FreeS Fund
峰瑞资本
FreeS Fund (峰瑞资本) is a Beijing-style early-stage venture capital firm founded in 2015 by Li Feng, a former partner and investment committee member at IDG Capital who had led deals in Bilibili, 360 Finance, Yirendai, Liulishuo, and Three Squirrels before striking out on his own . The fund focuses on early and early-growth investments across three core directions — consumer, hard tech, and biotech/healthcare — and describes itself as research-driven with a long-term-value bent . Its portfolio shows that range: synthetic biology bets like Bluepha and Xinsu Technology, hard tech names like Calterah's 77GHz radar chips and commercial-space rocket maker JiuZhou Cloud Arrow, and consumer plays like contact-lens brand Kilala . The firm picked up industry recognition early on, landing on 36Kr's most influential early-stage institutions list in 2019 , and as of a 2026 piece its team was still publicly making the case for AI + hardware + global-expansion investing .
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Coverage
Weibang Zhendian Closes Nearly RMB 100 Million Series B Led by Dalton Venture to Advance Commercialization in Industrial Inspection, Clinical, and AI for Science | Dalton Venture News
Recently, **Zhejiang Weibang Zhendian Optoelectronic Technology Co., Ltd. (hereinafter: Weibang Zhendian) completed a nearly RMB 100 million Series B round, led by Dalton Venture with participation from IDG Capital**. The funds will primarily be used to advance the commercialization of its products in industrial inspection, clinical applications, AI for Science, and other fields. Prior to this, Weibang Zhendian had completed two funding rounds, with investors including Tao Capital, FreeS Fund, Founder Hesheng, Naton Capital, and SND Group.
What Are Young People Overseas Thinking About? A Conversation with Yale University and UPenn Students on AI, Bubbles and Cycles, Robots, and the Future of Energy
The surging wave of AI — where will it carry us?
Seeking People Who See Change Before the Market | FreeS Fund Is Hiring Investors
Find the change that's already happening but hasn't been fully priced in yet.
Why We Remain Bullish on the AI + Hardware + Global Expansion Track
In the cross-border expansion space, there's a fascinating "disconnect" between micro-level intuition and macro-level data.
What Are Investors Worried About in AI's Hottest Six Months?
If the AI industry starts "popping bubbles," which category of companies would be the first to get repriced?
What Are Investors Worried About After AI's Hottest Six Months?
If the AI industry starts "deflating," which category of companies will be the first to get repriced?
Panning for Gold in the Light: Where AI Goes Next, Through the Eyes of a Tech Investor
Stand in the light, and stand there with more founders.
Panning for Gold in the Light: Where AI Goes Next, Through the Eyes of a Tech Investor
Stand in the light, and stand there with more founders.
3 IPOs Leading the Pack, 11 Companies Land New Funding | FreeS Family Funding News Vol.26
Looking forward to working alongside more outstanding founders.
A quick announcement: elsewhere now has a website.
Currently in beta — welcome to try it out.
Has the Inflection Point for AI for Science Arrived?
Where will the next Nobel Prize emerge?
Has the Inflection Point for AI for Science Arrived?
Where will the next Nobel Prize emerge?
In the AI PC Era, True "Token Freedom" Is on the Edge: Edge Computing Engine Company AgiBot Secures Tens of Millions of RMB in Funding
Let users move from "renting intelligence" to "owning intelligence."
AeroBand Closes Nearly 100 Million Yuan Series A Round, Leading the Future of Smart Instruments Through Technology | Oasis Vitality
Defining the gateway to next-generation digital music creation and sharing
Taking Over From Smartphones, Smart Wearables Are Becoming the New Engine of Consumer Electronics | FreeS Research
The lifestyle revolution driven by technology has only just begun.
"LimX Dynamics" Raises 500 Million RMB in Series A Funding Over Six Months | Oasis Capital Vitality
Consultant Vitality
LimX Dynamics, a general-purpose humanoid robotics company, completes Series A funding round; Oasis Capital continues to increase its stake | Oasis Vitality
Counselor Vitality
Welcoming a New Cycle, Discovering New Paradigms | FreeS Fund 2023 Annual Investor Summit Recap
How Should We Understand Cycles, Technological Innovation, and Early-Stage Investment
General Electric-footed robotics company LimX Dynamics completes nearly RMB 200 million angel and Pre-A funding rounds | Oasis Capital leads
Counselor Vitality
FreeS Fund "Explorer" Program Recruitment Call | Let's Unlock the New Global Startup Map Together!
In volatile times, hold firm to the value of innovation and creation.
MaHui | Source Code Capital's Xingchen Zhang Named to Cyzone's 40 Under 40 Investors List
"Finding tech founders full of conviction"
Code Engraved | METiS Pharmaceuticals Announces Two Consecutive Rounds totaling $150 Million
The most advanced pipeline programs are expected to begin pivotal clinical trials in 2023.
Chemical.AI, an intelligent chemical synthesis platform, announced the completion of a nearly $15 million Series A+ funding round led by Source Code Capital.
Dedicated to solving new drug synthesis problems through artificial intelligence and chemical big data
How to Build Your Corporate Brand Strategy from 0 to 1 | FreeS Talk
"Different" beats "better."
"You always need to balance desire, capability, and resources" | FreeS Fund 2021 US-China Venture Forum Transcript
Startups or Investing: A Game of "Truth or Dare" at the Intersection
FreeS Fund 2021 Outlook ① | 8 Trends in Consumer Entrepreneurship
Where were the innovation opportunities in consumer-facing sectors in 2021? What kind of companies could break through?
Li Feng in Conversation with Academician Shao Feng: New Trends in Drug Discovery
How Can Basic Research Better Connect with Industry in Biomedicine, a Field Where "the Barrier to Entry Is Low, but the Courtyard Runs Deep"?
