Perfect Diary
完美日记
Perfect Diary is a Chinese beauty brand launched in April 2017 by Yatsen Holding Limited, a company founded in 2016 by three co-founders with ambitions to become "the new L'Oréal for the internet era" . Gaorong Ventures led an investment in Yatsen in 2018 and continued to back the company , with partner Rui Han among those who worked on the deal .
The brand built its early growth through sharp digital marketing and social commerce, including live-streaming with Austin Li at store openings and high-impact IP collaborations — its 2019 partnership with Discovery Channel on an animal-themed eyeshadow palette sold 370,000 units during that year's 618 shopping festival . By mid-2020, Perfect Diary had opened 100 stores across 47 cities in just 17 months, while its parent company was building out a data-driven "new retail" infrastructure with unified online-offline membership and smart in-store terminals . Yatsen Holding went public on the NYSE in November 2020, valued at over $12.2 billion on its first trading day .
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Coverage
ZhenFund angel project Lxson completes nearly 500 million RMB Pre-A funding round, launches home embodied intelligence brand "Zeroth"
Outstanding orders have surpassed 30,000 units, securing an early foothold at a critical entry point for home embodied intelligence.
真格基金·ZhenFund angel project "YuanCe Future" (源策未来) has raised hundreds of millions of RMB in its Series A funding round, aiming to build the OpenAI of the humanoid robot era.
A University of Hong Kong professor has founded a startup to build a general-purpose, full-body embodied intelligence brain.
真格基金·ZhenFund Celebrates Another Angel-Stage IPO in Three Weeks as "UISEE" — the First Full-Scenario L4 Autonomous Driving Stock — Lists on Hong Kong Stock Exchange
Accelerate the large-scale adoption and application of AI drivers.
真格基金·The Stars Are Still Young | Z News
ZhenFund wishes you a Happy New Year.
真格基金·ZhenFund angel project "Lexiang Technology" announces completion of angel+ round, bringing total angel-round financing to nearly RMB 300 million | Z News
The proceeds from this round will go primarily toward team building and the mass production and development of the product platform.
真格基金·ZhenFund angel project "Weiming Shiguang" announces completion of strategic funding round of nearly 100 million RMB | Z News
The proceeds from this round will be used to accelerate the advancement of its diversification and globalization strategy.
真格基金·ZhenFund angel project "Yaosu Technology" announces completion of new tens of millions of yuan funding round | Z News
The proceeds from this round will be used to accelerate the construction of its organ chip, wet lab, and AI algorithm "3D-Wet-AI" closed-loop system, and to further expand international partnerships and multi-scenario commercial deployment.
真格基金·ZhenFund Angel Project "Zhaogang Group" Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
Warm congratulations to Zhaogang Group!
真格基金·ZhenFund Early-Stage Portfolio Company LinkZill Closes Tens of Millions of RMB in Series A Funding | Z News
The proceeds from this round will be used to accelerate product delivery and expand into global markets.
真格基金·ZhenFund angel project "Colossal-AI" (Luchao Technology) closes new funding round | Z News
Focused on world-class large video-generation models.
真格基金·ZhenFund angel project "Lexiang Technology" announces completion of nearly RMB 200 million angel round | Z News
Valued at roughly 600 million RMB, the company is making a push into the consumer hardware arena.
真格基金·ZhenFund early-stage project "SatSense" (*Xingce Weilai*) announces completion of tens of millions of RMB in Pre-A++ round | Z News
Contributing to space-based computing infrastructure and supporting China's strength in aerospace.
真格基金·ZhenFund Angel Project "Hyde Hydrogen Energy" Announces New Strategic Investment from Aramco Ventures | Z News
Amaravati Ventures' first investment in the Asia-Pacific hydrogen energy sector.
真格基金·ZhenFund angel project **Zhongke Ruiyi** announces completion of tens of millions of RMB in Series A+ funding | Z News
The proceeds from this round will be used primarily for product R&D, clinical trials, product registration, and market expansion.
真格基金·Flexiv's strategic incubatee Noematrix Intelligence announces completion of hundreds of millions of RMB in Pre-A+ funding | Z News
Noetic Space Intelligence secured three rounds of funding within a year.
