About Fung Capital
Fung Capital is a venture capital firm founded in 1986. It is primarily based out of San Francisco, United States. As of Jul 2018, Fung Capital has invested in 23 companies. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Retail and Consumer. Most recently it participated in the $***** Series C round of Celect Overall, Fung Capital portfolio has seen 1 IPO and 12 acquisitions including key companies like Locus, Centric Software and GT Nexus. A lot of funds co-invest with Fung Capital, with names like Blume Venture sharing a substantial percentage of its portfolio. Fung Capital has team of 1 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 3 more
Portfolio IPOs
Fung Capital's List of Top Investments
Fung Capital has a portfolio of 23 companies. Their most notable investments are in 500Friends and 500Friends.Their portfolio spans across United States, China, India and 1 more locations. They have invested in Enterprise Applications, Retail, Consumer and 6 other sectors, across stages such as Series A, Series B and 3 more. Here is the list of top investments by Fung Capital:1. Locus
Provider of an AI-powered platform for optimizing logistics and delivery. The platform offers solutions for fulfillment automation, dispatch planning, and delivery orchestration. It also provides features such as track and trace, analytics, and insights. The platform supports various industries, including retail, fast-moving consumer goods, and e-commerce.
Key facts about Locus
- Founded Year: 2015
- Location: Milpitas (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $82.5M
- Employee Count: 353 as on Jul 31, 2026
- Investors: Qualcomm Ventures, GIC and 33 Others
- Latest Funding Round: Series C, May 27, 2021, $*****
- Highlight: Acquired
2. Narvar
Provider of post-purchase platform for retailers, offering delivery and return solutions. The platform provides tools for delivery date estimates, order tracking, proactive notifications, and delivery claim management. It also offers returns and exchanges management features, including fraud prevention and automated exchange options. The platform aims to personalize the customer experience and optimize operations.
Key facts about Narvar
- Founded Year: 2012
- Location: San Mateo (United States)
- Stage: Series C
- Total Funding till date: $64.4M
- Employee Count: 367 as on May 31, 2026
- Investors: Accel, Forerunner Ventures and 19 Others
- Latest Funding Round: Series C, Aug 28, 2018, $*****
- Highlight: Editors' Pick
3. Tulip
Tulip Retail is a cloud-based enterprise resource planning software provider for the retail industry. Its products include Assisted Selling App, Checkout App, Clienteling App, Store Communications App, and Mobile Associate App. The Assisted Selling App is a store-executive-facing clienteling app that provides product information on a real-time basis for assisted selling. The Checkout App allows executives to capture orders and take payments using a mobile device for faster customer check-outs. The app includes a shopping cart, order capture, payment handling, POS integration, cash drawer management, and order processing. The Store Communications App allows sales associates to receive announcements from HQ, access training content, create private chat groups for knowledge sharing, and collaborate in real-time.
Key facts about Tulip
- Founded Year: 2013
- Location: New York City (United States)
- Stage: Series C
- Total Funding till date: $70.4M
- Employee Count: 292 as on Jul 31, 2026
- Investors: Salesforce Ventures, Gen 1 Capital and 25 Others
- Latest Funding Round: Conventional Debt, Nov 25, 2024, $*****
- Highlight: Editors' Pick
4. OrderGroove
OrderGroove provides a SaaS-based platform to clients for driving subscription commerce. Initially, when a client is on-boarded the company performs a best practice analysis for the custom brand. Then the software is implemented by the internal technical team. Once the product is ready it is launched and the marketing team devises methods for gaining subscriptions and lifetime users. Provides an end to end subscription commerce platform. Clients include Walmart, CVS and others.
Key facts about OrderGroove
- Founded Year: 2010
- Location: New York City (United States)
- Stage: Series D
- Total Funding till date: $132M
- Employee Count: 119 as on Jul 31, 2026
- Investors: Western Technology Investment, SWaN & Legend Venture Partners and 17 Others
- Latest Funding Round: Series D, Nov 10, 2022, $*****
- Highlight: Editors' Pick
Platform offering software product lifecycle management software. The platform allows businesses to manage business processes including product development, sourcing, business planning, quality management, and collection management, enabling brands, retailers, and manufacturers to improve collaboration and increase revenue. It provides PLM software for fashion, apparel, luxury goods, and consumer goods companies.