Source Code Capital portfolio company METiS Pharmaceuticals announced the completion of angel+ and Pre-A funding rounds totaling over 100 million yuan, with existing investor Source Code Capital continuing to increase its stake.
It was the first to propose building an AI-driven formulation development platform, jointly advancing new formulation drugs to clinical trials.
Building a Brand Is Starting to Look Like Building an App — What Can Consumer Brands Learn From Super Apps About Growth? | FreeS Research
Five Brand Strategies for the New Media Era
Blue Ocean Strategy: How Early-Stage Biopharma Startups Can Break Through and Win with Big Pharma | FreeS Fund 2020 Biopharma Summit Session 3 — Registration Open
From "Me Worse" to "First in Class": How Can Biopharma Companies Compete Through Differentiation?
Why Is AI Drug Discovery So Hot? And How Long Will It Stay Hot? | FreeS Fund Events & Research Recs
Three Slightly Brain-Burning Little Gifts
FreeS Fund's Li Feng: Consumer Brands Go From 0 to 1 Easily, But 1 to 10 Is Hard | 10/31 Closed-Door Session Registration
When everyone's doing Douyin, Bilibili, livestreaming... what are the truly sustainable dividends?
Beyond the "Narrow Door": A Real-World Portrait of Early-Stage Frontier Biotech Entrepreneurship in China | FreeS Fund 2020 Biotech Summit Registration Now Open
Will Today’s US Biotech Become China’s Tomorrow?
FreeS Fund Wins Multiple Awards from Zero2IPO, ChinaVenture, and Cyzone; See You Tomorrow at 9 AM in the Live Room | Frees Fund Vol. 4
Looking forward to having you join us!
Li Feng: One Chart to Decode Biotech Innovation Opportunities | Your Complete Guide to the FreeS Fund 2020 Biomedical Summit
Three Livestreams and One Offline Symposium, Decoding the Era of Biomedical Innovation
Farewell to Tradition, Decoding Complexity: How Can the Insurance Industry Transform and Upgrade? | FreeS Fund Fintech Venture Capital Summit Transcript
How Can Insurtech Serve the 800 Million People Without Coverage?
FreeS Fellow Program — North America Cohort 1 | Welcome to a VC World Driven by Curiosity and Value Creation
Seek out the young people who are thinking, who are creating.
How to Navigate Black Swans: We Spoke with Six Founders
Through the Hundreds of Hardships of Entrepreneurship: A Founder Must Be a Problem-Solver
Your Eyes Hold the Galaxy: How Colored Contact Lenses Became a Hit in One Chart | FreeS Research
China's Young People Embrace the Colored-Contact-Lens Era
The Financial Transformation Begins: How to Build the Next "Hundsun"?
The Financial Transformation Begins: How Can Startups Compete and Cooperate with Financial Institutions for Mutual Success?
Still Hiring Investors: FreeS Fund Fintech Open Day Registration Closing Soon | Frees Fund Vol. 2
Looking forward to your participation.
Veteran Entrepreneurs: Surviving the Darkest Hours While Spotting the Windows God Opens | FreeS Fund 2020 CEO Annual Meeting
Original Convictions, Darkest Hours, and Moats
FreeS Fund Report 19 | The Age of Tipsiness: Where Are the Opportunities in Low-ABV Alcohol Entrepreneurship?
Is this a market driven by long-term trends, or one poised for rapid near-term growth?
Tang Ning x Li Feng: How Can Startups Seize the Trillion-Dollar Wealth Management Transformation Opportunity?
What should the composition of a future-oriented portfolio look like?
A Job Posting, Three Events | Frees Fund
Looking forward to your participation.
What Happened to China's First Wave of '90s Founders? | FreeS Fund 2020 CEO Annual Meeting
"When you're young and truly believe in something, you'll give it everything you've got."
Zhang Liaoyuan of Three Squirrels: A Once-in-20-Years Brand Opportunity — How to Win in Three Steps | FreeS Fund 2020 CEO Annual Meeting
Three Squirrels' New Strategy for the Next Eight Years
FreeS Fund Fintech Investment Summit 2020: What New Opportunities Will Emerge in the Fintech Space?
4 online events, 1 offline Open Day
FreeS Fund Healthcare Open Day Is Here: Entering the Grand Era of Biomedical Innovation
Looking for China's Genentech, Moderna, Alnylam, Spark, Nimbus Therapeutics
In Our Sixth Year, FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
Betting on the power of innovation, staying research-driven.
Why We Seek Unique Investment Opportunities at the Intersection of Disciplines | Frees Fund — Learning About Investing Through Investing
Breakthrough innovations tend to happen at the intersection of disciplines.
Returning to China to Start a Business? Answers to Questions You Did — and Didn't — Think to Ask | Recap of FreeS Fund's First Open Day
Have ideals, but don't be idealistic.
How to Invest in Industrial Robots? | Frees Fund — Learning to Invest Through Investing
China will give rise to world-class industrial automation enterprises.
Philanthropy, Calls to Action, Bottom Lines, and Temptation: A Case Study in How a Startup Handles a Public Crisis | FreeS Fund Business School
True Stories of How Chinese Manufacturing Helped Fight the Pandemic
Frees Fund Report 18: Reflections Amid the Stock Market Rally — Where Are the Opportunities in Fintech? | Frees Fund
Our money is rushing toward new financial assets.
FreeS Fund's First-Ever Open Day: If You're Considering Returning to China for Work or Entrepreneurship, Come Visit Us
On the path of growth, we're bound to meet fellow travelers who share our passions.
FreeS Report 17: What New Opportunities Will Emerge in the Ancient Jewelry and Accessories Industry? | Frees Fund
From Chow Tai Fook to Pandora and APM: Decoding the Growth Logic of Famous Jewelry and Accessories Brands.
