XIAOXIAO FUND

XiaoXiao Fund is a solo-GP venture capital fund run entirely by Xiang Xiaohan (向晓晗), described in an elsewhere piece as "possibly the world's smallest VC" . The fund operates on roughly $3.3 million in capital, with individual investments capped at $200,000–$300,000 and annual management fees below $66,000 — a scale so tight that "a few international trips a year would strain the budget" . Xiang handles every function herself: investor, analyst, legal, finance, and HR . In a 暗涌Waves interview, she outlined a strategy that avoids chasing hot valuations, instead splitting her attention 70% on brands and 30% on infrastructure, with a focus on how AI connects to physical-world needs like construction, health monitoring, and productivity tools . One cited example: her investment in RIC, an AI-powered construction robotics company using 3D printing to address U.S. labor shortages . The fund's viability as a financial model remains, by her own acknowledgment, not yet fully proven .