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 150 companies, with 7 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 3 unicorns, 7 IPOs and 4 acquisitions including key companies like Uber, Trulia and Bilibili. 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 24 people including 10 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 5 more
Portfolio IPOs
Deals in last 12 months
Frees Fund's List of Top Investments
Frees Fund has a portfolio of 150 companies, including 3 unicorns. Their most notable investments are in Shangyue Network Technology and METiS Therapeutics.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
Network providing on-demand transportation, delivery, and business management solutions. It facilitates ride requests and connects individuals with transportation providers. Additionally, it offers delivery services for food and other goods. The network extends to business solutions, providing tools for managing rides, meals, and local deliveries for organizations.
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: 161,587 as on Jun 30, 2026
- Investors: New Enterprise Associates, TrueBridge and 191 Others
- Latest Funding Round: Post IPO, Dec 19, 2020, $*****
- Highlight: Public
2. Trulia
Provider of real estate listings, homes for sale, and housing data. It offers tools for buying, renting, and selling properties. The platform provides access to various property types, including houses, apartments, and land. It also offers resources for mortgages, refinancing, and calculating affordability.
Key facts about Trulia
- Founded Year: 2005
- Location: San Francisco (United States)
- Annual Revenue: $100M - $500M as on Dec 31, 2014
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $32.8M
- Employee Count: 214 as on Jun 30, 2026
- Investors: Harvest Growth Capital, RAA Capital and 16 Others
- Latest Funding Round: Post IPO, Dec 12, 2013, $*****
- Highlight: Acquired
3. 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: 2,544 as on Jun 30, 2026
- Investors: SoftBank Group, awesome capital Group and 17 Others
- Latest Funding Round: Post IPO, May 21, 2025, $*****
- Highlight: Public
4. 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: 7,162 as on May 31, 2026
- Investors: HTIF, equitywestsecurities.com and 51 Others
- Latest Funding Round: Post IPO, Feb 27, 2025, $*****
- Highlight: Public
5. Evernote
Provider of a note-taking app for individuals and enterprises. It allows users to capture, organize, and find information across multiple platforms. It also allows users to take notes, clip web pages, add photos using their mobile phones, create to-dos, and record audio. All data is synchronized with its web service and made available to clients on Windows, Mac, Web, and mobile devices. It has added an improved presentation mode and a feature that suggests relevant content from other parts of the web.
Key facts about Evernote
- Founded Year: 2004
- Location: Redwood City (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $266M
- Employee Count: 180 as on Jun 30, 2026
- Investors: Meritech, Glynn Capital and 28 Others
- Latest Funding Round: Series E, Jun 14, 2018, $*****
- Highlight: Acquired
Frees Fund's Year-on-Year Investment Trends
Frees Fund has invested in 150 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 | 5 | 1 | 6 |
2022 | 15 | 4 | 19 |
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 48 investments in Seed stage with an average round size of $4.31M, 35 investments in Series A stage with an average round size of $15.5M and 20 investments in Angel stage with an average round size of $2.32M.Stage of entry | No. of Investments |
|---|---|
Seed | 48 |
Series A | 35 |
Angel | 20 |
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 101 Tech companies, 67 Enterprise (B2B) companies, 54 Consumer (B2C) companies and at least 52 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 27 |
High Tech | 27 |
Consumer | 23 |
HealthTech | 17 |
Life Sciences | 13 |
Others | 139 |
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 | 4801 | [+7] | |
Jun 24, 2026 | - | Seed | 1141 | ||
Jun 08, 2026 | - | Seed | 6488 | ||
Jun 05, 2026 | China | Seed | 7655 | [+3] | |
Mar 17, 2026 | Germany | Series A | 7370 |
Unicorns in Frees Fund's Portfolio
Frees Fund has 3 unicorns in its portfolio - Cider, PingCAP and Qingqing Jiajiao. The most recent unicorn in their portfolio is Cider. It became a unicorn in 2021, 4 years before 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 |
|---|---|---|---|---|---|---|---|
72 | Internet first brand offering apparel for women | 2020 | Hong Kong | Series B | lyxrspb | ||
52 | Cloud-based platform offering distributed NewSQL databases | 2015 | Sunnyvale | Series D | gphixxv | ||
45 | Discovery platform form offline tutors | 2014 | Shanghai | Series D | {ut{zwf |
IPOs and Publicly Listed companies in Frees Fund's Portfolio
7 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 | - | - | 1995 | |
Jun 11, 2025 | Apr 13, 2016 | Series B | 4175 | |
Jun 13, 2024 | Jan 23, 2018 | Series B | 1413 | |
Sep 18, 2020 | Jul 13, 2016 | Series C | 7358 | |
Jul 12, 2019 | Sep 16, 2015 | Series D | 1524 |
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Acquired companies in Frees Fund's Portfolio
4 companies from Frees Fund's portfolio have been acquired. The most recent acquisition was Evernote in Nov 2022 by Bending Spoons 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 |
|---|---|---|---|---|
Nov 16, 2022 | - | - | 8866 | |
May 06, 2022 | Nov 11, 2015 | Series A | 6508 | |
Jun 16, 2016 | Jun 12, 2015 | Series A | 6109 | |
Jul 28, 2014 | - | - | 4694 |
Team profile of Frees Fund
Frees Fund has a team of 24 members including 10 Partners, 1 Venture Partner and 5 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 | Chaoyang | - | ||
Partner | Beijing | - | ||
Partner | China | - | ||
Partner | - | - | ||
Partner | Pudong | - | ||
Partner | - | - | ||
Partner | - | - | ||
Partner | Hong Kong | - | ||
Partner | China | - |
Co-investors of Frees Fund
Over the past 12 years, 449 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: 138 investors entered a company along with Frees Fund. These include investors like Matrix Partners China (8 companies).
- Invested after Frees Fund: A total of 248 investors have invested in Frees Fund's portfolio after their investments. Top Investors include Oriental Fortune Capital (4 companies), Sequoia Capital China (4 companies) and 5Y Capital (3 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, 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
