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The Venture Codex

Joy Capital

Room 150, Building 119, No. 27 West Dawang Road, Beijing, Chaoyang District, China

Overview

Venture capital firm investing in early and growth-stage startups.

Founded

2015

Deals · 12mo

0

Links

WebsiteLinkedInX (Twitter)

Stage focus

Series B
Series C

Geographic focus

China
United States

Sector focus

—

Investment portfolio

21rounds
NAMEDATESIZE
Haivivi
Aug 2025Led
$28 MSeries A
Kuafood
Feb 2024Led
$69 MSeries B
Qidi
Sep 2022Led
$14 MOther Equity
Starfield Food & Science Technology
Jan 2022Participated
$100 MSeries B
Starfield
Jan 2022Participated
$100 MSeries B
Innovusion
May 2021Participated
$64 MSeries B
MegaRobo
Nov 2020Participated
$30 MSeries B
Starfield
Aug 2020Led
$10 MSeries A
temi
Feb 2020Led
$15 MSeries B
Healthy.io
Sep 2019Participated
$60 MSeries C
Luckin Coffee
Apr 2019Participated
$150 MSeries B
Danke Apartment
Feb 2019Participated
$500 MSeries C
Haivivi
Aug 2025Led
$28 MSeries A
Kuafood
Feb 2024Led
$69 MSeries B
Qidi
Sep 2022Led
$14 MOther Equity
Starfield Food & Science Technology
Jan 2022Participated
$100 MSeries B
Starfield
Jan 2022Participated
$100 MSeries B
Innovusion
May 2021Participated
$64 MSeries B
MegaRobo
Nov 2020Participated
$30 MSeries B
Starfield
Aug 2020Led
$10 MSeries A
temi
Feb 2020Led
$15 MSeries B
Healthy.io
Sep 2019Participated
$60 MSeries C
Luckin Coffee
Apr 2019Participated
$150 MSeries B
Danke Apartment
Feb 2019Participated
$500 MSeries C
21
Items
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Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Joy Capital: 21 funding rounds are recorded in the selected participation categories.All available history.
Joy Capital: 21 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Series A20
Series B28
Series C+24
Other Equity12

Monthly Deal Activity

Joy Capital: 21 deals are recorded across 136 months.All available history.
Joy Capital: 21 deals are recorded across 136 months. All available history
MonthDeals
Jul '151
Aug '151
Sep '150
Oct '150
Nov '150
Dec '150
Jan '160
Feb '160
Mar '160
Apr '160
May '160
Jun '160
Jul '160
Aug '160
Sep '160
Oct '160
Nov '161
Dec '160
Jan '170
Feb '170
Mar '170
Apr '170
May '170
Jun '170
Jul '170
Aug '170
Sep '170
Oct '170
Nov '171
Dec '170
Jan '180
Feb '180
Mar '181
Apr '180
May '180
Jun '181
Jul '180
Aug '181
Sep '180
Oct '181
Nov '180
Dec '181
Jan '190
Feb '191
Mar '190
Apr '191
May '190
Jun '190
Jul '190
Aug '190
Sep '191
Oct '190
Nov '190
Dec '190
Jan '200
Feb '201
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '201
Sep '200
Oct '200
Nov '201
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '211
Jun '210
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '222
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '220
Sep '221
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '240
Feb '241
Mar '240
Apr '240
May '240
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '251
Sep '250
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '260
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Joy Capital: Real Estate & Construction is the largest displayed sector by deal count (9 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.

Joy Capital: Real Estate & Construction is the largest displayed sector by deal count (9 deals). All available history
SectorDeals
Real Estate & Construction9
Networks, Cloud & Communication8
E-Commerce & Retail8
Hardware & Robotics5
Manufacturing4
Food & Agriculture4
Health & Life Sciences3
AI & Machine Learning2
Transportation & Logistics2
Enterprise Software1
Professional Services1

Deal Size Distribution

Joy Capital: 21 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.

Joy Capital: 21 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M0
$5M-$10M0
$10M-$25M3
$25M-$50M2
$50M-$100M6
$100M-$250M8
$250M-$500M1
$500M-$1B1
$1B+0

Deals By Geography

Joy Capital: China has the largest recorded deal count among the displayed regions (15 deals).All available history.

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

Joy Capital: China has the largest recorded deal count among the displayed regions (15 deals). All available history
RegionDeals
China15
United States4
Israel1
1015001
Joy Capital: 20 co-investors are shown, with Morningside Ventures sharing 4 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.

Joy Capital: 20 co-investors are shown, with Morningside Ventures sharing 4 recorded deals. All available history
Co-investorShared deals
Morningside Ventures4
BAI Capital3
Capital Today3
CICC Capital3
CMC Capital3
GIC3
Primavera Capital Group3
Sky9 Capital3
Dazheng Capital2
Gaorong Capital2
Lightspeed China Partners2
Matrix2
Matrix Partners China2
Tiger Global2
Youjin Investment Management2
Yunfeng Capital2
Advantech Capital1
Aleph1
Ansonia Holdings1
Ant Financial1

Investment Strategy

Joy Capital: Led accounts for 33% and participating for 67% of round participation.All available history.
Joy Capital: Led accounts for 33% and participating for 67% of round participation. All available history
CategoryDeals (count)Share (%)
Led733%
Participating1467%
Joy Capital: Single-lead accounts for 57% and co-led for 43% of lead dynamics.All available history.
Joy Capital: Single-lead accounts for 57% and co-led for 43% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead457%
Co-led343%

Team

Erhai Liu

Founding and managing partner

Xiao Li

Founding Partner