About Frees Fund
Frees Fund is a venture capital firm founded in 2015. It is primarily based out of Beijing, China. As of Jul 2026, Frees Fund is an active investor, having invested in 178 companies, with 6 new investments in the last 12 months. It primarily invests in Seed round in China based startups. Its investments are spread across a wide range of sectors from High Tech to Enterprise Applications and Consumer. Most recently it participated in the $***** Seed round of Liquing Intelligence Overall, Frees Fund portfolio has seen 4 unicorns, 8 IPOs and 5 acquisitions including key companies like Uber, Bilibili and Unity. A lot of funds co-invest with Frees Fund, with names like Matrix Partners China sharing a substantial percentage of its portfolio. Frees Fund has team of 16 people including 6 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 5 more
Portfolio IPOs
Portfolio Unicorns
Deals in last 12 months
Frees Fund's List of Top Investments
Frees Fund has a portfolio of 178 companies, including 4 unicorns. Their most notable investments are in Unity and Yuki Comic.Their portfolio spans across China, United States, Germany and 3 more locations. They have invested in High Tech, Enterprise Applications, Consumer and 33 other sectors, across stages such as Seed, Series A and 5 more. Here is the list of top investments by Frees Fund:
1. Uber
Provider of multisided technology platforms that match consumers with independent providers of ride, delivery, and freight services. The company develops and maintains platforms that connect consumers looking for transportation, food delivery, and grocery services with independent providers. Additionally, the technology connects shippers and carriers within the freight industry to facilitate the movement of goods.
Key facts about Uber
- Founded Year: 2009
- Location: San Francisco (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $13.2B
- Employee Count: 34,000 as on Dec 31, 2025
- Investors: TrueBridge, InvestX and 192 Others
- Latest Funding Round: Post IPO, Dec 19, 2020, $*****
- Highlight: Public
2. Bilibili
Online video streaming platform for anime. It is themed around anime, manga, and game fandom. Users can submit, view, and add commentary subtitles on videos. The application is available for Android and iOS users. It monetizes through webpage advertisement and affiliate marketing.
Key facts about Bilibili
- Founded Year: 2010
- Location: Yangpu (China)
- Stage: Public
- Employee Count: 2,551 as on Sep 30, 2026
- Investors: CMC Capital, awesome capital Group and 17 Others
- Latest Funding Round: Post IPO, May 21, 2025, $*****
- Highlight: Public
3. Unity
Developer of a real-time development platform for 2D and 3D content. The platform provides tools and services for creating games and industry applications. It supports multiple platforms and offers features for monetization, user acquisition, and collaboration. The platform also provides learning resources, documentation, and community support.
Key facts about Unity
- Founded Year: 2004
- Location: San Francisco (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $894M
- Employee Count: 7,102 as on Sep 30, 2026
- Investors: HTIF, Silver Lake and 53 Others
- Latest Funding Round: Post IPO, Feb 27, 2025, $*****
- Highlight: Public
4. Cider
Internet first brand offering apparel for women. The product catalog includes dresses, tops, bottoms, denim, swimwear, accessories, tops, knitwear, sweatshirts, skirts, shirts, trousers, etc.
Key facts about Cider
5. Insta360
Spherical video camera which can be used to take 360° photos and videos. It is a developer of a spherical video camera can take 360-degree spherical videos and photos in 4K UHD quality. Some of its features include VR panorama, real-time video stitching and preview, live streaming etc. It has raised Series B round of funding.
Key facts about Insta360
- Founded Year: 2014
- Location: Shenzhen (China)
- Stage: Public
- Total Funding till date: $39M
- Employee Count: 905 as on Sep 30, 2026
- Investors: Qiming Venture Partners, CoStone Capital and 12 Others
- Latest Funding Round: Series D, Apr 21, 2020, $*****
- Highlight: Public
Frees Fund's Year-on-Year Investment Trends
Frees Fund has invested in 178 companies over the last 12 years, with an average of 9 new investments annually in the last 10 years. In 2025, it made 5 investments, while as of Jul 2026, it has made 5 investments in this year. Its most recent first time investment was in Liquing Intelligence and most recent follow-on round was in Baiyao Technology.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 1 | 5 |
2025 | 3 | 2 | 5 |
2024 | 3 | 3 | 6 |
2023 | 4 | 1 | 5 |
2022 | 16 | 4 | 20 |
2021 | 9 | 7 | 16 |
2020 | 7 | 6 | 13 |
2019 | 10 | 6 | 16 |
2018 | 19 | 3 | 22 |
2017 | 11 | 3 | 14 |
Frees Fund's Investments by Stage
Frees Fund has made 47 investments in Seed stage with an average round size of $2.86M, 35 investments in Series A stage with an average round size of $15.5M and 21 investments in Angel stage with an average round size of $2.32M.Stage of entry | No. of Investments |
|---|---|
Seed | 47 |
Series A | 35 |
Angel | 21 |
Series B | 11 |
Series D | 5 |
Others | 5 |
Note: We have considered here, only first round of investments
Frees Fund's Investments by Sector
Frees Fund has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Consumer, HealthTech and Life Sciences. Notably, it has invested in 123 Tech companies, 88 Enterprise (B2B) companies, 58 Software companies and at least 56 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 27 |
High Tech | 27 |
Consumer | 23 |
HealthTech | 17 |
Life Sciences | 12 |
Others | 137 |
