About Gaorong Capital
Gaorong Capital is a venture capital firm founded in 2014. It is primarily based out of Beijing, China. As of Jul 2026, Gaorong Capital is an active investor, having invested in 263 companies, with 12 new investments in the last 12 months. It primarily invests in Series A 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 $***** Angel round of Morph Overall, Gaorong Capital portfolio has seen 14 unicorns, 23 IPOs and 13 acquisitions including key companies like Meituan, Zepp Labs and Innoviz. A lot of funds co-invest with Gaorong Capital, with names like IDG Capital sharing a substantial percentage of its portfolio. Gaorong Capital has team of 27 people including 11 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 6 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
Gaorong Capital's List of Top Investments
Gaorong Capital has a portfolio of 263 companies, including 14 unicorns. Their most notable investments are in Adaotonics.com and Adaotonics.com.Their portfolio spans across China, United States, Singapore and 9 more locations. They have invested in High Tech, Enterprise Applications, Consumer and 34 other sectors, across stages such as Series A, Seed and 6 more. Here is the list of top investments by Gaorong Capital:
1. Meituan
Online group-buying platform offering coupons for multi-category products and services. It offers coupon codes for food ordering, restaurants, dining booking, tickets, entertainment, corporate travel booking, domestic services, and more.
Key facts about Meituan
- Founded Year: 2010
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $9.86B
- Employee Count: 41,404 as on Jun 30, 2026
- Investors: Brookside Equity Partners, GIC and 48 Others
- Latest Funding Round: Series F, Sep 01, 2018, $*****
- Highlight: Public
2. ByteDance
Developer of platforms for content creation, discovery, and mobile entertainment. The company provides tools and services that enable users to connect, create, and consume digital content. It offers a suite of products focused on short-form mobile videos and other forms of digital media. The company’s platforms facilitate content sharing and engagement for a global audience.
Key facts about ByteDance
3. Zepp Labs
Developer of wearable devices and digital health management platform solutions. The company provides smart watches, bands, hearables, and soundscape services. Its platform includes an operating system, artificial intelligence chips, biometric sensors, and data algorithms. The platform delivers cloud-based insights and guidance. The company develops intelligent healthcare tools and utilizes generative artificial intelligence solutions.
Key facts about Zepp Labs
- Founded Year: 2011
- Location: San Jose (United States)
- Stage: Acquired
- Total Funding till date: $20M
- Employee Count: 235 as on Jun 30, 2026
- Investors: Connor, Clark & Lunn Financial Group, Gaorong Capital and 14 Others
- Latest Funding Round: Series B, Jan 22, 2014, $*****
- Highlight: Acquired
4. Innoviz
Developer of LiDAR sensors and perception software for autonomous vehicles. The company provides long-range and short- to mid-range LiDAR products. It offers perception software and smart applications for security, mobility, aerial robotics, and traffic intelligence. The company's products are designed for integration into autonomous driving systems.
Key facts about Innoviz
- Founded Year: 2016
- Location: Rosh Haayin (Israel)
- Stage: Public
- Total Funding till date: $252M
- Employee Count: 471 as on Jun 30, 2026
- Investors: Vertex Ventures Israel, Samsung Catalyst Fund and 31 Others
- Latest Funding Round: Series C, Jun 10, 2019, $*****
- Highlight: Public
5. Leonardo Ai
AI-powered platform to generate assets with models. It creates images, change controls, and create patterns. It allows users to create game assets using natural language commands.
Key facts about Leonardo Ai
- Founded Year: 2022
- Location: Sydney (Australia)
- Stage: Acquired
- Total Funding till date: $31M
- Employee Count: 184 as on Jun 30, 2026
- Investors: Gaorong Capital, Smash Capital and 4 Others
- Latest Funding Round: Series A, Dec 06, 2023, $*****
- Highlight: Acquired
Gaorong Capital's Year-on-Year Investment Trends
Gaorong Capital has invested in 263 companies over the last 12 years, with an average of 17 new investments annually in the last 10 years. In 2025, it made 9 investments, while as of Jul 2026, it has made 13 investments in this year. Its most recent first time investment was in Morph and most recent follow-on round was in LiblibAI.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 9 | 4 | 13 |
2025 | 6 | 3 | 9 |
2024 | 9 | 2 | 11 |
2023 | 7 | 4 | 11 |
2022 | 32 | 12 | 44 |
2021 | 30 | 13 | 43 |
2020 | 22 | 9 | 31 |
2019 | 11 | 13 | 24 |
2018 | 26 | 7 | 33 |
2017 | 12 | 5 | 17 |
Gaorong Capital's Investments by Stage
Gaorong Capital has made 81 investments in Series A stage with an average round size of $36.1M, 46 investments in Seed stage with an average round size of $11.4M and 41 investments in Series B stage with an average round size of $72.3M.Stage of entry | No. of Investments |
|---|---|
Series A | 81 |
Seed | 46 |
Series B | 41 |
Angel | 22 |
Series C | 15 |
Others | 5 |
Note: We have considered here, only first round of investments
Gaorong Capital's Investments by Sector
Gaorong Capital has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Consumer, Life Sciences and Retail. Notably, it has invested in 190 Tech companies, 128 Enterprise (B2B) companies, 88 Consumer (B2C) companies and at least 80 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 58 |
High Tech | 47 |