A Visual Guide to How New Platforms Are Born | Li Feng Column
The Importance of Datafication to Platform Ascendance
After 618: What's Next for Consumer Brands | FreeS Fund Business School
After 967.4 billion in cumulative GMV, who is swimming against the current?
How did Saturnbird surpass Nestlé and Starbucks to become No. 1 in the instant beverage category during 618? | Frees Fund — Learning from Investment
From 7-Eleven, Zhou Hei Ya, Three Squirrels, and Saturnbird: Understanding the Fundamentals of Consumer Goods Entrepreneurship
Why We're Bullish on Virtual Idols | Frees Fund
A Brief History of Virtual Idols in Japan, and Their Future in China.
Network Effects — Possibly One of the Best SaaS Business Models | Frees Fund: Learning from Investing
Tough businesses that address long-standing contradictions always represent outsized opportunities.
Riding the Gene Therapy Wave | Frees Fund
From Willow Bark to "God's Scalpel" — A Brief History of Drug Development
2020: Consumer Goods Entrepreneurship Enters an Era of Multiple Simultaneous Drivers | Frees Fund
How does content drive brand growth? Let's talk in person this Saturday.
2004–2020: Four Reforms in China's Capital Markets — Who Benefited in the End? (Part 2) | Li Feng Column
Standing at the threshold of ChiNext's registration-based IPO system.
Will China's Capital Market Improve in the Second Half of 2020? (Part 1) | Li Feng Column
Asset reallocation is, at its core, a process of money making direct judgments between safety and growth potential.
The Hammer and the Dance: Where Healthcare Investment Goes Next Under COVID-19 | FreeS Fund
The unexpected arrival of COVID-19 turned out to be a shot in the arm for the healthcare industry.
Why Is "New Infrastructure" China's Most Consequential Stimulus Policy for the Next Decade? | Li Feng Column
Two Decades of Chinese Infrastructure: The Evolution of Stimulus Policy and the Industry Chain's Long March
FreeS Fund received eight recognitions from institutions including *Fortune* (Chinese edition), 36Kr, and the Fund of Funds Alliance.
Do what's right, not what's easy.
A Visual Guide to China's Industrial Chain Shifts and Opportunities | Li Feng Column
The 40-Year Metamorphosis of China's Industrial Chain
Our Past 100 Days: Sailing Against the Wind, Growing Toward the Sun
Venture Capital's Pandemic Fight: A Chronicle
Where Does Live E-Commerce End? | Frees Fund
Live commerce is the outcome, not the goal.
Jiemian Partners with FreeS Fund to Launch "2020 Entrepreneur Support Program" | Recruitment Now Open
Standing Shoulder to Shoulder with Founders Through Hard Times
From Wind Rising to Wind Calming: Is Live E-Commerce a Feature or a Business Model? (Part 1) | Frees Fund
The Evolution of Livestreaming: From Esports and Showrooms to Juhuasuan
What Did Minister Miao Wei Actually Say About Chinese Manufacturing? | Frees Fund
What Happened to China's "Undervalued" Manufacturing Sector Between 2015 and 2019?
One Chart to Understand Globalization vs. Deglobalization | Li Feng Column
A Piece of History, Two Industries, Eight Companies: Understanding the Global Supply Chain
Thinking Through Turning Points and Opportunities Amid the Pandemic from a Global Citizen's Perspective | FreeS Fund North America Online Sharing
Welcome to sign up, VC friends from across the US and anyone following the China-US venture capital scene.
Tang Ning x Li Feng: Tech Won't Replace You — Your Competitors Who Master Tech Will | FreeS Fund Business School
How do you cultivate the ability to spot future trends amid uncertainty?
AI-powered pharmaceutical formulation development company "METiS" announced the completion of a multi-million dollar angel round — Source Code Capital participated as a follow-on investor.
The world's first startup to use AI to drive pharmaceutical formulation development, dedicated to providing drug companies with rapid, precise intelligent formulation R&D through high-throughput formulation platforms and AI computing technologies.
A Veteran Educator's 10,000-Word Reflection on K-12 Education's Reconstruction and Resilience Amid the Pandemic | FreeS Fund Business School
A child's time is irreversible. The essence of education is to produce good outcomes.
2020: The Travel Industry's Reset and Restart | Frees Fund
Three Major Shifts and Two Types of Opportunities
Can the Logistics Industry Produce an Uber or DiDi? | Frees Fund — Learning to Invest Through Investing
Following heavy trucks on their nocturnal runs for four years, this company has figured out what smart logistics actually looks like.
In-Vehicle Intelligent Weighing Platform *Shenzhen Hando* Closes RMB 80 Million Series A Round, FreeS Fund Continues to Follow On | FreeS Fund News
Smart logistics is an inevitable trend. At its core lies the intelligence and automation of every link in the supply chain — which in turn depends on digitizing each of those links.
The Education Survival Tournament After the Pandemic | Frees Fund
Spring for online education, not for online education companies. Behind every spring lies a reshuffling.
The New Landscape for Fresh Produce, Catering, and Food After the Pandemic | Frees Fund
Will the restaurant industry ever produce a "Xiaomi"?
The New Era of "Good Companies" After the Pandemic | Frees Fund
Industry Outlook for 2020 Amid the Pandemic
Helping Fight the Pandemic (Updated), Launching Smart Warehouse Robots… Navigating Through Challenges in 2020 | FreeS Chalkboard · January
Do what's right, not what's easy.
Li Feng Column 16 | The Fresh Retail Wars — Learning Early-Stage Investing from the Secondary Market
Exploring the Struggle to Buy Groceries During the Pandemic — and What It Reveals About China's Fresh Retail Industry
Supporting the Fight Against the Novel Coronavirus: Our Actions and Call to Action | FreeS Fund
Let's come together and help the people of Hubei get through this difficult time.
