About Puhua Capital
Puhua Capital is a venture capital firm founded in 2004. It is primarily based out of Hangzhou, China. As of Jul 2026, Puhua Capital is an active investor, having invested in 252 companies, with 15 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 DISCOVER Robotics Overall, Puhua Capital portfolio has seen 4 unicorns, 20 IPOs and 6 acquisitions including key companies like Sohu.com, IQiyi and Zhihu. A lot of funds co-invest with Puhua Capital, with names like Legend Capital sharing a substantial percentage of its portfolio. Puhua Capital has team of 4 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 4 more
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Puhua Capital's List of Top Investments
Puhua Capital has a portfolio of 252 companies, including 4 unicorns. Their most notable investments are in Keku Medical and Defeng Technology.Their portfolio spans across China, United Kingdom, United States and 3 more locations. They have invested in High Tech, Enterprise Applications, Consumer and 32 other sectors, across stages such as Series A, Series B and 4 more. Here is the list of top investments by Puhua Capital:
1. 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
- Founded Year: 2012
- Location: Beijing (China)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $6.11B
- Employee Count: 49,665 as on Sep 30, 2026
- Investors: Goldman Sachs, All Blue Capital and 67 Others
- Latest Funding Round: Conventional Debt, Sep 05, 2026, $*****
- Highlight: Editors' Pick
2. Sohu.com
Online media, search and game service company. It is providing online products and services on personal computers (PCs) and mobile devices. The company operates through four segments, brand advertising segment and the others segment (both operated by Sohu), the sogou segment and the changyou segment. It is an online search, client software and mobile internet product provider.
Key facts about Sohu.com
- Founded Year: 1996
- Location: Beijing (China)
- Annual Revenue: $1B+ as on Dec 31, 2017
- Stage: Public
- Total Funding till date: $159K
- Employee Count: 243 as on Sep 30, 2026
- Investors: Chiratae Ventures, 5Y Capital and 6 Others
- Latest Funding Round: Angel, Apr 2018, $*****
- Highlight: Public
3. IQiyi
Subscription-based streaming platform. It is an online streaming platform offering dramas, anime, movies, and shows, with options for subtitles and dubbing across mobile, web, desktop, and TV devices.
Key facts about IQiyi
- Founded Year: 2010
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $2.04B
- Employee Count: 3,370 as on Sep 30, 2026
- Investors: 2020 Ventures, JANA Partners and 20 Others
- Latest Funding Round: Post IPO, Aug 30, 2022, $*****
- Highlight: Public
4. Zhihu
App-based social Q and A platform. It allows users to ask and answer questions related to any topic. It enables them to discuss topics such as the internet, technology, commerce, film and television, fashion, culture, and more.
Key facts about Zhihu
- Founded Year: 2010
- Location: Haidian (China)
- Stage: Public
- Total Funding till date: $919M
- Employee Count: 236 as on Oct 31, 2026
- Investors: Access Industries, Goldman Sachs Investment Partners and 14 Others
- Latest Funding Round: Series F, Aug 12, 2019, $*****
- Highlight: Public
5. Perspectum
Developer of medical imaging software for analyzing liver disease biomarkers. This technology extracts quantitative data from magnetic resonance imaging to assist in the assessment of metabolic and chronic conditions. The software provides diagnostic information to support clinical decision-making and patient monitoring. These tools facilitate the interpretation of complex imaging data for medical professionals.
Key facts about Perspectum
- Founded Year: 2012
- Location: Oxford (United Kingdom)
- Annual Revenue: £10M - £50M as on Dec 31, 2024
- Stage: Series C
- Total Funding till date: $140M
- Employee Count: 279 as on Oct 31, 2026
- Investors: Health Quest Capital, Oppenheimer and 32 Others
- Latest Funding Round: Grant (prize money), Sep 17, 2025, $*****
- Highlight: Editors' Pick
Puhua Capital's Year-on-Year Investment Trends
Puhua Capital has invested in 252 companies over the last 12 years, with an average of 12 new investments annually in the last 10 years. In 2025, it made 5 investments, while as of Jul 2026, it has made 14 investments in this year. Its most recent first time investment was in DISCOVER Robotics and most recent follow-on round was in Bit.bio.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 14 | 0 | 14 |
2025 | 5 | 0 | 5 |
2024 | 4 | 3 | 7 |
2023 | 11 | 1 | 12 |
2022 | 23 | 3 | 26 |
2021 | 10 | 1 | 11 |
2020 | 16 | 0 | 16 |
2019 | 11 | 0 | 11 |
2018 | 16 | 2 | 18 |
2017 | 5 | 2 | 7 |
Puhua Capital's Investments by Stage
Puhua Capital has made 48 investments in Series A stage with an average round size of $43.5M, 33 investments in Series B stage with an average round size of $50.9M and 32 investments in Seed stage with an average round size of $22.8M.Stage of entry | No. of Investments |
|---|---|
Series A | 48 |
Series B | 33 |
Seed | 32 |
Angel | 9 |
Series C | 7 |
Others | 1 |
Note: We have considered here, only first round of investments
Puhua Capital's Investments by Sector
Puhua Capital has a diverse portfolio, with companies operating in the High Tech, Life Sciences, Enterprise Applications, Consumer and Semiconductors. Notably, it has invested in 171 Tech companies, 130 Enterprise (B2B) companies, 82 Consumer (B2C) companies and at least 63 companies focusing on Software.Sector | No. of Investments |
|---|---|
High Tech | 39 |
Life Sciences | 31 |
Enterprise Applications | 22 |