真格基金·ZhenFund early-stage portfolio company "Qbit" announces completion of $10 million B1 round | Z News
Use financial innovation to drive global growth for companies expanding overseas.
真格基金·ZhenFund Angel Project Horizon Robotics Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
This marks ZhenFund's sixth IPO this year. Congratulations to Horizon Robotics!
真格基金·ZhenFund angel project "Luchuang Technology" announces completion of hundreds of millions of RMB in Series A++ funding | Z News
Dedicated to building world-class large-scale video generation models.
真格基金·ZhenFund angel project "MenuSifu" announces $40 million Series B funding round | Z News
MenuSifu helps Chinese restaurant brands go global.
真格基金·ZhenFund Early-Stage Project "XCharge" Successfully Lists on Nasdaq | Z News
Warm congratulations to XCharge! A new journey begins — the future is bright!
真格基金·Flexiv's strategic incubatee **Qiongche Intelligence** announces completion of hundreds of millions of RMB in Pre-A funding round | Z News
Proceeds from this round will go toward product R&D, commercial expansion, and talent recruitment.
真格基金·ZhenFund's early-stage portfolio company Infinigence AI announced the completion of a nearly 500 million yuan Series A financing round | Z News
It has raised nearly RMB 1 billion in total funding.
真格基金·A Globalization Guide for Chinese Founders: Slicing the World Horizontally
The word "globalization" — so brief, yet it encompasses so many narratives.
暗涌Waves·Spring Comes Quietly to Guomao
For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.
暗涌Waves·Genki Forest Completes New Strategic Funding Round, Charts Four Paths to Build "Genki Forest of the World"
Build out the full value chain to integrate R&D, manufacturing, and sales, and capture the opportunities created by the rise of China's new generation of young consumers.
高榕创投·Li Feng: Will Consumer Investment Stay Hot in 2021? | FreeS Research
Whenever most people aren't optimistic, there's usually an opportunity hiding in there.
峰瑞资本·Learning About Early-Stage Investing From the Secondary Market: Where Are the Opportunities and Timing for Consumer Startups?
Capital markets are a microcosm of the broader economy.
峰瑞资本·Rongbao · November | Yatsen Holding and Ucommune successfully list on US equities, Nuro closes Series C funding
Working together to create a better life.
高榕创投·Warm congratulations to Yatsen Holding, parent company of Perfect Diary, on its successful NYSE listing | Gaorong Ventures News
It became the first U.S.-listed Chinese beauty stock, with Gaorong Ventures leading its early round and standing by it ever since.
高榕创投·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?
峰瑞资本·Gaorong Ventures Completes Fundraise Exceeding 10 Billion RMB, Partnering with Founders to Create Long-Term Value
Continue to focus on investments in new consumer, new technology, enterprise services, healthcare technology, and other sectors.
高榕创投·Rui Han of Gaorong Ventures Decodes the Battleground for Future Consumer Giants: Transferable Trust Is What Makes a Brand
Above category, the first way to classify tomorrow's consumer giants is by "scenario and function."
高榕创投·Rongbao · June | Gaotu Techedu Marks 6th Anniversary by "Redefining the Large Live-Streaming Class Model," YITU's Leo Zhu Publishes Signed Op-Ed in *People's Daily*
Never stop moving forward — create value, explore the unknown.
高榕创投·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.
峰瑞资本·Richard Liu: As the Pandemic Enters Its Global Second Half, How Can Chinese Startups Seize Antifragile Growth Opportunities
Ten Growth Tips for Founders
高榕创投·Battle Against the Epidemic: Gaorong Ventures Portfolio Companies Continue Their Efforts to Support COVID-19 Response | Rongbao · January
What matters most is action.
高榕创投·Liu Xinhua: How to Crack the Growth Code for Products in the Second Half of the Internet Era | Gaorong Ventures Share
A 10,000-word transcript systematically breaking down the four modules of the growth model — clarifying principles, seizing momentum, refining tactics, and reading people.
高榕创投·Gaorong Monthly · November | Gaorong Ventures Wins "2019 China VC Firm of the Year" and Other Awards, 24 Portfolio Companies Named to 36Kr's "King of New Economy" List
Embrace the power of technology and innovation to create a better life together.
