QF Capital
启赋资本
QF Capital (启赋资本) is an early-stage fund best known as one of Pop Mart's earliest backers: in 2013, Tu Zheng — then at QF Capital and introduced by Mai Gang — put in RMB 6 million, per 暗涌Waves's reporting . It cashed out at least partially before Pop Mart's IPO, offering an asset package containing the Pop Mart stake for private sale in early 2020, just before the company's $2.5B-valuation pre-IPO round . Beyond that signature consumer bet, elsewhere's corpus shows it still active in hard tech: it co-led Zero Gravity Aircraft Industry's near-RMB 100M angel round with Lenovo Capital in 2023 , and joined existing shareholders following on in Independent Variable Robotics' 2026 round . The corpus doesn't cover its founding year, team, or fund size.
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Coverage
BlueRun Ventures Portfolio Company Puyu Technology Closes Hundreds of Millions of RMB Financing to Accelerate Nanoimprint Lithography Equipment Commercialization | BlueRun Family
Opening a New Front for China's Semiconductor Breakthrough
Unity Ventures early-stage portfolio company Independent Variable Robotics raises hundreds of millions of yuan in new funding within a month
Becoming the highest-valued Embodied Artificial Intelligence company to announce funding this year
A Conversation with Huaiting Zhang of Yuaiweiwu: The Veteran Founder Who Doesn't Take Detours | BlueRun Ventures Family Spotlight
"Founders never truly fail."
Yunqi Capital Leads Index Technology's Nearly RMB 100 Million Pre-A Round: Hardware Design Enters Its "Vibe Coding" Moment | Yunqi Capital
What's Happening with AI for Hardware?
An AI Company That Wants Ordinary People to "Hard Control" Shenzhen's Electronics Hub Raises Nearly 100 Million Yuan
Another kind of equality.
"White Rhino" Closes New Funding Round, Total Annual Financing Exceeds $100 Million | Linear Portfolio
Business growth exceeded the same period last year by more than 20x.
Before Pop Mart's IPO, an unpublished interview with Wang Ning
Only human nature never changes.
The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
eVTOL Startup ZeroG Aircraft Industry Closes Nearly RMB 100 Million New Funding Round | BlueRun Ventures
Building the Third Transportation Ecosystem on Earth
The Hidden Depths of the Primary Market
If a perfect deal is one where everyone wins, then in an S deal, that may never be possible.
