INCE Capital

INCE Capital is a prominent venture capital firm established in 2019, focusing on early-stage consumer-related technology companies within China. The firm was founded by two highly respected veterans of the Chinese venture capital scene, JP Gan and Shirley Mao, both of whom previously served as partners at Qiming Venture Partners. Their extensive experience and deep network in the Chinese tech ecosystem provided a strong foundation for INCE Capital's rapid ascent.

The firm quickly made its mark by successfully raising substantial capital. Its debut fund, INCE Capital Fund I L.P., closed in 2019 with a impressive $350 million in commitments. Building on this success, INCE Capital continued its fundraising momentum, securing $600 million for its second fund, INCE Capital Fund II L.P., in 2021. These significant fund sizes underscore the confidence of limited partners in the firm's investment strategy and the capabilities of its founding team.

INCE Capital's investment thesis centers on identifying and supporting high-growth potential companies in China's dynamic consumer internet and technology sectors. This includes areas such as e-commerce, social media, content platforms, and new retail models. The firm typically targets Series A, B, and C rounds, aiming to be a lead investor and provide strategic guidance beyond just capital. Their deep understanding of the Chinese consumer market and operational expertise allows them to add significant value to their portfolio companies, helping them navigate the competitive landscape and achieve scale.