Two joyous gatherings, spotlighted by *People's Daily* commentary, Forbes China's Best Venture Capitalist, and 50+ other awards... The past is prologue; the future holds promise.
Do what's right, not what's easy.
Li Feng Column 15 | How Long Can Live E-Commerce Stay Hot?
How do you judge the real value of a buzzword?
FreeS Fund Recognized with China Renaissance "2019 Top 10 Best Angel Investment Firms" and Multiple Other Accolades
Do what's right, not what's easy.
FreeS Fund was named to Zero2IPO's "Top 50 China VC Firms of 2019" and "Top 30 China Cultural Consumption Investment Firms of 2019."
Do what's right, not what's easy.
5 Deals, Double 11 Results Roundup, 24+ Awards... 42 Highlights and 7 Insights | FreeS Fund Blackboard · November
Do what's right, not what's easy
FreeS Fund Named to 36Kr's "China's Most Influential Early-Stage Investment Institutions TOP 10"; Four Portfolio Companies Win "King of New Economy" Annual Company Awards
Do what is right, not what is easy.
The Mid-Game Battle of Double 11: What Chicecream, Saturnbird, Plant, and Huasheng Haoche Did Right
Swift as the wind, steady as the forest, fierce as fire, immovable as the mountain.
"Saturnbird" Closes Tens of Millions of RMB in Series A and A+ Rounds, FreeS Fund Continues to Follow On | FreeS Fund News
The first domestic brand to top Tmall's Double 11 coffee rankings
Bluepha Closes RMB 40 Million Series A Round | FreeS Fund Deal Brief
Leading Global Engineered Microbe Development
"Shao Nian De Dao" Raises Over 100 Million RMB in Series A+ Round | FreeS Fund Investment News
Achieving "the world's best teachers serving a single child."
FreeS Fund 2019 North America Trip ② | We Hope to Walk Through the Fog and Discern the Patterns with You
Six VC Meetups — Come Say Hi
"Nuoxin Chuanglian" Raises $15 Million in Funding | FreeS Fund Deal News
A new-generation leader in the life sciences marketing space.
Acquisitions, New Brand Entrepreneurship Courses, and More: 21 Developments and 4 Reflections | FreeS Fund Chalkboard · October
Do what's right, not what's easy.
We have an "Investment Observer" position waiting for you to join.
"Do What's Right, Not What's Easy" — Together
Jing Liu in Conversation with Li Feng: China's Economy Is Bottoming Out, Full of Opportunities
In the end, it's not about the moves — it's about the strength behind them.
"iBeidiao" Raises Tens of Millions of RMB in Series B1 Funding | FreeS Fund Investment News
A seemingly unsexy industry has finally found its spring.
Four Years On, Revisiting Cross-Border E-Commerce | Frees Fund
Focus on long-term value, and business will endure.
Club Factory Raises $100 Million in Series D Led by Qiming Venture Partners and Several Domestic and International Funds, with FreeS Fund Following On | FreeS Fund Deal News
Ranked as India's third-largest e-commerce company
Beauty Brands Entering China, Becoming India's Third-Largest E-Commerce Player, and Betting on Biomedical — 22 Developments and 5 Takeaways | FreeS Fund Bulletin · September
Do what's right, not what's easy.
Orthopedic AI Company Changmugu Completes Tens of Millions of RMB Pre-A Round | FreeS Fund Investment News
Focused on AI-assisted full-process surgical solutions
Investment Opportunities in the Pharmaceutical and Chemical Industry Upgrade | Frees Fund
Technology Transfer and Innovation-Driven Growth
What It Means to Be Named 36Kr's Most Founder-Friendly Investor for Three Straight Years — and How We Should Think About the Investor-Founder Relationship
Grateful to be chosen by founders.
The Category Logic Behind the Hype — Using Coffee Industry Investment as an Example
Most business happens below the surface.
Brain Diseases in Its Crosshairs: NeuroXess Raises $4.2 Million in Angel Round | FreeS Fund Deal News
Brain research remains one of the great unsolved challenges in science.
4th Anniversary, Debut at WAIC... 16 Milestones and 6 Reflections | FreeS Fund Chalkboard · August
Do what's right, not what's easy.
Shangyue Closes RMB 58 Million Pre-A Round, Launches Intelligent Procurement SaaS | FreeS Fund Deal News
Innovation will lead enterprises into the era of intelligent procurement.
IPOs, Top 50 Best Returns, New Breakthroughs in Rocket Technology... 23 Milestones and 11 Reflections | FreeS Fund Blackboard · July
Do what's right, not what's easy.
Leading Catering Supply Chain Enterprise Xinliangji Raises Another 300 Million Yuan | FreeS Fund Investment News
Fish, shrimp, crab, and shellfish — all caught in one net.
Li Feng in Conversation with Larry Zhang: Reflections on Three Squirrels' IPO
The ultimate outcome of business is a choice of values.
FreeS Fund Report 16: The Truth About Early-Stage Healthcare Investing and China Speed | Frees Fund
Is early-stage healthcare investment really as "high-cost, high-risk, slow-return" as they say?
618 Sales Roundup, World's Smartest Companies... 16 Updates and 7 Insights | FreeS Fund Blackboard · June
Do what's right, not what's easy.
Breaking Through for Early-Stage Brands: From Traffic Thinking to Content Thinking | Frees Fund
If all you do is generate exposure, consumers will forget about you just as easily.
Miura Atsushi, Li Feng, and a former 7-Eleven executive break down the many possibilities of new retail
In the future, Chinese brands will claim their place in every major consumer category worldwide.
Landing in Shanghai, Selling 100 Million Bags in 7 Months... 7 Companies Reach New Heights, Plus 4 Awards | FreeS Fund Blackboard · May
Do what's right, not what's easy.