Consumer | 16 |
Semiconductors | 15 |
Others | 117 |
Note: We have considered here, only first round of investments
Puhua Capital's Investments by Geography
Puhua Capital has made most investments in China (110), followed by United Kingdom where it has made 9 investments.Country | No. of Investments |
|---|---|
China | 110 |
United Kingdom | 9 |
United States | 2 |
Canada | 1 |
Singapore | 1 |
Note: We have considered here, only first round of investments
Puhua Capital's recent investments
Puhua Capital has made 14 investments in 2026 so far. DISCOVER Robotics and Deepcybo AI are the latest among them.Here are the most recent investments by Puhua Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 01, 2026 | China | Angel | 3074 | [+6] | |
Jun 29, 2026 | China | Series B | 4177 | [+1] | |
Jun 26, 2026 | China | Seed | 6918 | [+5] | |
Jun 24, 2026 | - | Series A | 7605 | [+12] | |
Jun 16, 2026 | - | Seed | 8502 | [+2] |
Unicorns in Puhua Capital's Portfolio
Puhua Capital has 4 unicorns in its portfolio - Pudu Robotics, Huayun, Tujia and others. The most recent unicorn in their portfolio is Pudu Robotics. It became a unicorn in 2026, 3 years after Puhua Capital first invested in it.Here is a list of unicorns in Puhua Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
63 | Provider of delivery robots for restaurants | 2016 | Shenzhen | Series D | euly{ql | ||
41 | Public and private cloud services in China | 2010 | Wuxi | Series E | hrjxrjd | ||
55 | Online platform for booking vacation rental accommodation for travelers | 2011 | Hong Kong | Series E | hgodetj | ||
64 | Online travel agency and local attractions online ticketing site | 2004 | Beijing | Series D | hnxoymk |
IPOs and Publicly Listed companies in Puhua Capital's Portfolio
20 of Puhua Capital's portfolio companies have become public. Camsense got listed on the Hong Kong Exchanges (HKG), in Sep 2026 at marketcap of $724M and Youzan got listed on the Hong Kong Exchanges (HKG).Here are Puhua Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 30, 2026 | Jan 21, 2021 | Series B | 4912 | |
Apr 17, 2026 | - | - | 4761 | |
Mar 10, 2025 | - | - | 7919 | |
Dec 27, 2024 | Jan 2018 | Series A | 2534 | |
Dec 10, 2024 | - | - | 1604 |
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Acquired companies in Puhua Capital's Portfolio
6 companies from Puhua Capital's portfolio have been acquired. The most recent acquisition was Congenica in Sep 2025 by SeqOne for $*****.Here are Puhua Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 02, 2025 | Nov 09, 2020 | Series C | 4265 | |
Jun 10, 2025 | - | - | 9086 | |
Jul 12, 2024 | - | - | 5019 | |
Aug 12, 2020 | Oct 20, 2017 | Series B | 6906 | |
Jan 08, 2015 | - | - | 8797 |
Team profile of Puhua Capital
Puhua Capital has a team of 4 members including 1 Partner and 1 Principal located in China. Puhua Capital's team does not sit on the board of any company as of now.Co-investors of Puhua Capital
Over the past 12 years, 705 investors have co-invested in Puhua Capital's portfolio companies. This includes funds and angels.
- Invested before Puhua Capital: Sequoia Capital, Amadeus Capital and 180 others have invested in rounds before Puhua Capital. There are 4 companies where Sequoia Capital has invested before Puhua Capital and 3 companies where Amadeus Capital has invested before Puhua Capital.
- Top Co-investors of Puhua Capital: 242 investors entered a company along with Puhua Capital. These include investors like Legend Capital (5 companies).
- Invested after Puhua Capital: A total of 281 investors have invested in Puhua Capital's portfolio after their investments. Top Investors include Shenzhen Capital Group (4 companies), Oriental Fortune Capital (3 companies) and China Internet Investment Fund (3 companies).
Recent News related to Puhua Capital
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“Deep Wisdom” received another hundreds of millions of yuan in financing36Kr•Jun 26, 2026•Puhua Capital
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RoboScience machine science releases Visics universal embodied large model to achieve cross-ontology, cross-object, and cross-task | Forefront36Kr•Jun 25, 2026•Roboscience, 01VC, JD.com, Puhua Capital and 1 other
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Birmingham AI company Unloqs £900k funding36Kr•Jun 16, 2026•Shenpu Intelligent, Genesis Capital, Keli Sensing Technology, Linear Capital and 1 other
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Xianggan Technology Completes Over RMB 100 Million Pre-A Round of FinancingEastmoney•Feb 12, 2026•Puhua Capital, Sky9 Capital
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RoboScience Completes Multi-Million Yuan Pre-A Round of FinancingEastmoney•Feb 12, 2026•Roboscience, CM Ventures, Puhua Capital, Crystal Stream Capital and 3 others
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Qionche Intelligent Completes Hundreds of Millions of Yuan in Series A Financing - Jiemian NewsJiemian News•Feb 10, 2026•C Capital, Sea, Puhua Capital
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Shi Technology completes 300 million yuan Series B++ financing round, raising two rounds in one year.PEdaily•Nov 07, 2025•Junson Capital, TCab Tech, China Renaissance Capital Investment, Puhua Capital and 2 others
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Xingluo Ji Nian Completes Pre-A Round Financing Led by Zexin Capital and Puhua CapitalPEdaily•Oct 22, 2025•Puhua Capital, Stella-Robot, Qcc
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Gan Herb Medical Completes New Round of Financing, Led by Puhua CapitalPEdaily•Sep 18, 2025•Puhua Capital
