Joy Capital

Joy Capital is a prominent Chinese venture capital firm, established by veteran investor Liu Erhai, formerly a partner at Legend Capital. The firm has carved out a significant niche in the Chinese investment landscape by primarily focusing on early to growth-stage companies. Its investment philosophy centers on identifying and backing businesses that are poised to become industry leaders, particularly within sectors undergoing significant transformation. Key areas of interest for Joy Capital include consumption upgrades, intelligent technology, and healthcare, reflecting a strategic alignment with China's evolving economic priorities and consumer trends.

The firm manages a substantial portfolio of both USD and RMB-denominated funds, with its total assets under management exceeding US$2 billion. A testament to its fundraising prowess and investor confidence, Joy Capital successfully closed its fifth USD fund, Joy Capital V, in 2021, oversubscribing to raise more than US$500 million. This significant capital base enables the firm to make impactful investments across various stages. Concurrently, its third RMB fund, Joy Capital III, also closed with over RMB 2 billion, demonstrating its deep commitment to the domestic market.

Joy Capital is known for its hands-on approach and its ability to identify high-growth potential. Its notable investments include early backing of electric vehicle manufacturer Nio, popular tea chain HeyTea, and community e-commerce platform Xingsheng Youxuan. These investments underscore the firm's strategy of supporting companies that aim to disrupt traditional markets or create entirely new ones. Typically, Joy Capital engages in leading or co-leading investment rounds, providing substantial capital and strategic guidance to its portfolio companies.