FreeS Fund Sets Up Shop in Shanghai, New Office Now Operational
FreeS Fund opens offices in both the north and south, choosing to do what's right rather than what's easy.
Li Xiang × Li Feng: 200 Million New Urban Residents' Consumer Awakening — Who Will "Reap" the Rewards?
Taobao, JD.com, VIP.com, Pinduoduo, and China's Real Estate Sector
Youth Takes Center Stage: 18 Career Advances and 20 Awards to Share | FreeS Fund Blackboard · April
May is May — and with it, infinite possibilities.
FreeS Fund Lands on 36Kr's "Top 10 Dark Horse Funds in China," Hard Tech Bets Earn LP Recognition
Do what's right, not what's easy.
Onion Math Closes 300 Million Yuan Series D Round, FreeS Fund Continues to Follow On | FreeS Fund Deal News
Internet-based inclusive education focused on primary and secondary school students
360 Finance CEO Jun Xu: Three Things I Got Right in Five Years of Entrepreneurship | FreeS Fund 2019 CEO Annual Meeting
Pick the right track, manage your team well, and expand your coalition of shared interests.
Our Three Years: Experimenting, Exploring, and Pushing Forward
Still believing in the mission, still hoping to create value.
FreeS Fund Wins Three Awards at ChinaVenture's 2018 Annual Rankings
Do what is right, not what is easy.
How Will New Technologies Transform the Trillion-Dollar Education Market? | FreeS Fund 2019 CEO Annual Meeting
The Triumph of Education: Crossing the Triple Threshold of People, Technology, and Environment
DataPipeline Raises Tens of Millions of RMB in Series A+ Round, Serving Starbucks and Longfor | FreeS Fund Investment News
Better understand data, apply data, and respect data with reverence.
We Want You! FreeS Fund 2019 Spring North America Roadshow
You're the next star-picker in venture capital.
Wu Minghui, Minglamp Technology: Every New Data Point Drives Business Model Iteration | FreeS Fund 2019 CEO Annual Meeting
Why haven't Chinese software and data companies made serious money?
Digging Deep into Tier 3-6 Markets, Shenma Chuxing Announces $20 Million Series A Round | FreeS Fund Deal News
Driving the new energy industry toward digitalization, consumerization, and servitization in the circulation sector
How Can Early-Stage Consumer Companies Break Through in the Post-Dividend Era? | FreeS Fund 2019 CEO Annual Meeting
China never lacks high-dividend channels — you just have to stay sharp.
Tang Ning × Li Feng: Truly Great Companies Are the Ones That Spark Debate | FreeS Fund 2019 CEO Annual Meeting
In the DNA of great companies, "original aspiration" matters most.
Four Companies Close New Funding Rounds, Five Reach New Milestones, Plus Two Celebrations | FreeS Fund Monthly · March
Do what's right, not what's easy.
Be Long-Term Greedy, Be a True Hero | FreeS Fund 2019 CEO Annual Meeting
Let's Go Further Together
Agricultural Big Data Service Provider "MaiFei Technology" Raises Over 100 Million RMB in Series A Funding | FreeS Fund Investment News
Achieve intelligent perception of crop physiological states.
FreeS Fund Angel-Round Portfolio Company Kolmostar Closes $10 Million Series A | FreeS Fund Financing News
Provides positioning capabilities for IoT devices, mobile devices, and autonomous vehicles.
Li Xiang × Li Feng: Strip Away the Emotion, What Did China Look Like in 2019?
The Year Expectations Shift
Ze Jin Financial Services Completes Tens of Millions of RMB in Series A Funding, Using Technology to Return Finance to Its Roots | FreeS Fund Investment News
Tailored Solutions + One-Stop Service
FreeS Fund's Solemn Statement
Important notice.
Bilibili Score of 9.7, PepsiCo Partnership, "Ten Thousand People Plan"... 6 Takeaways and 4 Insights | FreeS Fund Chalkboard · February
Do what's right, not what's easy.
FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
"The Summit" is rising — we're waiting for you!
New Zealand team-building, fundraising, new launches... Go strive, go make mistakes, go fall, go triumph in 2019 | FreeS Fund Chalkboard · January
Do what's right, not what's easy.
SpaceX-like Startup Jiuzhou Yunjian Raises Tens of Millions of RMB in New Funding Round | FreeS Fund Investment News
Chasing the Space Dream
FreeS Fund Year-End Special | Fintech 2019: What Opportunities Exist in a Tight Regulation Cycle?
In 2019, we look forward to meeting more outstanding fintech entrepreneurs.
Coffee Brand "Saturnbird" Closes Pre-A Round in the Tens of Millions | FreeS Fund Deal News
Instant coffee convenience meets specialty coffee quality.
FreeS Fund Year-End Special | 2019: China's Homegrown Chips — From Shadows to the Spotlight
2018 is worth remembering; 2019 is the year to show what we've got.
Shangyue Closes RMB 39 Million Angel Round | FreeS Fund Investment News
Focused on enterprise procurement digitization
IPO, 7 Insights, 20+ Awards... In 2019, We Continued to "Do What's Right, Not What's Easy" | FreeS Fund Blackboard · December
A new year to stay grounded and keep pushing forward.
2018 was a tough year, but absolutely one with inflection-point significance.
You don't need to get clever or cut corners. Just do what aligns with the cycle and the structure, and you'll make money in this cycle.
FreeS Fund Angel-Round Portfolio Company SoundAI Technology Closes RMB 200 Million Series B Round | FreeS Funding News
AI technology must be deeply integrated with industry know-how.
1.39 Billion Consumers No Longer March in Lockstep: How Should Brands Tell Their "China Story"? | FreeS Fund Business School
A sense of timeliness + Chinese elements + clear values = a great Chinese story.
