Race Capital is a San Francisco-based early-stage venture capital firm founded in 2019 by Alfred Chuang and Edith Yeung. The firm backs companies at the intersection of the US and Asian technology markets, focusing on Seed through Series B rounds. Race Capital manages a relatively concentrated portfolio, favoring deep conviction bets over broad diversification.
Alfred Chuang co-founded and served as CEO of BEA Systems, the enterprise middleware company Oracle acquired in 2008 for approximately $8.5 billion. That exit gave him both the capital and the operational credibility to anchor Race Capital's founding. Edith Yeung joined as a general partner, bringing a decade of early-stage deal sourcing in Asia, most notably from her time leading the China program at 500 Global (formerly 500 Startups), where she backed over 200 mobile and consumer internet companies across the Asia-Pacific region.
Notable investments
Race Capital's broader portfolio spans enterprise SaaS, developer tools, and consumer fintech. Publicly disclosed investments include:
- Figma – collaborative design platform, later subject to a proposed Adobe acquisition
- Airtable – low-code database and workflow tool
- Deel – global payroll and HR platform
- Replit – browser-based coding and AI development environment
- Dapper Labs – blockchain gaming studio behind NBA Top Shot and Flow network
Within crypto and Web3, Race Capital's disclosed on-chain footprint is limited relative to dedicated crypto funds. The firm participated in rounds for blockchain infrastructure and gaming projects, with Dapper Labs being the most prominent public name. Public information about their full crypto portfolio composition is limited – the firm does not publish a comprehensive investment list.
Team
- Alfred Chuang – General Partner. Former co-founder and CEO, BEA Systems. Enterprise infrastructure background with experience scaling companies to multi-billion-dollar outcomes.
- Edith Yeung – General Partner. Former partner at 500 Global, China. Recognized by Forbes among top female investors in tech. Focus on Asia-Pacific consumer internet, mobile, and cross-border fintech.
The two-partner structure keeps decision-making fast and alignment tight, though it also means the firm's capacity for active portfolio support is narrower than larger multi-partner funds.
Recent activity
Through 2024 and into 2025, Race Capital maintained a consistent early-stage focus as the broader VC market contracted. The firm participated in rounds for AI-native developer tools and infrastructure companies, reflecting the broader market pivot toward applied AI. Detailed round participation post-2024 has not been widely reported in public filings or press releases. No notable fund closings or major leadership changes have been announced publicly as of mid-2026.
Race Capital occupies a distinctive niche: a small, operator-led fund with deep US–Asia sourcing networks and a few outsized legacy wins. Its crypto exposure appears selective rather than thematic – the firm has not positioned itself as a crypto-native investor in the way that Paradigm or Multicoin Capital have. For projects seeking capital, Race Capital is most relevant at early rounds where operator experience and Asia distribution matter more than on-chain credibility. The retail ROI figure of 0.28 across tracked crypto positions suggests modest performance in crypto specifically, consistent with a generalist fund making selective Web3 bets rather than a dedicated crypto thesis.