Note: We have considered here, only first round of investments
Frees Fund's Investments by Geography
Frees Fund has made most investments in China (96), followed by United States where it has made 16 investments.Country | No. of Investments |
|---|---|
China | 96 |
United States | 16 |
Germany | 2 |
Singapore | 2 |
Taiwan | 2 |
Others | 1 |
Note: We have considered here, only first round of investments
Frees Fund's recent investments
Frees Fund has made 5 investments in 2026 so far. Liquing Intelligence and Huiguang Innovation are the latest among them.Here are the most recent investments by Frees Fund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 01, 2026 | - | Seed | 6620 | [+7] | |
Jun 24, 2026 | - | Seed | 9905 | ||
Jun 08, 2026 | - | Seed | 3666 | ||
Jun 05, 2026 | China | Seed | 1320 | [+3] | |
Mar 17, 2026 | Germany | Series A | 9898 |
Unicorns in Frees Fund's Portfolio
Frees Fund has 4 unicorns in its portfolio - Limx Dynamics, Cider, PingCAP and others. The most recent unicorn in their portfolio is Limx Dynamics. It became a unicorn in 2026, 4 years after Frees Fund first invested in it.Here is a list of unicorns in Frees Fund's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
62 | Developer of embodied intelligent robotics and agentic operating system | 2022 | Shenzhen | Series B | ildzueu | ||
73 | Internet first brand offering apparel for women | 2020 | Hong Kong | Series B | ovlkvcp | ||
66 | Cloud-based platform offering distributed NewSQL databases | 2015 | Sunnyvale | Series D | zqlhozk | ||
45 | Discovery platform form offline tutors | 2014 | Shanghai | Series D | y{aqwzh |
IPOs and Publicly Listed companies in Frees Fund's Portfolio
8 of Frees Fund's portfolio companies have become public. RobotPhoenix got listed on the Hong Kong Exchanges (HKG), in May 2026 at marketcap of $955M and Insta360 got listed on the Shanghai Stock Exchange (SSE).Here are Frees Fund's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 18, 2026 | - | - | 2674 | |
Jun 11, 2025 | Apr 13, 2016 | Series B | 8584 | |
Jun 13, 2024 | Jan 23, 2018 | Series B | 3463 | |
Jun 25, 2021 | - | - | 6064 | |
Sep 18, 2020 | Jul 13, 2016 | Series C | 3098 |
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Acquired companies in Frees Fund's Portfolio
5 companies from Frees Fund's portfolio have been acquired. The most recent acquisition was Covariant in Sep 2024 by Amazon for $*****.Here are Frees Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 02, 2024 | - | - | 5584 | |
Nov 16, 2022 | - | - | 4299 | |
May 06, 2022 | Nov 11, 2015 | Series A | 5025 | |
Jun 16, 2016 | Jun 12, 2015 | Series A | 2893 | |
Jul 28, 2014 | - | - | 4712 |
Team profile of Frees Fund
Frees Fund has a team of 16 members including 6 Partners and 2 Principals located in China and United States. Frees Fund's team does not sit on the board of any company as of now.Here is a list of top team members in Frees Fund:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | New York City | - | ||
Partner | China | - | ||
Partner | - | - | ||
Partner | - | - | ||
Partner | Hong Kong | - | ||
Partner | China | - | ||
Principal | Beijing | - | ||
Principal | Shanghai | - |
Co-investors of Frees Fund
Over the past 12 years, 454 investors have co-invested in Frees Fund's portfolio companies. This includes funds and angels.
- Invested before Frees Fund: IDG Capital, Sequoia Capital and 61 others have invested in rounds before Frees Fund. There are 5 companies where IDG Capital has invested before Frees Fund and 2 companies where Sequoia Capital has invested before Frees Fund.
- Top Co-investors of Frees Fund: 135 investors entered a company along with Frees Fund. These include investors like Matrix Partners China (8 companies).
- Invested after Frees Fund: A total of 256 investors have invested in Frees Fund's portfolio after their investments. Top Investors include Sequoia Capital China (4 companies), Oriental Fortune Capital (4 companies) and IDG Capital (4 companies).
Recent News related to Frees Fund
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Rezubio Announces $20 Million Series A Financing to Advance Therapeutics PlatformBenzinga•Dec 19, 2025•Frees Fund, Lapam Capital, Rezubio, riverhcapital.com and 1 other
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MIT Spin-off Lightelligence Secures $210 Million in Series C FundingCaproasia•Sep 07, 2025•Vertex Ventures, Baidu Venture Capital, China Guoxin Holding, China Merchants and 4 others
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Dongyi Technology Secures $14M in Angel+ Funding for Humanoid RoboticsTMTpost•Apr 17, 2025•Clearmind Capital, Supercapital, Sunyard System Engineering, Tsinghua University and 2 others
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Pillar Security raises $9M to address growing AI-specific security risksSiliconAngle•Apr 16, 2025•Pillar Security, Shield Capital, Ground Up, Golden Ventures and 1 other
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Zhuji Power secures RMB 500M Series A funding from Alibaba & Weilai Capital.Sina•Mar 08, 2025•Limx Dynamics, Alibaba Group, China Merchants Capital, Shang Qi Capital and 7 others
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Robot Startup Raised 500 Million Yuan In Half A Year, Alibaba, Nio, And Saic All InvestedThe Paper•Mar 07, 2025•Limx Dynamics, Alibaba Group, NIO Capital, SAIC Motor and 5 others
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Methuselah, a leading medical nutrition company, completes a new round of financing of nearly 200 million yuanPencilNews•Feb 18, 2025•Methuselah Medical Technology, CICC Capital, HLC, Frees Fund and 1 other
