About Efung Capital
Efung Capital is a venture capital firm founded in 2001. It is primarily based out of Shenzhen, China. As of Jul 2026, Efung Capital is an active investor, having invested in 52 companies, with 6 new investments in the last 12 months. It primarily invests in Series C round in China based startups. Its investments are spread across a wide range of sectors from Life Sciences to High Tech and Enterprise Applications. Most recently it participated in the $***** Series D round of Xgene Pharmaceutical Overall, Efung Capital portfolio has seen 8 IPOs and 1 acquisition including key companies like Elicio, Harbour BioMed and Aridis Pharma. A lot of funds co-invest with Efung Capital, with names like ShenZhen GTJA Investment Group sharing a substantial percentage of its portfolio. Efung Capital has team of 16 people including 5 partners.Key Metrics
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 5 more
Portfolio IPOs
Portfolio Acquisitions
Deals in last 12 months
Efung Capital's List of Top Investments
Efung Capital has a portfolio of 52 companies. Their most notable investments are in Xgene Pharmaceutical and Reliance Biotech.Their portfolio spans across China, United States, Canada and 2 more locations. They have invested in Life Sciences, High Tech, Enterprise Applications and 5 other sectors, across stages such as Series A, Seed and 5 more. Here is the list of top investments by Efung Capital:
1. Elicio
Developer of vaccines for treating cancer. The company has developed lymph node targeted cell therapy activators, immunomodulators, and vaccines using the Amphiphile platform to control the immune signals and activate the immune system against cancer.
Key facts about Elicio
- Founded Year: 2012
- Location: Cambridge (United States)
- Stage: Public
- Total Funding till date: $47.4M
- Employee Count: 47 as on Jun 30, 2026
- Investors: Dreavent, Efung Capital and 5 Others
- Latest Funding Round: Post IPO, Dec 22, 2023, $*****
- Highlight: Public
Developer of antibody therapeutics in immunology and oncology disease. The products Batoclimab for the treatment of autoimmune diseases, Tanfanercept for the treatment of dry eye disease, HBM4003, HBM9022, to prevent and treat COVID-19, and various candidates for treating solid tumors, myeloma, and cancer. The company has a Harbour Mice, HBICE, and single-cell technology platform to generate fully human monoclonal antibodies.
Key facts about Harbour BioMed
- Founded Year: 2016
- Location: Shanghai (China)
- Stage: Public
- Total Funding till date: $313M
- Employee Count: 113 as on Jun 30, 2026
- Investors: Atlas Venture, GIC and 19 Others
- Latest Funding Round: Series C, Jul 09, 2020, $*****
- Highlight: Public
3. IASO BIO
Provider of pharmaceuticals for cell therapies for oncology. Its technology involves CAR-T cell therapeutics for hematological malignant and its candidate like CT1038, RD102 and others.
Key facts about IASO BIO
- Founded Year: 2017
- Location: Nanjing (China)
- Stage: Series C
- Total Funding till date: $178M
- Employee Count: 55 as on Jun 30, 2026
- Investors: CCB International, Plaisance Capital Management and 13 Others
- Latest Funding Round: Series C, Jan 18, 2023, $*****
- Highlight: Editors' Pick
4. Vivolight
Developer of optical coherence tomography for coronary functional evaluation. The company focuses on the development of medical devices for minimally invasive interventional diagnosis and treatment using laser technology for clinical use.
Key facts about Vivolight
- Founded Year: 2012
- Location: Shenzhen (China)
- Stage: Seed
- Total Funding till date: $28.5M
- Employee Count: 14 as on Jun 30, 2026
- Investors: HSG, Bank of China and 13 Others
- Latest Funding Round: Seed, Jun 01, 2026, $*****
Provider of human monoclonal antibodies against infectious diseases. The company's lead human antibodies candidates are against hospital-acquired pneumonia, ventilator-associated pneumonia, and cystic fibrosis. The company’s products target infectious diseases, including nosocomial infections, cystic fibrosis, and severe wound infections. In addition, it offers mAb discovery technology platform that enables the recovery of rare, naturally occurring protective antibodies generated by the human immune system.
