ZhenFund (真格基金) is an early-stage venture capital firm based in Beijing, China. It was founded in 2011 by Bob Xu (徐小平) and Wang Qiang (王强), both widely known as co-founders of New Oriental Education & Technology Group, one of China's largest private education companies. After New Oriental's successful NYSE listing, Xu and Wang channeled their capital and networks into seed-stage startup investing, and ZhenFund quickly became one of the most active early-stage funds in China's tech ecosystem.
The fund focuses primarily on pre-seed and seed rounds, often backing first-time founders with strong academic or technical credentials. Its investment thesis centers on China-based internet, consumer technology, and SaaS companies, though over time ZhenFund broadened its scope to include select global bets. Total AUM figures have not been officially disclosed in public filings. The fund has backed hundreds of companies since 2011 across its core mandate, though its exposure to crypto and blockchain infrastructure remains modest – the metadata associated with ZhenFund on crypto-native tracking platforms reflects roughly nine blockchain-related portfolio positions and a relatively limited retail ROI of approximately 6%.
Notable investments
ZhenFund's broader venture portfolio includes well-known Chinese tech companies, but its specific crypto and blockchain investments are not prominently documented in public sources. Public information about individual crypto deal names, sizes, and entry valuations is limited. No single crypto investment is publicly identified as a standout lead deal by the firm. Investors researching ZhenFund's blockchain activity should consult its Crunchbase profile for the most current deal disclosures.
Team
Bob Xu (徐小平) is the managing partner and public face of ZhenFund. He is known for a direct, vocal style on Chinese social media and has been an outspoken advocate for entrepreneurship in China. Wang Qiang is a co-founder though less publicly active in day-to-day fund operations. Beyond these two, ZhenFund employs a broader investment team in Beijing; individual partner names and backgrounds beyond the founders are not reliably confirmed in English-language public records.
Recent activity
Public information about ZhenFund's crypto-specific deal activity between 2024 and 2026 is limited. The fund has not made high-profile announcements in the blockchain space during this period that are verifiable through major news outlets. Its primary deal flow continues to center on Chinese consumer and enterprise technology.
ZhenFund carries significant brand recognition in China's startup community, built on more than a decade of early-stage investing. In crypto, however, it remains a peripheral rather than a lead actor. With nine known blockchain positions and a low disclosed ROI, it does not rank among the top-tier dedicated Web3 funds. Investors tracking the fund for crypto signals should weight its activity accordingly and watch for any formal announcements via the firm's official site.