About Keytone Ventures
Keytone Ventures is a venture capital firm founded in 2008. It is primarily based out of Beijing, China. As of May 2026, Keytone Ventures is an active investor, having invested in 29 companies, with 1 new investment in the last 12 months. It primarily invests in Series B round in China based startups. Its investments are spread across a wide range of sectors from HealthTech to Enterprise Applications and High Tech. Most recently it participated in the $***** Series C round of Muxin Overall, Keytone Ventures portfolio has seen 1 unicorn, 4 IPOs and 5 acquisitions including key companies like Sea, Garena and Borqs. A lot of funds co-invest with Keytone Ventures, with names like Khazanah Nasional Berhad sharing a substantial percentage of its portfolio. Keytone Ventures has team of 6 people including 3 partners.Key Metrics
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B, Series A & 5 more
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Keytone Ventures' List of Top Investments
Keytone Ventures has a portfolio of 29 companies, one of which is a Unicorn. Their most notable investments are in PapayaMobile and Borqs.Their portfolio spans across China, United States, Singapore and 3 more locations. They have invested in HealthTech, Enterprise Applications, High Tech and 17 other sectors, across stages such as Series B, Series A and 5 more. Here is the list of top investments by Keytone Ventures:
1. Sea
Provider of digital entertainment, e-commerce, and digital financial service platforms. The company develops and publishes online games for global audiences. It also operates an e-commerce platform facilitating buying and selling. Furthermore, the company digitalizes financial services through its platform.
Key facts about Sea
- Founded Year: 2006
- Location: Singapore (Singapore)
- Stage: Public
- Total Funding till date: $721M
- Employee Count: 3,721 as on Jul 31, 2026
- Investors: Khazanah Nasional Berhad, Gov.sg and 22 Others
- Latest Funding Round: Series E, May 07, 2017, $*****
- Highlight: Public
2. Garena
Garena launched its first product, Garena+, an online gaming and social platform for people to meet, chat and play games with each other. Garena also has TalkTalk, real-time voice and video communication platform, BeeTalk, mobile social network in Southeast Asia. In 2014, it launched AirPay to provide financial services in emerging markets. Garena users can pay for online games, telephone bills, utilities, and e-commerce transactions on the AirPay network.
Key facts about Garena
- Founded Year: 2007
- Location: Singapore
- Annual Revenue: SGD 1B+ as on Dec 31, 2024
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $722M
- Employee Count: 6,478 as on Jul 31, 2026
- Investors: Khazanah Nasional Berhad, Gov.sg and 12 Others
- Latest Funding Round: Series E, May 08, 2017, $*****
- Highlight: Editors' Pick
3. Borqs
Developer of IoT-based embedded software & hardware solutions. It is engaged in providing IoT solutions across devices from smartphones, tablets, and smartwatches, as well as in payments, and vertical application devices for restaurants. It also provides end-to-end software & hardware solutions for all parties of the mobile communications industry, including mobile services operators and handset manufacturers. Its smart city solutions include traffic sensors and street lighting automation solutions. Its smart car offerings include SIM-based IVI communications solutions, infotainment systems, and more.
Key facts about Borqs
- Founded Year: 2007
- Location: Santa Clara (United States)
- Annual Revenue: $100M - $500M as on Dec 31, 2017
- Stage: Acquired
- Total Funding till date: $32.6M
- Employee Count: 494 as on Jul 31, 2026
- Investors: Qualcomm Ventures, Accel and 7 Others
- Latest Funding Round: Post IPO, Jun 02, 2022, $*****
- Highlight: Acquired
4. DerbySoft
Provider of technology solutions for streamlined connectivity and content distribution. The business offers connectivity services facilitating communication between suppliers and distributors. It provides a platform for managing rates, availability, and inventory across channels. The company delivers solutions for business travel, content management, and digital marketing. It also offers technology solutions for airlines and sellers.
Key facts about DerbySoft
- Founded Year: 2002
- Location: Dallas (United States)
- Stage: Acquired
- Total Funding till date: $15.5M
- Employee Count: 348 as on Jul 31, 2026
- Investors: GeniLink Capital, DCM Ventures and 4 Others
- Latest Funding Round: Series D, Mar 31, 2014, $*****
- Highlight: Acquired
5. Mirxes
Developer of miRNA-based test for the detection of cancer. The company's core technology is a highly specific RT-PCR primer that imposes a conformational restriction on miRNA for efficient binding to mature, but not precursor miRNAs, coupled with optimized RT-PCR reagents. These primers confer high specificity, sensitivity, and enhanced signal-to-noise ratio in amplification reactions. The company manufactures miRNA detection and quantification kits for research and is developing miRNA-based liquid biopsy kits for gastric cancer, lung cancer, and breast cancer detection.