Key facts about Aridis Pharma
- Founded Year: 2005
- Location: San Jose (United States)
- Annual Revenue: $1M - $10M as on Dec 31, 2022
- Stage: Public
- Total Funding till date: $42.1M
- Employee Count: 7 as on Jun 30, 2026
- Investors: Cystic Fibrosis Foundation, Lynx Financial and 5 Others
- Latest Funding Round: Post IPO, Dec 20, 2022, $*****
- Highlight: Public
Efung Capital's Year-on-Year Investment Trends
Efung Capital has invested in 52 companies over the last 11 years, with an average of 3 new investments annually in the last 10 years. In 2025, it made 3 investments, while as of Jul 2026, it has made 5 investments in this year. Its most recent first time investment was in Xgene Pharmaceutical and most recent follow-on round was in InnerMedical.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 5 | 0 | 5 |
2025 | 3 | 0 | 3 |
2024 | 0 | 0 | 0 |
2023 | 4 | 0 | 4 |
2022 | 6 | 0 | 6 |
2021 | 6 | 1 | 7 |
2020 | 6 | 1 | 7 |
2019 | 2 | 0 | 2 |
2018 | 2 | 0 | 2 |
Efung Capital's Investments by Stage
Efung Capital has made 9 investments in Series A stage with an average round size of $27.2M, 8 investments in Seed stage with an average round size of $15.6M and 8 investments in Series C stage with an average round size of $38.3M.Stage of entry | No. of Investments |
|---|---|
Series A | 9 |
Seed | 8 |
Series C | 8 |
Series B | 5 |
Series D | 4 |
Others | 2 |
Note: We have considered here, only first round of investments
Efung Capital's Investments by Sector
Efung Capital has a diverse portfolio, with companies operating in the Life Sciences, Healthcare, Enterprise Applications, High Tech and HealthTech. Notably, it has invested in 36 Enterprise (B2B) companies, 36 Tech companies, 5 Software companies and at least 4 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
Life Sciences | 27 |
Healthcare | 8 |
Enterprise Applications | 3 |
High Tech | 3 |
HealthTech | 2 |
Others | 4 |
Note: We have considered here, only first round of investments
Efung Capital's Investments by Geography
Efung Capital has made most investments in China (33), followed by United States where it has made 2 investments.Country | No. of Investments |
|---|---|
China | 33 |
United States | 2 |
Taiwan | 1 |
Note: We have considered here, only first round of investments
Efung Capital's recent investments
Efung Capital has made 5 investments in 2026 so far. Xgene Pharmaceutical and Barty Medical are the latest among them.Here are the most recent investments by Efung Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 28, 2026 | Taiwan | Series D | 7658 | ||
Jun 11, 2026 | China | Series D | 6573 | ||
Jun 01, 2026 | China | Seed | 3351 | ||
Mar 02, 2026 | China | Series D | 3199 | ||
Jan 04, 2026 | China | Series D | 9414 | [+1] |
IPOs and Publicly Listed companies in Efung Capital's Portfolio
8 of Efung Capital's portfolio companies have become public. 3D Medicines got listed on the Hong Kong Exchanges (HKG), in Dec 2022 at marketcap of $863M and OBiO Technology got listed on the Shanghai Stock Exchange (SSE).Here are Efung Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 15, 2022 | - | - | 3856 | |
Mar 22, 2022 | Mar 11, 2020 | Series B | 9254 | |
Feb 05, 2021 | - | - | 9710 | |
Aug 14, 2018 | - | - | 8213 | |
Mar 09, 2017 | - | - | 6412 |
Acquired companies in Efung Capital's Portfolio
1 company from Efung Capital's portfolio has been acquired. The most recent acquisition was Apexigen in Aug 2023 by Pyxis Oncology for $*****.Here are Efung Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 23, 2023 | - | - | 2619 |
Team profile of Efung Capital
Efung Capital has a team of 16 members including 5 Partners and 2 Principals located in China. Efung Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Efung Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | - | |
Partner | Shenzhen | - | - | |
Partner | - | - | - | |
Partner | - | - | - | |
Partner | - | - | - | |
Principal | - | - | - | |
Principal | - | - | - |
Co-investors of Efung Capital
Over the past 11 years, 207 investors have co-invested in Efung Capital's portfolio companies. This includes funds and angels.
- Invested before Efung Capital: CDH, Zhejiang Huarui Investment Holdings and 52 others have invested in rounds before Efung Capital. There are 3 companies where CDH has invested before Efung Capital and 2 companies where Zhejiang Huarui Investment Holdings has invested before Efung Capital.
- Top Co-investors of Efung Capital: 102 investors entered a company along with Efung Capital. These include investors like ShenZhen GTJA Investment Group (2 companies).
- Invested after Efung Capital: A total of 51 investors have invested in Efung Capital's portfolio after their investments. Top Investors include Spinnotec (2 companies), Sangel Capital (2 companies) and Hudson Bay Capital (1 company).
Recent News related to Efung Capital
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Huiguan Bio completed tens of millions of yuan in Pre-A round of financingJiemian News•Jul 24, 2024•com.cn, Guangdong Investment, Efung Capital
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ThermoBio Announces 150 Million C1 Round of Financing to Accelerate Clinical R&D of Multiple ProjectsMed Valley•Nov 09, 2022•Thermo, Shenzhen Capital Group, Gaolin Capital, Efung Capital and 3 others