Xinyi Information Technology Raises Tens of Millions of RMB in Series A Funding | FreeS Fund Investment News
The end of Moore's Law and the arrival of the intelligent IoT era have spawned a flood of new scenarios and demands.
Congratulations to 360 Finance on Its Successful NASDAQ Listing | FreeS Fund IPO News
Every bull market has its stragglers, and every bear market births its unicorns.
Li Feng in Conversation with Zheren Hu: On "High" Valuations — We Were Quite Resolute at the Time
As an early-stage investor, we have the privilege of meeting these original dreams at their inception and watching them grow into something great.
Breaking Through Technical Bottlenecks, Surpassing 20 Million Followers... 16 Takeaways and 5 Insights | FreeS Fund Blackboard · November
Continue doubling down on consumer and deep tech.
A Conversation with Liaoyuan Zhang (Part 1): Three Squirrels' Comeback Battle | FreeS Fund Business School
What is the right path when a company's growth stalls?
Changmugu Medical Closes Tens of Millions of RMB Seed Round | FreeS Fund Investment News
Build world-class AI healthcare products.
Harvard x MIT x Stanford x CMU x Berkeley, Meeting Gen Z | FreeS Fund North America Campus Recruitment
Welcome aboard. Join the innovators and build something new.
The Birth of a Retail Unicorn, Winning the Championship, and Finding the "Nail"... 12 Advances and 3 Insights | FreeS Fund Blackboard · October
Continuing to Push on Consumer and Deep Tech
FreeS Fund Report 15: The Life Gamble — The Risk-Filled Journey of Drug R&D | Frees Fund
The Ideals and Persistence Behind a 3% Success Rate.
XtalPi Closes $46 Million Series B+ Round | FreeS Fund Deal Brief
Empowering drug R&D organizations worldwide.
FreeS Fund Angel-Round Portfolio Company NextVPU Closes 200 Million RMB Series A | FreeS Funding News
We provide professional solutions for robotics, drones, autonomous vehicles, and security surveillance.
Another New Retail Unicorn Emerges: FreeS Fund Angel-Round Project Huasheng Haoche Closes $210M Series B | FreeS Funding News
FreeS Fund continued to increase its stake.
Li Feng's Column 13: China Is at Its Most Precious Historical Moment | Frees Fund
Over four decades of turbulence, the darkest days have always given rise to market opportunities.
FreeS Fund II Completes First Close, New Launches, Awards... 13 Updates and 4 Insights | FreeS Fund Blackboard · September
Stay grounded, keep pushing forward.
Li Feng Column 12: A Speculation on the Endgame of China's New Retail | Frees Fund
Short-term: traffic. Medium-term: efficiency. Long-term: supply chain.
Li Feng Column 11: The Middle Path for New Retail | Frees Fund
The Three Axes of Understanding New Retail
Top 5/15/50/100, Going Global to India, Teaming Up with Tencent on IVI... 13 Takeaways and 8 Insights | FreeS Chalkboard · August
"Choose the more long-term path, even if it's the harder one."
From One Person to 1,000: How to Find and Hire People Through Every Painful Transformation | FreeS Talk
150 people is a tipping point. It's the most dangerous moment, when company culture gets diluted and washed out.
ByteDance HRD Du Hong: What Can Startup HR Actually Do for a CEO? | FreeS Fund Free Talk
Are values really that big and empty? No.
Exploring Ten Thousand Possibilities for Matcha: Guancha Raises Tens of Millions in Series A | FreeS Fund Investment News
"I've prepared enough patience for Guancha, and I'm young enough."
Securing Strategic Investment, Rocket Tests, the "Iron Triangle Initiative"... 7 Developments and 3 Insights | FreeS Fund Blackboard · July
Getting it right matters more than making it easy.
FreeS Report 14: Cosmetics Keep Getting Pricier, But Is Your Face Really Worth a Million? | Frees Fund
Optimistic about startups carving out a slice of the mass-market cosmetics pie.
IQVIA Makes a Move in China, "Nuoxin Chuanglian" Raises Tens of Millions of RMB in A+ Strategic Round | FreeS Fund Deal News
Version 2.0 pharmaceutical marketing digitalization solution.
[Deep Dive] How Startups Can Ride Douyin's Traffic Wave | FreeS Fund Perspectives
Create content that machines can understand and users want to consume.
Crayfish Goes Global, Chips, Chatting About TikTok... 7 Updates and 3 Reflections During World Cup Season | FreeS Fund Blackboard · June
Continued Investment in Consumer and Deep Tech
FreeS Fund Report 13: To Understand China's Consumption Upgrade, Look at Japan 40 Years Ago
Consumption upgrade versus consumption downgrade — which one holds more opportunity?
Li Feng Column: US Dollar and Hong Kong Dollar Rate Hikes, and the Unicorn "Winter"
Focus on the growth of a company's intrinsic value.
"Gaoding" Secures Several Million USD in Pre-A Funding from FreeS Fund and Baidu Ventures | FreeS Fund Investment News
Building a company's "cloud-based marketing department."
Eleven Breakthroughs in Early Summer: Even Now That We're Grown Up, We Still Believe "Creating Is Endlessly Fun" | FreeS Fund Blackboard · May
Every bit of growth is worth commemorating.
Olympic Champion Li Xiaopeng Joins Amino Acid Hair Care Brand Zhiguan in Closing Tens of Millions of RMB in Series B Funding | FreeS Fund Deal News
Get younger consumers to keep buying and buying.
MaiFei Technology Raises RMB 25 Million in Pre-A Round | FreeS Fund Deal News
Empowering modern agriculture.
Saifeng Technology Raises Tens of Millions of RMB, FreeS Fund Continues to Follow On | FreeS Fund Deal News
Embrace the Asset Management 2.0 Era
Li Feng Column | The Trade War Gets a Comma, but China's Secret Weapon Is Just About to Show Its Edge
What makes China's economic experience distinctive is that much of it consists of "the unintended consequences of human action."
