About Puhua Capital
Puhua Capital is a venture capital firm founded in 2004. It is primarily based out of Hangzhou, China. As of Feb 2025, Puhua Capital is an active investor, having invested in 229 companies, with 5 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 Consumer and Life Sciences. Most recently it led the $103M Series B round of DeepWay along with CCB trust. This round also saw participation from Zhongan Capital and other investors.
Overall, Puhua Capital portfolio has seen 5 unicorns, 17 IPOs and 4 acquisitions including key companies like IQiyi, Zhihu and Pony.ai. A lot of funds co-invest with Puhua Capital, with names like IDG Capital sharing a substantial percentage of its portfolio.
Puhua Capital has team of 16 people including 10 partners.
Key Metrics
Team Members
, &
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed &
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Puhua Capital's Year-on-Year Investment Trends
Puhua Capital has invested in 229 companies over the last 11 years, with an average of 11 new investments annually in the last 10 years. In 2024, it made 7 investments, while as of Feb 2025, it has made 2 investments in this year. Its most recent first time investment was in SiliconFlow and most recent follow-on round was in bit.bio.
Year | No. of Investments | ||
|---|---|---|---|
1st?Round | Follow-on | Total | |
2025 (YTD) | 2 | 0 | 2 |
2024 | 4 | 3 | 7 |
2023 | 11 | 1 | 12 |
2022 | 22 | 3 | 25 |
2021 | 10 | 1 | 11 |
2020 | 17 | 0 | 17 |
2019 | 10 | 0 | 10 |
2018 | 16 | 2 | 18 |
2017 | 5 | 2 | 7 |
2016 | 12 | 0 | 12 |
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Puhua Capital's Investment Trends by Stage
Puhua Capital has made 44 investments in Series A stage with an average round size of $32M, 27 investments in Seed stage with an average round size of $24.9M and 27 investments in Series B stage with an average round size of $40M.Note: We have considered here, only first round of investments
Stage of entry | No. of Investments |
|---|---|
Series A | 44 |
Seed | 27 |
Series B | 27 |
Series C | 7 |
Angel | 6 |
Others | 1 |
Puhua Capital's Investment Trends by Sector
Puhua Capital has a diverse portfolio, with companies operating in the High Tech, Life Sciences, Enterprise Applications, HealthTech and Semiconductors. Notably, it has invested in 153 Tech companies, 114 Enterprise (B2B) companies, 75 Consumer (B2C) companies and at least 40 companies focusing on Tech hardware.
Note: We have considered here, only first round of investments
Sector | No. of Investments |
|---|---|
High Tech | 38 |
Life Sciences | 31 |
Enterprise Applications | 18 |
HealthTech | 15 |
Semiconductors | 15 |
Others | 109 |
Puhua Capital's Investment Trends by Geography
Puhua Capital has made most investments in China (177), followed by United Kingdom where it has made 12 investments.
Puhua Capital's recent investments
Here are the most recent investments by Puhua Capital:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 19, 2025 | China | Seed | $13.8M | ||
Jan 09, 2025 | China | Series B | $40.9M | [+2] | |
Dec 26, 2024 | China | Series B | $103M | Zhongan Capital [+4] | |
Dec 16, 2024 | United Kingdom | Series B | $30M | M&G [+4] | |
Dec 02, 2024 | United Kingdom | Series C | $33M | Amadeus Capital [+2] |
Get the detailed list of all investments by Puhua Capital. Download now!Unicorns in Puhua Capital's Portfolio
Here is a list of unicorns in Puhua Capital's portfolio:
秘密研究所 Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
44 | Online platform for streaming internet radio, audiobooks, and more | 2012 | Shanghai | Series C | wlqjitb | ||
54 | Provides of an online B2B steel trading platform | 2012 | Shanghai | Series F | tbydqmy | ||
36 | Public and private cloud services in China | 2010 | Wuxi | Series E | gmepri{ | ||
52 | Online platform for booking vacation rental accommodation for travelers | 2011 | Hong Kong | Series E | oolsado | ||
56 | Online travel agency and local attractions online ticketing site | 2004 | Beijing | Series D | bpcratn |
IPOs and Publicly Listed companies in Puhua Capital's Portfolio
Here are Puhua Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 27, 2024 | Jan 2018 | Series A | Undisclosed | |
Dec 10, 2024 | - | - | - | |
Nov 27, 2024 | Jan 15, 2018 | Series A | $112M | |
Dec 18, 2022 | - | - | - | |
Oct 06, 2022 | - | - | - |
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Acquired companies in Puhua Capital's Portfolio
Here are Puhua Capital's portfolio companies that got acquired most recently:
Team profile of Puhua Capital
Puhua Capital has a team of 16 members?including 10 Partners and 2 Principals?located in China, United Kingdom and . Puhua Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Puhua Capital:
Name | Designation | Location | Board Memberships | Contact details |
|---|---|---|---|---|
Partner | China | - | ||
Partner | China | - | ||
Partner | Hangzhou | - | ||
Partner | China | - | ||
Partner | China | - | ||
Partner | China | - | ||
Partner | China | - | ||
Partner | - | - | - | |
Partner | China | - | ||
Partner | China | - | - | |
Principal | Jiaxing | - |
Get the full list of Puhua Capital's team & partners for free. Download now!Co-investors of Puhua Capital
Over the past 11 years, 527 investors have co-invested in Puhua Capital's portfolio companies.
- Invested before Puhua Capital:?Sequoia Capital, Amadeus Capital and 152 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:?183 investors entered a company along with Puhua Capital. These include investors like IDG Capital (4 companies).
- Invested after Puhua Capital:?A total of 190 investors have invested in Puhua Capital's portfolio after their investments. Top Investors include Oriental Fortune Capital (3 companies), Shenzhen Capital Group (3 companies) and 5Y Capital (3 companies).
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