Key facts about Mirxes
- Founded Year: 2014
- Location: Singapore (Singapore)
- Annual Revenue: SGD 10M - 50M as on Dec 31, 2022
- Stage: Public
- Total Funding till date: $254M
- Employee Count: 158 as on Jul 31, 2026
- Investors: Rock Springs Capital, CCB International and 11 Others
- Latest Funding Round: Series D, Jul 26, 2023, $*****
- Highlight: Public
Keytone Ventures' Year-on-Year Investment Trends
Keytone Ventures has invested in 29 companies over the last 17 years, with an average of 1 new investment annually in the last 10 years. As of May 2026, it has made 1 investment in this year. Its most recent first time investment was in Muxin and most recent follow-on round was in ChinaPNR.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 1 | 0 | 1 |
2021 | 2 | 0 | 2 |
2020 | 1 | 0 | 1 |
2019 | 0 | 0 | 0 |
2018 | 1 | 0 | 1 |
2017 | 1 | 0 | 1 |
Keytone Ventures' Investments by Stage
Keytone Ventures has made 8 investments in Series B stage with an average round size of $12.2M, 5 investments in Series A stage with an average round size of $53M and 4 investments in Seed stage with an average round size of $1.41M.Stage of entry | No. of Investments |
|---|---|
Series B | 8 |
Series A | 5 |
Seed | 4 |
Series C | 4 |
Series D | 2 |
Others | 2 |
Note: We have considered here, only first round of investments
Keytone Ventures' Investments by Sector
Keytone Ventures has a diverse portfolio, with companies operating in the High Tech, Consumer, Enterprise Applications, Mobile and Sustainability Tech. Notably, it has invested in 23 Enterprise (B2B) companies, 23 Tech companies, 9 Tech hardware companies and at least 7 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
High Tech | 6 |
Consumer | 4 |
Enterprise Applications | 4 |
Mobile | 4 |
Sustainability Tech | 4 |
Others | 30 |
Note: We have considered here, only first round of investments
Keytone Ventures' Investments by Geography
Keytone Ventures has made most investments in China (13), followed by United States where it has made 7 investments.Country | No. of Investments |
|---|---|
China | 13 |
United States | 7 |
Singapore | 3 |
South Korea | 1 |
Taiwan | 1 |
Note: We have considered here, only first round of investments
Keytone Ventures' recent investments
Keytone Ventures has made 1 investments in 2026 so far - Muxin.Here are the most recent investments by Keytone Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
May 27, 2026 | China | Series C | 8379 | ||
Feb 28, 2022 | China | Seed | 3011 | ||
Jul 10, 2021 | Singapore | Series C | 7703 | [+3] | |
Apr 20, 2021 | United States | Series A | 1321 | [+1] | |
Mar 2020 | China | Seed | 6378 | - |
Unicorns in Keytone Ventures' Portfolio
Keytone Ventures has 1 unicorn in its portfolio - Garena. The most recent unicorn in their portfolio is Garena which became a unicorn in 2015, 1 years before Keytone Ventures first invested in it.Here is a list of unicorns in Keytone Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
64 | Mobile entertainment and communication | 2007 | - | Series E | mycaedk |
IPOs and Publicly Listed companies in Keytone Ventures' Portfolio
4 of Keytone Ventures' portfolio companies have become public. Mirxes got listed on the Hong Kong Exchanges (HKG), in May 2025 at marketcap of $821M and Huifu got listed on the Hong Kong Exchanges (HKG) at marketcap of $11.5B.Here are Keytone Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 23, 2025 | Jul 10, 2021 | Series C | 8548 | |
Jun 15, 2018 | Jun 2018 | Series A | 2636 | |
Oct 20, 2017 | Mar 31, 2016 | Series D | 3299 | |
Jul 13, 2011 | Aug 2015 | Seed | 9215 |
Acquired companies in Keytone Ventures' Portfolio
5 companies from Keytone Ventures' portfolio have been acquired. The most recent acquisition was DerbySoft in Jun 2026 by Juniper Group for $*****.Here are Keytone Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 02, 2026 | Feb 2011 | Series B | 2124 | |
Nov 01, 2024 | Jan 2009 | Seed | 8204 | |
Sep 22, 2016 | Apr 09, 2009 | Series B | 4374 | |
Mar 24, 2015 | Jan 2009 | Series A | 2087 | |
Mar 14, 2014 | Apr 30, 2012 | Conventional Debt | 1668 |
Team profile of Keytone Ventures
Keytone Ventures has a team of 6 members including 3 Partners and 2 Principals located in China and United States. Keytone Ventures' team does not sit on the board of any company as of now.Here is a list of all team members in Keytone Ventures:
Co-investors of Keytone Ventures
Over the past 17 years, 99 investors have co-invested in Keytone Ventures's portfolio companies. This includes funds and angels.
- Invested before Keytone Ventures: Gov.sg, General Atlantic and 22 others have invested in rounds before Keytone Ventures. There are 2 companies where Gov.sg has invested before Keytone Ventures and 2 companies where General Atlantic has invested before Keytone Ventures.
- Top Co-investors of Keytone Ventures: 38 investors entered a company along with Keytone Ventures. These include investors like Khazanah Nasional Berhad (2 companies).
- Invested after Keytone Ventures: A total of 37 investors have invested in Keytone Ventures's portfolio after their investments. Top Investors include SeaTown Holdings International (2 companies), GDP Venture (2 companies) and Mistletoe (2 companies).
Recent News related to Keytone Ventures
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Committed to early tumor screening technology, Miracle completed US$87 million in Series C financingPEdaily•Oct 21, 2021•Mirxes, Rock Springs Capital, EDBI, Keytone Ventures and 3 others
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MiRXES receives US$77 million in Series C financing, led by China Resources Zhengda Life Science FundPEdaily•Jul 11, 2021•Mirxes, EDBI, China Resources, Charoen Pokphand Group and 4 others
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PyrAmes Raises $6 Million in Series A FinancingNewswire•Apr 20, 2021•PyrAmes, GSR Ventures, Keytone Ventures, XTX Markets
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"WAYZ" received US$40 million in A+ round financing36Kr•Jan 14, 2021•Weizhi, Shanghai Zhangjiang, Shanghai Zhangjiang Hi-Tech Park Development, Triumph Capital and 8 others
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Southeast Asian mobile Internet company Garena announces $170M Series D | TechCrunchTechCrunch+•Mar 31, 2016•Sea, Garena, Khazanah Nasional Berhad, General Atlantic and 3 others
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