Singleron Biotechnologies Closes Tens of Millions of RMB in Angel Round to Accelerate Commercialization of Single-Cell Analysis Technology | FreeS Fund News
Making single-cell analysis a routine part of clinical practice.
Li Feng Column | The Essence of New Retail, in 10 Characters
We welcome anyone interested in consumer investment to join us.
Bluepha Completes Pre-A Round, Angel Investor FreeS Fund Continues to Follow On | FreeS Fund Investment News
Create more microbes to fully satisfy people's pursuit of a better life.
Shima Raises 300 Million RMB in Series C to Improve Mobility for 800 Million Rural Residents | FreeS Fund News
Constantly pushing boundaries.
[Long Read] Two Decades of Rise and Fall in Chinese Animation | FreeS Fund Business School
How Much Further Is China's Path to Becoming Disney?
Tingjiandan Completes Series B+ Round Led by Ant Group | FreeS Fund Deal News
Parking — the last major mobility market yet to be fully transformed by mobile internet.
Fundraising, Licensing, New Launches, Team Building, Awards… 15 Notable Events from an April to Remember | FreeS Fund Blackboard · April
Look ahead, keep doing.
Pro-Health Raises Tens of Millions in Pre-A Round to Improve Survival Rates for 1.2 Million Premature Infants | FreeS Fund Investment News
Pro-Health hopes to eventually benefit more mothers and children at grassroots maternal and child health hospitals and children's hospitals in second- and third-tier cities.
Li Feng Column | A $2 Trillion Market and $10 Trillion Output: Why We're Bullish on Chinese Chips?
When Will Homegrown Chips Break Through?
DataPipeline Announces 21 Million Yuan Series A Round, FreeS Fund Continues to Follow On | FreeS Fund Investment News
Break down data silos.
Yifei Intelligent Control Completes Series A Round, Gaining Recognition from State Capital and Industry Giants | FreeS Fund Investment News
China's commercial drone market is wide open, and it's only a matter of time before homegrown industry giants emerge.
Bingjian Group Completes Pre-B Round to Keep Exploring AI Applications Across Financial Scenarios | FreeS Fund Deal News
As the online lending industry matures, risk control capabilities have become the key to profitability.
春天里的9份收获和4点洞察 | 峰瑞黑板报·3月
朝前看，坚持做。
Spend Your Summer Mastering VC Skills | "Fengshen Rankings" Season 3 Recruitment
Want to come?
Li Feng Column | The ICO Bubble: Origins and Future
Why is this round of currency bubble certain to burst?
Moka Closes Tens of Millions in Series A+ Funding to Become the Talent Weapon Behind Successful Companies | FreeS Fund Deal News
Overseas, the company with a similar business to Moka is Silicon Valley near-unicorn Greenhouse.
FreeS Fund Is Hiring a PR Lead | Join Us and Make Impact Visible
Welcome aboard.
Onion Math Closes Series C Funding of Over 100 Million RMB to Expand Unmanned K-12 Science Tutoring | FreeS Fund Deal News
You can't reach a new world by following an old map. Onion Math ushers in the Online Education 3.0 era.
A Year of Reading From 100 CEOs: The 10 Books They Want to Recommend to You Most (With a Perk Inside) | FreeS Fund Startup Library
"Every smart person I've met, across every industry, reads every single day."
A Founder's 365 Days: The Days That Got Us Through, and 22 Amazing Moments | FreeS Fund Year-End Special
Here's to exploration, struggle, and perseverance. Happy New Year!
Club Factory Raises $100 Million in Series C, FreeS Fund Continues to Follow On | Funding News
Cross-border e-commerce — a market that rivals daigou in scale.
Jiang Nanchun: 30 Years of Business Warfare — Winning Companies Plant a Single Word in Consumers' Minds | 2018 FreeS Fund CEO Annual Summit Recap
Whoever captures the 500-million-strong middle class captures the future.
创业永处战时，11位CEO谈人性、谋虑与担当 | 2018峰瑞CEO年会回顾
除了不放弃，还要有逆流而上的能力。
2 Gatherings, 10 Pieces of Good News: The FreeS Fund Family in 2018 — "Look Forward, Keep At It" | FreeS Fund Chalkboard · January
FreeS Fund continues to double down on deep tech and consumption upgrades.
Yonghao Luo: Six Years at Smartisan, Five Lessons Learned | 2018 FreeS Fund CEO Annual Meeting Recap
When you start a business in a red ocean, it's "working twice as hard for half the result" multiplied by ten.
Go Explore, Go Strive, Go Persist | 2018 FreeS Fund CEO Annual Meeting Recap
Here, you'll meet more fellow travelers.
The Last "FreeS Fund Family Update" of 2017 | FreeS Fund Bulletin · December
After a year of trudging forward, may you find more fellow travelers here.
Funding, Store Openings, Production Launches, and New Products: Ten Companies Leveling Up, Plus Eight Making the List | FreeS Fund Chalkboard · November
FreeS Fund Continues to Double Down on Deep Tech and Consumer Upgrading
Say Goodbye to Cryptic Code: How to Build a Robot That Works Without Programming | X Lab
Why is it so hard to get a robot to grab something?
Why Is the Pay Gap Between '80s and '90s AI Talent Only 15%? | *2017 Early-Stage Enterprise Compensation Survey Report*
The salary secrets of 19,014 positions across 152 companies.
Talking Ethics, Morality, and Lies with AI | Frees Fund
"Honesty" is the most precious gift that new technology has given us.
Li Feng Column | From iPhone X, Smart Speakers to New Drug R&D and Environmental Monitoring: How I View Technological Innovation
Look for opportunities at the intersection of technological innovation and physical industries — where digital solutions meet real-world infrastructure, manufacturing, and heavy assets.
