuansheng Capital: Walk out of the "goose factory" and focus on "investment in essence".
Tencent is nicknamed the "Goose Factory". As a well-known Internet giant, its market value exceeded $300 billion as early as 2017. It is worth mentioning that it has not only created a powerful business empire of the goose factory, but also cultivated a number of powerful figures.
In 2015, Yuansheng Capital was established to invest in the growth opportunities of China's economy. Among them, the founder Peng Zhijian was responsible for founding and leading Tencent's global investment and M&A business, during which he led the investment in 300+ companies, with a cumulative investment of nearly 100 billion yuan. Another co-founder, Xu Liang, was one of Tencent's earliest product managers, and during his 13-year tenure at Tencent, he was responsible for senior management positions in the areas of product, operations, strategy, and investment.
Today, Xiaohongshu, which has a valuation of more than $20 billion, was the first project invested by Yuansheng Capital. In 2016, Yuansheng Capital and Tiantu Investment jointly invested in Xiaohongshu's Series C round, totaling US$100 million. In 2018 and 2021, Yuansheng Capital co-invested in Xiaohongshu in two consecutive rounds. After the E round of financing, Xiaohongshu's valuation reached $20 billion, and Yuansheng Capital received more than 100 times the return on this project.
In addition to Xiaohongshu, Yuansheng also led a wonderful merger and acquisition event as a promoter. In April 2017, Yuansheng Capital led the investment in social software Tantan. Less than a year after investing in "Tantan", Momo found Yuansheng and expressed his willingness to acquire Tantan. The two parties then began negotiations on the acquisition in January 2018 and completed the acquisition in less than a month. For the founder of Tantan, for Yuansheng, and for all shareholders of Tantan, this is an exit with a very good rate of return. It only took about 12 months for Yuansheng Capital to withdraw and get the money back.
According to the company's investigation, Yuansheng Capital has participated in 55 investment projects so far. These include unicorn companies such as Xiaohongshu, Meicai, and Yijiupi. There are also 12 projects such as Beisen Cloud, Zhenkun Xing, Zhangmen 1-to-1, Full Bang, Fourth Paradigm, Navitas Technology, Daily Youxian, and Beikang Medical, all of which have been listed on IPOs. In addition, Yuansheng Capital has also been used as a promoter to promote three large-scale M&A projects of Daily Youxian Convenience Purchase, Tantan and Truck Gang.
Up to now, Yuansheng Capital is managing six**, including three each in USD and RMB**, with a total management scale of more than RMB 15 billion. The founding team of Yuansheng Capital has invested more than 100 billion RMB in more than 300 growth companies around the world.
In terms of investment preference, Yuansheng Capital prefers mid-to-late stage investment. According to the data of Qichacha, Yuansheng Capital has invested very little in Series A and B, and more after Series C. For example, Xiaohongshu's C round, Daily Youxian's C+ round, Tantan and Zhangmen's 1-to-1 D round.
In terms of investment direction, Yuansheng Capital was more inclined to consumption and the Internet in the early stage, such as Chayan Yuese, Xiaohongshu, Bananai, Zhenkun Xing, etc. In recent years, it has increased its investment in cutting-edge technologies, such as AI chip boarding technology and unmanned Qingzhou Zhixing.
Yuansheng Capital inherited the investment habit of founder Peng Zhijian when he was at Tencent: investing in top big tracks and top CEOs. But the difference is that as a large factory, Tencent has enough food, so the focus of investment is not to miss it. However, the start-up Yuansheng Capital has limited funds, so the investment focus is not to make mistakes and implement the investment strategy of "less investment and more investment". This also led to a huge difference in the amount of investment made by Peng Zhijian during the Tencent period and the Yuansheng Capital period. It is reported that Peng Zhijian and Xu Liang invested in hundreds of projects in 7 years during the Tencent period. In the 8 years since its establishment, Yuansheng Capital has only invested in 55 companies, an average of less than 6 companies per year. However, this also ensures that Yuansheng Capital can spend a lot of time understanding the company before investing to ensure the realization of the investment.
03 Yuanjing Capital: A VC institution founded by Ali's "East Evil".
Wu Yongming, one of the eighteen Arhats of Alibaba, uses "East Evil" as his flower name. At the same time, he has a lot of titles. One of Alibaba's earliest programmers, Jack Ma's most trusted man, Ali employees call him "Wu Ma" ......At the same time, he is also the founder of Yuanjing Capital, a star VC institution.