高榕创投·African Mobile Payments and Mobility Service Provider OPay Closes $120 Million Series B Round | Gaorong Ventures News
OPay is one of Africa's fastest-scaling companies, having grown into Nigeria's leading mobile payments and ride-hailing service provider.
高榕创投·Topping Tmall's Double 11 Beauty Rankings, Perfect Diary Wants to Be the New L'Oréal for the Internet Era | A Gaorong Ventures Feature
Tmall Double 11's No. 1 Beauty Brand: The Journey and the Original Vision
高榕创投·Rui Han of Gaorong Ventures Named to "36 Under 36" Outstanding Investors List: You Have to See It, and You Have to Dare to Believe It
"VC is Vision plus Conviction."
高榕创投·Gaorong Ventures received honors including 36Kr's "Top 10 Most LP-Friendly VC Firms in China" and ChinaVenture's "Top 10 Best VC Firms in China 2018."
Thank you to all parties across the industry for your continued trust and support.
高榕创投·Yiu-Cheung Chan: The Future of Retail
Do traditional retailers need digital transformation? How are technology drivers reshaping the retail industry? And how can companies win in the fiercely competitive fresh grocery and online fresh produce markets?
高榕创投·Gaorong Ventures' Xiang Gao: Finding Irreversible Trends to Withstand Market Volatility
The Logic Behind the "Irreversible" Trend
高榕创投·Gaorong Ventures' Chang Chen: Consumer Markets in Third-, Fourth-, and Fifth-Tier Cities Are Full of Opportunity
Third- and fourth-tier cities account for over 63% of total social retail consumption, far surpassing the combined share of first- and second-tier cities.
高榕创投·A Conversation with the "Three Musketeers" of Gaorong Ventures: Embracing Technology to Create a Better Life
From 0 to 1, and on to 1 to 10
高榕创投·A Visual Breakdown of Gaorong Ventures' Retail Investment Model: Why It Keeps Doubling Down on the Fresh Grocery Sector
What kind of business model can better carry consumers' channel trust? And push closer to the endgame of retail?
高榕创投·Gaorong Ventures 2018: New Consumer and New Tech for Long-Term Value
Building shared, long-term value.
高榕创投·How Can AI Empower Healthcare? "Smart Healthcare Symposium" Hosted by Tsinghua University's Department of Electronic Engineering, Co-organized by Gaorong Ventures, Explores the Question in Depth
Give the product a clinician's diagnostic mindset.
高榕创投·Yue Bin, founding partner of Gaorong Ventures, won the "Top 10 Most Influential VC Investors of 2018" award.
Gaorong Ventures was named to the "2018 Top 10 Most Influential VC Firms." At the same time, Rui Han, Aisi Zuo, and Wang Xin, vice presidents at Gaorong Ventures, were jointly selected as "Most Popular Elite Investors of the Year."
高榕创投·Nuro Partners with Kroger to Launch World's First Driverless Delivery Service for the General Public | Gaorong Ventures News
After extensive testing, Nuro's autonomous delivery vehicles will begin serving residents in Scottsdale, Arizona.
高榕创投·Gaorong Ventures was named to Forbes China's "2018 Best Venture Capital Firms TOP 10."
Chang Chen, Gao Xiang, and Yue Bin were named to Forbes China's "2018 Best Venture Capitalists" list.
高榕创投·The Gaorong Ventures Way: Know What to Do, Know What Not to Do
A matter of resolve.
高榕创投·Video Technology Company YouHua Tech Raises Tens of Millions of USD in Series B Funding | Gaorong Ventures News
We will continue to increase R&D investment. Strong technical and product capabilities are the foremost conditions for winning in the video space.
高榕创投·Gaorong Ventures was named among the top three best venture capital funds at the 2018 Golden Bridge Awards and ranked in the top ten Chinese VC firms in Zero2IPO's 2018 rankings.
Create long-term value for society
高榕创投·Gaorong Ventures Closes $500 Million New Fund, Positioning Itself as a Long-Term Partner in Building Startup Value
Institutional LPs provide the capital foundation; entrepreneur LPs drive ecosystem value-add.
高榕创投·Chang Chen of Gaorong Ventures Honored as "Cyzone 2018 China Investor of the Year"
Be a value co-builder for startups.
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