Consumer | 37 |
Life Sciences | 25 |
Retail | 25 |
Others | 241 |
Note: We have considered here, only first round of investments
Gaorong Capital's Investments by Geography
Gaorong Capital has made most investments in China (171), followed by United States where it has made 15 investments.Country | No. of Investments |
|---|---|
China | 171 |
United States | 15 |
Singapore | 8 |
Australia | 1 |
Nigeria | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Gaorong Capital's recent investments
Gaorong Capital has made 13 investments in 2026 so far. Morph and Archon Robotics are the latest among them.Here are the most recent investments by Gaorong Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 06, 2026 | China | Angel | 3308 | [+9] | |
Jun 29, 2026 | China | Seed | 9931 | [+6] | |
Jun 23, 2026 | - | Seed | 5429 | ||
Jun 18, 2026 | China | Series B | 5727 | [+8] | |
Jun 09, 2026 | China | Seed | 2595 |
Unicorns in Gaorong Capital's Portfolio
Gaorong Capital has 14 unicorns in its portfolio - Nothing, Flexiv Robotics, XTransfer and others. The most recent unicorn in their portfolio is Nothing. It became a unicorn in 2025, 3 years after Gaorong Capital first invested in it.Here is a list of unicorns in Gaorong Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
66 | Manufacturer of mobile phones, headphones, watches, and related accessories | 2020 | London | Series C | brqfkmp | ||
69 | Manufacturer of adaptive robots and robotic solutions for industrial automation | 2016 | Santa Clara | Series C | {jtqvqw | ||
60 | Provider of cross-border trade payment platform for global businesses | 2017 | Shanghai | Series D | exjkdb{ | ||
69 | Provider of digital identity verification | 2016 | Singapore | Series D | tgrojlf | ||
73 | Provider of financial services including transfers, bill payments, and debit cards | 2018 | Lagos | Series C | o{otfni |
IPOs and Publicly Listed companies in Gaorong Capital's Portfolio
23 of Gaorong Capital's portfolio companies have become public. MiniMax got listed on the Hong Kong Exchanges (HKG), in Jan 2026 at marketcap of $6.55B and Biren Technology got listed on the Hong Kong Exchanges (HKG) at marketcap of $6.04B.Here are Gaorong Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 09, 2026 | Jul 2022 | Seed | 6874 | |
Jan 02, 2026 | Aug 18, 2020 | Series A | 7040 | |
Dec 17, 2025 | Feb 14, 2025 | Series A | 9320 | |
Dec 10, 2025 | 2017 | Seed | 6403 | |
Oct 28, 2025 | - | - | 5282 |
Acquired companies in Gaorong Capital's Portfolio
13 companies from Gaorong Capital's portfolio have been acquired. The most recent acquisition was Leonardo Ai in Jul 2024 by Canva for $*****.Here are Gaorong Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 30, 2024 | Dec 06, 2023 | Series A | 3851 | |
Apr 03, 2024 | Jul 12, 2021 | Series A | 3623 | |
Dec 17, 2020 | Dec 25, 2020 | PE | 6522 | |
Oct 27, 2020 | - | - | 4186 | |
Jul 07, 2020 | - | - | 6027 |
Team profile of Gaorong Capital
Gaorong Capital has a team of 27 members including 11 Partners and 8 Principals located in China and United States. Gaorong Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Gaorong Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | China | - | - | |
Partner | Huangpu | - | - | |
Partner | Chaoyang | - | ||
Partner | Beijing | - | ||
Partner | Shanghai | - | ||
Partner | - | - | - | |
Partner | China | - | - | |
Partner | China | - | - | |
Partner | China | - | - | |
Partner | San Jose | - | - |
Co-investors of Gaorong Capital
Over the past 12 years, 886 investors have co-invested in Gaorong Capital's portfolio companies. This includes funds and angels.
- Invested before Gaorong Capital: Zhen Fund, IDG Capital and 171 others have invested in rounds before Gaorong Capital. There are 8 companies where Zhen Fund has invested before Gaorong Capital and 7 companies where IDG Capital has invested before Gaorong Capital.
- Top Co-investors of Gaorong Capital: 333 investors entered a company along with Gaorong Capital. These include investors like IDG Capital (15 companies).
- Invested after Gaorong Capital: A total of 380 investors have invested in Gaorong Capital's portfolio after their investments. Top Investors include Hillhouse (8 companies), Tencent (7 companies) and SoftBank Vision Fund (6 companies).
Recent News related to Gaorong Capital
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Pulnovo Medical Nets $100M in Funding for Denervation Device DevelopmentMedical Product Outsourcing•Jul 10, 2026•Qiming Venture Partners, Gaorong Capital, Orbimed, LAV and 3 others
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China Embodied Intelligence & Humanoid Robots Startup Kunlunxing Robotics (Beijing Kunlun Xing Robot Technology) Raised $275 Million in 3 Funding Rounds, Founded in 2026 by ex-Alibaba Executive Ren GengCaproasia•Jun 25, 2026•Kunlun Robotics, Gaorong Capital, CAS Investment Partners, Innovation Works and 1 other
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Czech Grid.online raises €4M after 10× delivery growth in its first yearIfanr.com•Jun 18, 2026•Source Code Capital, Shunwei Capital, Gaorong Capital, Times Capital and 6 others
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Axoft Secures $55M Series A to Advance Clinical Trials Globally for its Bio-Inspired, Implantable Brain-Computer InterfaceBakersfield•Apr 29, 2026•Axoft, Alumni Ventures, Charoen Pokphand Group, Hillhouse and 3 others
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Pulnovo Medical Announces Strategic Investment from Medtronic in $100 Million FinancingPR Newswire•Apr 20, 2026•Medtronic, Pulnovomed, LAV, HSG and 4 others
