Fund

Gaorong Ventures

高榕创投

Gaorong Ventures (高榕, also Banyan Capital) is a Chinese VC fund spun off from IDG Capital, founded by partners Zhang Zhen, Gao Xiang, and Yue Bin, who closed its first ~$200M+ fund in January 2014 . It positioned itself from day one as "China's Founders Fund," with dozens of founders from Tencent, Baidu, Xiaomi, Meituan and other top internet companies among its LPs alongside institutional investors . Its signature win is Pinduoduo — 暗涌Waves called Gaorong "the investor who made the most money off Pinduoduo," while noting it "invests well but keeps a low profile" — alongside a portfolio spanning Huami, HuYa, Yatsen (Perfect Diary) and Poizon in consumer . The firm's method is a systematic, research-driven playbook run through an internal research center led by Gao Xiang , and by December 2018 it had closed a $500M fourth USD fund, bringing total AUM across nine funds to roughly RMB 15 billion, focused on new consumer, new technology, industrial internet and enterprise services . More recently its center of gravity has shifted toward AI and robotics: it led Flexiv's round back in 2017 and kept adding, co-led Cornerstone Robotics' angel round in 2019, co-led Kunlunxing Robotics' first round in 2026, and counts Moonshot AI among its AI bets .

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Gaorong VenturesFund
高榕创投
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