From Cracking the New Consumption Top 10 to New Frontiers in Intelligent Manufacturing and Green Healthcare | FreeS Fund Blackboard · October
Investing is also a form of entrepreneurship — may we make the most of our time.
BaiChangHui Closes RMB 70 Million Series B Round, FreeS Fund Continues to Follow On | Funding News
Behind BaiChangHui's growth lies consumer demand for personalized venues.
New Retail Entrepreneurship: Move Fast, Fight Hard, and Cultivate with Care | FreeS Talk
Fresh observations on office unmanned shelves, home furnishings, matcha, and personal care.
The holiday is just around the corner, and we want to share six pieces of good news with you | FreeS Fund Chalkboard · September
Looking forward to crossing paths with more innovators and the extraordinary.
Li Feng Column | How I Think About Consumption Upgrades and New Retail: Lessons from Lipton 120 Years Ago, Walmart 50 Years Ago, and MUJI 30 Years Ago
Industry chain foundations + new lifestyles = ?
Li Jian of New Spicy Way: 22 Years, 3 Startups, Crossing Mountains and Seas — 6 Principles | FreeS Fund Business School
The "Ordinary Path" of a Restaurant Industry Veteran
Since China will give birth to far more world-class brands than we can imagine over the next 20 years, what can we do right now?
Study the essence of industries, capture signals of the future.
400,000 Mom-and-Pop Shops Join Internet Finance: How to Capture China's 3 Trillion Rural Opportunity | FreeS Talk
A Serial Entrepreneur's Truth or Dare.
Building a Solid Financial Foundation, I Took the Price War to My Rivals' Home Turf | FreeS Talk
The CEO fights on the front lines; the CFO guards the bottom line.
Li Feng x Lixing Wang: After 900 Million Consumers Became "Shopaholics," How Can Chinese Brands Conquer the Global Market? | FreeS Talk
A motivational pep talk for consumer upgrade entrepreneurs — good for the next 20 years, guaranteed.
Self-driving cars are just the tip of the iceberg — what you're building isn't just China's Google, Uber, and Tesla.
Automotive technology innovation isn't just for Peter Thiel and Larry Page.
I Saw the Future Before the Product Iteration, and I Couldn't Pretend I Hadn't | FreeS Fund Business School
Spend 80% of your time doubling down on what works, and 20% testing new channels.
August 5: Join Us for a Pragmatic Celebration of Startup Growth | "CEO Talk" Series — Register Now
Open Courses on Startup Growth
Tea Drinks 1990–2017: 27 Years of Ups and Downs, and a New Street Story Worth 50 Billion RMB | Frees Fund
The Quest for the Next Starbucks
The World Is Out There, and We Have to Go | 8 Young FreeS Fund Entrepreneurs Named to Forbes China "30 Under 30" List
Meet youth. Meet innovation and the extraordinary.
The Rise of Crayfish, Latiao, and Pickled Pepper Chicken Feet: Why Mala Took Over China | Frees Fund
"Spicy" is the engine that drives hit snack products.
How to Build a $40 Million Annual Profit Product — My Experience at Microsoft, Amazon, and Baihuihui | FreeS Business School
A startup's product development model can make or break the company.
Registration is now open for "Do It Today Vol.5," a workshop co-hosted by FreeS Fund.
We'll be waiting for you~
Shopping as Self-Expression: Can New Retail Win Over the Rebellious New Generation? | FreeS Fund Business School
Are you also an "urban wanderer with some financial means"?
200,000 Users Love Watching People Jump on Fridges Late at Night — Who's Paying Attention to Short Video? | FreeS Fund Business School
Who's watching short videos?
How Should Startups Design a Compensation System? Here's a Chance to Get the *2017 Early-Stage Enterprise Compensation Survey Report*
Manage the "people" and the "money."
A Strong Personal Brand Beats a Million Paid Articles: How Startup CEOs Can Build Their Brand | FreeS Business School
Fortune favors the bold.
Low efficiency in project financing matchmaking? FreeS Fund's BONFUND wants to make everything easier
Make fundraising simpler.
Channel Penetration Is Just the Beginning: How to Capture New Retail Opportunities in 2,860 County-Level Cities | FreeS Talk
Two years selling cars, and word of mouth still works better than anything else.
The Great Leap Forward of Vending Machines: Real Demand or Just for Show? | Frees Fund
Mini KTV booths, photo printers, and shared power banks are popping up everywhere — but can they actually turn a profit?
Can Paid Content Buy You Real Knowledge? Can Online Education Fix That? | FreeS Fund Free Talk
What Should the New Intellectual Youth Study?
Distributed relational database company PingCAP closes $15 million Series B, with FreeS Fund continuing to participate | Funding News
PingCAP builds open-source databases that change the future, freeing backend developers from drudgery.
Li Feng X Liu Changke: The Depths and Heights of K12 Education Over the Years | FreeS Fund Open Talk
How Do Education Industry Veterans See the Future?
![[Deep Dive] How Startups Can Ride Douyin's Traffic Wave | FreeS Fund Perspectives](/_next/image?url=https%3A%2F%2Fkkcktdhgzddmdjdjoenc.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fmedia%2Fimages%2F45f83c6a-7c35-4040-ba2d-210c7948ac95%2Fd9c1991d13c2.jpg&w=384&q=75)
![[Long Read] Two Decades of Rise and Fall in Chinese Animation | FreeS Fund Business School](/_next/image?url=https%3A%2F%2Fkkcktdhgzddmdjdjoenc.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fmedia%2Fimages%2F45f83c6a-7c35-4040-ba2d-210c7948ac95%2F3ce574e8a0a5.jpg&w=384&q=75)
