Lighthouse Capital

Lighthouse Capital (光源资本) is a China-based financial advisory and investment firm founded by Zheng Xuanle (郑烜乐), who serves as its founder and CEO . The firm built its reputation as a leading FA (financial advisory) shop, advising on fundraises for notable companies including Bilibili, Kuaishou, Zhihu, Huolala, and Dewu .

In May 2025, Lighthouse Capital expanded into direct investing with the launch of Lighthouse Founders' Fund (L2F), a seed and angel-stage incubator fund targeting AI and frontier technology . The fund raised over $50 million for its first close and plans to make roughly ten investments annually, writing checks of $300,000 to $2 million in dual-currency deals . Zheng has described this as a deliberate strategic shift, comparing the current AI cycle to the mobile internet era of 2009–2014 and viewing incubation as the "optimal tool" for capturing early, non-consensus opportunities .

Related coverage: Lighthouse Capital is name-checked in 暗涌Waves profiles of other investors and firms , but these pieces do not cover Lighthouse itself.