XIAOXIAO FUND

XiaoXiao Fund is a solo-GP venture capital fund run entirely by Xiang Xiaohan (向晓晗), likely the smallest VC in operation with just $3.3 million under management . The fund writes checks of roughly $200,000–$300,000 per deal and operates on annual management fees below $66,000—barely enough to cover a few international trips, as elsewhere reported in a profile this April . Xiang handles every function herself: investing, analysis, legal, finance, and HR .

Her strategy deliberately avoids chasing hot valuations. As she told 暗涌Waves, "when a project's valuation soars but the product isn't out yet, the odds are dropping while the win rate isn't improving—I'd rather miss it" . She allocates 70% of her attention to consumer brands and 30% to infrastructure, with a thematic focus on AI applications that connect to physical-world "basic needs" . A recent example is her investment in RIC, a construction-robotics startup using AI and 3D printing to address labor shortages in the U.S., where the technology has already been validated in Walmart warehouse projects .