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INCE Capital

Shanghai World Financial Center, No. 100 Century Avenue, Pudong District, Shanghai, China

Overview

Investment fund for early-stage consumer tech companies in China.

Founded

2019

Deals ยท 12mo

1

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series C

Geographic focus

China
Singapore
United States

Sector focus

Financial Services
Venture Capital

Investment portfolio

23rounds
NAMEDATESIZE
Earendil Labs
Mar 2026Participated
$787 MOther Equity
Avenzo Therapeutics
Sep 2025Participated
$60 MSeries B
X Square
Sep 2025Participated
$140 MSeries A
Ronovo Surgical
Sep 2025Participated
$67 MSeries D
Bambusa Therapeutics
Sep 2024Participated
$15 MSeed
UXLINK
May 2024Led
$5 MOther Equity
Avenzo Therapeutics
Mar 2024Participated
$150 MSeries A
Nest Wallet
Feb 2024Participated
$4 MOther Equity
CharacterX
Jan 2024Led
$3 MSeed
MyShell
Oct 2023Led
$6 MSeed
Bubblemaps
Sep 2023Led
$3 MSeed
Allorion Therapeutics
Mar 2023Led
$50 MSeries B
Earendil Labs
Mar 2026Participated
$787 MOther Equity
Avenzo Therapeutics
Sep 2025Participated
$60 MSeries B
X Square
Sep 2025Participated
$140 MSeries A
Ronovo Surgical
Sep 2025Participated
$67 MSeries D
Bambusa Therapeutics
Sep 2024Participated
$15 MSeed
UXLINK
May 2024Led
$5 MOther Equity
Avenzo Therapeutics
Mar 2024Participated
$150 MSeries A
Nest Wallet
Feb 2024Participated
$4 MOther Equity
CharacterX
Jan 2024Led
$3 MSeed
MyShell
Oct 2023Led
$6 MSeed
Bubblemaps
Sep 2023Led
$3 MSeed
Allorion Therapeutics
Mar 2023Led
$50 MSeries B
23
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

INCE Capital: 23 funding rounds are recorded in the selected participation categories.All available history.
INCE Capital: 23 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed41
Series A12
Series B12
Series C+17
Other Equity13

Monthly Deal Activity

INCE Capital: 23 deals are recorded across 79 months.All available history.
INCE Capital: 23 deals are recorded across 79 months. All available history
MonthDeals
Apr '201
May '200
Jun '200
Jul '201
Aug '200
Sep '201
Oct '200
Nov '200
Dec '201
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '211
Jul '210
Aug '212
Sep '210
Oct '210
Nov '210
Dec '210
Jan '221
Feb '222
Mar '220
Apr '220
May '220
Jun '221
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '231
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '231
Oct '231
Nov '230
Dec '230
Jan '241
Feb '241
Mar '241
Apr '240
May '241
Jun '240
Jul '240
Aug '240
Sep '241
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '253
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '261
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

INCE Capital: Health & Life Sciences is the largest displayed sector by deal count (7 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

INCE Capital: Health & Life Sciences is the largest displayed sector by deal count (7 deals). All available history
SectorDeals
Health & Life Sciences7
Crypto & Blockchain6
Fintech6
Networks, Cloud & Communication5
E-Commerce & Retail4
AI & Machine Learning4
Hardware & Robotics3
Enterprise Software2
Education & Workforce1
AR/VR1
Data, Analytics & IT1
Space & Frontier Tech1
Transportation & Logistics1
Consumer & Lifestyle1
Manufacturing1
Media & Entertainment1
Food & Agriculture1
Professional Services1
Social & Community Platforms1

Deal Size Distribution

INCE Capital: 23 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

INCE Capital: 23 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M4
$5M-$10M2
$10M-$25M3
$25M-$50M2
$50M-$100M6
$100M-$250M4
$250M-$500M1
$500M-$1B1
$1B+0

Deals By Geography

INCE Capital: United States has the largest recorded deal count among the displayed regions (10 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

INCE Capital: United States has the largest recorded deal count among the displayed regions (10 deals). All available history
RegionDeals
United States10
China9
Singapore3
Europe1
INCE Capital: 20 co-investors are shown, with OrbiMed sharing 3 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

INCE Capital: 20 co-investors are shown, with OrbiMed sharing 3 recorded deals. All available history
Co-investorShared deals
OrbiMed3
TF Capital3
A&T Capital2
B Capital Group2
CITIC Securities2
Deep Track Capital2
Delos Capital2
Foresite Capital2
GGV Capital2
HashKey Capital2
Hel Ved2
Kunling Capital2
Lilly Asia Ventures2
New Enterprise Associates2
Qiming Venture Partners2
Quan Capital2
Sands Capital2
Sequoia Capital2
SevenX Ventures2
Sofinnova Ventures2

Investment Strategy

INCE Capital: Led accounts for 35% and participating for 65% of round participation.All available history.
INCE Capital: Led accounts for 35% and participating for 65% of round participation. All available history
CategoryDeals (count)Share (%)
Led835%
Participating1565%
INCE Capital: Single-lead accounts for 63% and co-led for 38% of lead dynamics.All available history.
INCE Capital: Single-lead accounts for 63% and co-led for 38% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead563%
Co-led338%

Team

JP Gan

General Partner

Steven Hu

Founding Partner