Key facts about Centric Software
- Founded Year: 1997
- Location: Los Gatos (United States)
- Stage: Acquired
- Total Funding till date: $80.9M
- Employee Count: 1,444 as on Jul 31, 2026
- Investors: Silver Lake, HarbourVest Partners and 11 Others
- Latest Funding Round: Series D, Jun 17, 2014, $*****
- Highlight: Acquired
Fung Capital's Year-on-Year Investment Trends
Fung Capital has invested in 23 companies over the last 18 years, with an average of 0 new investment annually in the last 10 years. Its most recent first time investment was in ThirdChannel and most recent follow-on round was in Celect.Fung Capital's Investments by Stage
Fung Capital has made 6 investments in Series A stage with an average round size of $6.39M, 5 investments in Series B stage with an average round size of $15.7M, 1 investment in PE stage, 1 investment in Series C stage with an average round size of $15.5M and 1 investment in Series D stage with an average round size of $24M.Stage of entry | No. of Investments |
|---|---|
Series A | 6 |
Series B | 5 |
PE | 1 |
Series C | 1 |
Series D | 1 |
Note: We have considered here, only first round of investments
Fung Capital's Investments by Sector
Fung Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Retail, Vertical SaaS, Consumer and Industrial Goods and Manufacturing. Notably, it has invested in 16 Enterprise (B2B) companies, 16 Tech companies, 13 Software companies and at least 10 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 12 |
Retail | 10 |
Vertical SaaS | 8 |
Consumer | 4 |
Industrial Goods and Manufacturing | 3 |
Others | 5 |
Note: We have considered here, only first round of investments
Fung Capital's Investments by Geography
Fung Capital has made most investments in United States (14), followed by China where it has made 1 investment.Country | No. of Investments |
|---|---|
United States | 14 |
China | 1 |
India | 1 |
Ireland | 1 |
Note: We have considered here, only first round of investments
Fung Capital's recent investments
Fung Capital has not made any investment in 2026 so far.Here are the most recent investments by Fung Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 26, 2018 | United States | Series C | 9401 | [+2] | |
Nov 07, 2017 | United States | Series A | 5762 | - | |
Mar 15, 2017 | United States | Series A | 5851 | ||
Jan 06, 2017 | United States | Series B | 1884 | [+1] | |
Jun 13, 2016 | United States | Series B | 1474 | [+8] |
IPOs and Publicly Listed companies in Fung Capital's Portfolio
1 of Fung Capital's portfolio company became public - Danskin.Here are Fung Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
- | - | - | 4398 |
Acquired companies in Fung Capital's Portfolio
12 companies from Fung Capital's portfolio have been acquired. The most recent acquisition was Locus in Oct 2025 by Ingka for $*****.Here are Fung Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 07, 2025 | May 09, 2016 | Series A | 7178 | |
Nov 24, 2021 | Mar 15, 2017 | Series A | 4562 | |
Dec 09, 2020 | Nov 07, 2017 | Series A | 6686 | |
Sep 29, 2020 | Jul 30, 2013 | Series A | 4321 | |
Aug 06, 2019 | Jan 06, 2017 | Series B | 2779 |
Team profile of Fung Capital
Fung Capital has a team of 1 member located in United States. Fung Capital's team does not sit on the board of any company as of now.Co-investors of Fung Capital
Over the past 18 years, 93 investors have co-invested in Fung Capital's portfolio companies. This includes funds and angels.
- Invested before Fung Capital: Bhupen Shah, Manish Singhal and 39 others have invested in rounds before Fung Capital. There is 1 company where Bhupen Shah has invested before Fung Capital and 1 company where Manish Singhal has invested before Fung Capital.
- Top Co-investors of Fung Capital: 25 investors entered a company along with Fung Capital. These include investors like Blume Venture (1 company).
- Invested after Fung Capital: A total of 27 investors have invested in Fung Capital's portfolio after their investments. Top Investors include Tiger Global Management (1 company), Alpha Wave Global (1 company) and FalconX (1 company).
Recent News related to Fung Capital
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Fung Capital’s Joint Venture with InvestcorpGlobal Legal Chronicle•Jul 06, 2023•Fung Capital, Investcorp
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Investcorp and Fung Capital announce new US $500m Fund during the Future Investment Initiativeuaenews247.com•Oct 26, 2022•Investcorp, Fung Capital, Fung Group
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Flow scores $37M Series B led by American Express to expand cross-border e-commerce solution for brands and retailersTechStartups.com•Dec 04, 2019•Flow, Latitude Ventures, New Enterprise Associates, American Express and 3 others
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NGP, Fung Capital lead $15m funding in US analytics platform CelectDeal Street Asia•Dec 14, 2018•NGP Capital, Celect, Fung Capital, Activant Capital and 1 other
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Celect Closes $15 Million Series C to Optimize Retail Inventory and Predict DemandVCA Online•Dec 13, 2018•Celect, NGP Capital, Fung Capital, Activant Capital and 1 other
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ThirdChannel Raises $7 Million For Digital Retail IntelligenceRetail TouchPoints•Nov 07, 2017•ThirdChannel, Fung Capital
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Flow Raises $13M Series A from Bain CapitalCitybizlist•Mar 15, 2017•Flow, Bain Capital Ventures, Forerunner Ventures, Fung Capital and 1 other
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Celect Closes $10M Series B FundingFinSMEs•Feb 28, 2017•Celect, Activant Capital, Fung Capital USA, August Capital Partners and 3 others
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With A Fresh $15 Million, Olapic Will Replace Brands’ Stock Photos With Your Instagram Pics – TechCrunchTechCrunch+•Jun 23, 2015•Olapic, Longworth Venture Partners, Unilever Ventures, Felix Capital and 1 other
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‘Loyalty’ Startup 500friends Gets Acquired; Backed by Intel, CrosslinkThe Wall Street Journal•Nov 18, 2014•500Friends, Merkle, Intel Capital, Crosslink Capital and 4 others
