Participated · Series C · Feb 2022

HARMAY operates a hybrid online-offline beauty retail platform renowned for its uniquely designed, street-facing concept stores and data-driven merchandising strategy. Since opening its first physical location in 2017, the company has expanded to nine stores across China and maintains an award-winning in-house architectural design team. Its assortment now exceeds 9,000 SKUs sourced from over 400 international beauty and lifestyle brands, with more than 100 new labels added in 2021 alone. HARMAY leverages big data and a team of buyers to continuously identify emerging niche products and refresh its offering. The company plans to extend its brick-and-mortar footprint to Wuhan, Guangzhou, and Shenzhen while launching a dedicated mobile app to complement its existing WeChat mini-program. Beyond retailing third-party brands, the firm is expanding its own portfolio, having recently acquired Kevyn Aucoin Beauty and deepened collaborations with L’Oréal Group brands. Today the business employs over 400 people and positions itself as an innovator in omnichannel beauty and lifestyle shopping experiences.

Participated · Series G · Oct 2020

Yuanfudao is a Beijing-based online education platform founded in 2012 that provides a range of digital learning products. Its offerings include a live tutoring platform (Yuanfudao), Zebra AI Class, the online question bank Yuantiku, the question-searching app Xiaoyuan Souti and the arithmetic checking app Xiaoyuan Kousuan. The company has established multiple teaching and research centers and branches across China, including Wuhan, Xi’an, Zhengzhou, Nanjing, Chengdu, Jinan, Changsha, Tianjin, Chongqing, Shenyang, Changchun and Hefei. It employs more than 30,000 people. Following its latest financings the company’s valuation rose to US$15.5 billion. Yuanfudao plans to use the new funding to accelerate new curriculum product development and expand its online education service system. Yuanfudao is a Chinese online education company that provides online homework assistance and structured educational plans for students. Its apps were ranked the top education apps in China for in-app purchases between January and March, according to App Annie. The company reports 400 million users and operates 11 teaching and curriculum development centers across China. Demand for its services has surged as social distancing has forced schools to shift classes online. Yuanfudao recently raised $1 billion in funding, leading to a $7.8 billion valuation—more than double its $3 billion valuation from last year. Investors in the company include Tencent Holdings, Hillhouse Capital Group, Boyu Capital, and IDG Capital. Yuanfudao offers a suite of K-12 education services, including live courses, a database of exam problems, and a popular homework-help app that scans problems and provides instant solutions. The company also operates an AI research institute intended to improve its product intelligence. Yuanfudao says it serves more than 200 million users and derives the majority of its revenues from selling live courses. The startup plans to use proceeds from the latest financing to invest in AI research and to improve its apps' user experience. It competes in China’s large, fast-growing online K-12 tutoring market against players such as Zuoyebang and Yiqizuoye. The company was described in the article as a six-year-old startup focused on the exam-oriented Chinese market. Yuanfudao is a Beijing-based online tutoring company that offers live, app-based tutoring to students. The platform reports more than 160 million students using its mobile apps and about 1 million paying users. Tencent is a previous backer of the company. The article does not disclose revenue or other financial details beyond the fundraising. Yuanfudao has attracted major investors in this round, reflecting continued interest in China’s edtech sector. The company’s recent raise places it among Chinese unicorns valued at more than $1 billion.

Participated · Series C · Aug 2018

MyDreamPlus is a Beijing-based tech company that provides shared office space to startups, freelancers, small and medium enterprises, and corporate satellite teams. It has built an Office as a Service (OaaS) system that integrates space design, smart office management, and community operation. The company operates around 300,000 square meters of floor space across nearly 40 office units in core business districts in Beijing, Chengdu, Shanghai, Hangzhou, and Xi’an. MyDreamPlus plans to use new funding to grow operations and to consolidate its position in the domestic co-working and workspace industry. It intends to expand further into Tier 1 cities such as Beijing and Shanghai as well as Chengdu, Hangzhou, and Xi’an, and to increase investment into R&D and upgrade its smart office spaces. MyDreamPlus was co-founded in 2015.