In 1996, Wu Yongming graduated from the Department of Computer Science at Zhejiang University of Technology and joined the China Yellow Pages, which was founded by Jack Ma. A year later, he followed Ma Yun to Beijing and was responsible for the technical development of the Ministry of Foreign Trade and Economic Cooperation at that time. In 1999, he followed Jack Ma back to Hangzhou to participate in the establishment of Alibaba, becoming the youngest of the 18 Arhats at that time.
In the eyes of the outside world, Wu Yongming has always been synonymous with Alibaba's high-tech elite, and has served as the chief technology officer of many important businesses such as ** and Alipay.
It is reported that Wu Yongming has participated in the acquisition of AutoNavi Map, UC Browser, Momo, Umeng and other businesses. Among them, UC Browser has brought a very large traffic entrance to Ali, and Umeng has brought Ali the ability to move data-related services.
By 2015, Wu Yongming left Alibaba and founded Yuanjing Capital. Some entrepreneurs in Hangzhou called Yuanjing Capital "one of the best investment institutions in Hangzhou", and almost invested in all the well-known enterprises in Hangzhou.
According to the company's investigation, Yuanjing Capital has managed a total of 19** so far, with a scale of 1.5 billion to 5.5 billion US dollars.
In 2020, Yuanjing Capital completed the first round of fundraising in USD III**, with a scale of 4$500 million. Although the list was not specifically disclosed, according to the introduction of Yuanjing Capital, the investors of the ** include well-known sovereign wealth**, technology industry groups, international pension**, professional mothers** and well-known entrepreneur families**. It is worth mentioning that the ** has expanded from the original A B round of early investment to the growth stage investment after the C round. For example, Fourier Intelligence, a specialized small giant enterprise that researches exoskeleton robots and first-class robots, and Yunsheng Group, a digital Internet platform, etc.
By 2022, the third phase of Yuanjing Capital's RMB** fundraising will end, with a total scale of 2 billion people. In this regard, the third phase of RMB and US dollar fundraising** landed, and the total scale of dual currency** is equivalent to more than RMB 5 billion. After the end of the fundraising, the total management scale of RMB and USD has exceeded 10 billion yuan.
This fundraising attracted the full participation of various types of LPs, and many old LPs enthusiastically repurchased, including large technology industry groups, professional parents, state-owned assets guidance, etc. There are a number of ** and state-owned industrial groups in the new LP, including Hangzhou High-tech Investment, Hangzhou Capital, Yuhang Financial Holding and many other industrial capitals in Hangzhou and East China, especially the development of national small and medium-sized enterprises**, which are also the main cornerstone investors.
Up to now, Yuanjing Capital has invested in a total of 177 projects, mainly in the three major areas of corporate services, e-commerce and medical health. In recent years, Yuanjing Capital has also made investment layouts in the three major technology fields of artificial intelligence, electric vehicles and new robots.
Among the investments that Yuanjing Capital has participated in, the rounds are mainly concentrated in the early rounds before Series A. Among the invested projects, there are more than a dozen unicorn projects such as Qingzhou Intelligence, Leading Group and RokidThere are also four star IPO projects of Tuya Smart, Li Auto, Daily Youxian, and Eggshell Apartment.
In 2016 and 2017, Yuanjing Capital continuously invested in Li Auto's Series A and Series A+ financing. By July 2020, Li Auto successfully landed on the NASDAQ IPO, raising $1.5 billion. According to the IPO pricing, the total market value of Li Auto at that time was nearly 10 billion US dollars.
It is worth mentioning that Wu Yongming, who was born in Alibaba, also participated in the financing of many Alibaba-based enterprises in Yuanjing Capital, which he founded. For example, Tuya Smart, which has been IPO, is founded by Wang Xueji, the first head of Alibaba Cloud. It is understood that Wang Xueji received a wave of investment from Yuanjing Capital in the initial period of Tuya Smart, and this investment is also the first investment received by Tuya Smart.
Rongzhong 2024 (13th) Capital Annual Conference will be held on January 17-18, the meeting will gather the competent authorities, state-owned assets **guidance**, market-oriented parent **LP, VC PE investment institutions and innovation leading enterprises, on the new situation of the industry ecology to conduct a comprehensive view of the mining and problems, welcome to sign up to participate. 2023 Post Sprint Competition