# Capital Today: portfolio, investments and team

> Capital Today is a vc firm based in China. 24 investments on record, 1 in the last 12 months, latest Jul 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/capital-today-group (Millionrounds; every figure on the page links to its filing or article)

China · [Investor](https://millionrounds.com/investors)

# Capital Today

Last cheque observed Jul 2026; 24 cheques on record.

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Deploying now New fund, Jun 2022 VC firm

Series A Series B Growth Construction Health Care Venture Capital & Private Equity

Follow Capital Today and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fcapital-today-group)

Deploying now

**100%** of best year **1** **cheques in 12 months**, 24 on record

Since the last cheque **95** days **00** hrs **00** min **00** sec

Median round **$100M** Rounds led **1 of 24** Sole investor **6 rounds** Exits **2 from the portfolio** Mostly in **China, 91%**

Pitch Capital Today

## Capital Today highlights

- 01 1 cheques in the last 12 months
- 02 Mostly Series B and Series A: 56% of its rounds
- 03 Sole investor in 6 rounds, median $9.5M
- 04 2 exits from the portfolio

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Series A Series B Growth
- **Sectors:** Construction Health Care Venture Capital & Private Equity
- **Based in:** Waynesville, China
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **24 appearances**

- **2026** 1 round
- **Jul** **[Fish Audio](https://millionrounds.com/company/fish-audio)** Seed · US · TechCrunch **$52M** *Led*
- **2018** 2 rounds
- **Oct** **[Xiaozhu](https://millionrounds.com/company/xiaozhu)** CN · China Money Network **$300M** With 4 others
- **Jan** **[Linlinyi](https://millionrounds.com/company/linlinyi)** Series A · CN · China Money Network **$30M** Sole investor
- **2017** 5 rounds
- **Dec** **[Yichechuxing](https://millionrounds.com/company/yichechuxing)** Angel · CN · China Money Network **$26M** With 7 others
- **Dec** **[Mafengwo](https://millionrounds.com/company/mafengwo)** CN · China Money Network **$133M** With 7 others
- **Nov** **[Xiaozhu](https://millionrounds.com/company/xiaozhu)** CN · FinSMEs **$120M** With 2 others
- **Oct** **[Chehaoduo](https://millionrounds.com/company/chehaoduo)** CN · China Money Network **$180M** With 6 others
- **Jan** **[Zhihu](https://millionrounds.com/company/zhihu)** Series D · CN · TechNode **$100M** With 2 others
- **2016** 1 round
- **Nov** **[Xiaozhu](https://millionrounds.com/company/xiaozhu)** CN · DealStreetAsia **$65M** With 2 others
- **2015** 1 round
- **Jan** **[BeiBei](https://millionrounds.com/company/beibei)** Series C · CN **$100M** With 3 others
- **2014** 1 round
- **May** **[Thatgamecompany](https://millionrounds.com/company/thatgamecompany)** Series B · US **$7.0M** With 1 other
- **2013** 2 rounds
- **Jul** **[Three Squirrels E-commerce](https://millionrounds.com/company/three-squirrels-e-commerce)** Series B · CN **$6.0M** With 1 other
- **Apr** **[Mafengwo](https://millionrounds.com/company/mafengwo)** Series B · CN **$15M** With 1 other
- **2012** 1 round
- **Aug** **[Dianping](https://millionrounds.com/company/dianping)** Series D · CN **$32M** With 3 others
- **2011** 4 rounds
- **Oct** **[Mafengwo](https://millionrounds.com/company/mafengwo)** Seed · CN **$5.0M** Sole investor
- **Jun** **[ihush.com](https://millionrounds.com/company/ihush-com)** Series B · CN · uk.reuters.com **$43M** With 1 other
- **May** **[Ganjiwang](https://millionrounds.com/company/ganjiwang)** Series C **$70M** With 1 other
- **Jan** **[Ganji](https://millionrounds.com/company/ganji)** Series C · CN **$70M** With 2 others
- **2010** 1 round
- **Oct** **[Noah Private Wealth Management](https://millionrounds.com/company/noah-private-wealth-management)** Series B · CN **$8.9M** Sole investor
- **2008** 1 round
- **Oct** **[Zbird](https://millionrounds.com/company/zbird)** Series B · CN **$50M** Sole investor
- **2007** 3 rounds
- **Aug** **[Jingdong](https://millionrounds.com/company/jingdong)** Series A · CN **$10M** Sole investor
- **Jul** **[Tudou](https://millionrounds.com/company/tudou)** Series C · CN · thealarmclock.com **$19M** With 7 others
- **Jun** **[Zbird](https://millionrounds.com/company/zbird)** Series A · CN **$5.0M** Sole investor
- **2006** 1 round
- **Apr** **[Yi De](https://millionrounds.com/company/yi-de)** Series A · CN **$1.2M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **4 named**

BW **Baoma Wen** Promoter i Filing they signed

XX **Xin Xu** Director of Capital Today River GenPar, Ltd., the Issuer's General Partner i Filing they signed

YC **Yuan Chang Qiu** Promoter i Filing they signed

YH **Yuxin Hu** Director i Form ADV

We also hold **9** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$4.3B** gross assets of its funds, 3 advisers combined Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Capital Today River Management Limited
- **SEC number:** CRD 308878

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[Ganji](https://millionrounds.com/company/ganji)** Bought by [58.com](https://millionrounds.com/fund/58-com) **$446M** Apr 2015

**[Tudou](https://millionrounds.com/company/tudou)** Bought by Youku **$864M** Mar 2012

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**Raised**

a new fund in Jun 2022

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Series A Series B Growth

Median round joined **$100M** the round, not its cheque Alone, median **$9.5M**

Led 1 of 24 rounds **4%**

- **Sole investor:** 6 rounds
- **Last cheque:** Jul 2026
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Series B said *6*
- Series A said *4*
- Series C *4*
- Seed *2*
- Series D *2*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [IDG Ventures](https://millionrounds.com/fund/idg-ventures) 4
- [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) 4
- [Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) 3
- [BlueRun Ventures](https://millionrounds.com/fund/bluerun-ventures) 2
- [General Atlantic](https://millionrounds.com/fund/general-atlantic) 2
- [Morningside Group](https://millionrounds.com/fund/morningside) 2

**Pitching Capital Today?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Capital Today. A count of rooms they were both in, not a relationship either has claimed.

[**IDG Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/idg-ventures)[**Sequoia Capital** VC firm **4** rounds together](https://millionrounds.com/fund/sequoia-capital)[**Qiming Venture Partners** VC firm **3** rounds together](https://millionrounds.com/fund/qiming-venture-partners)[**BlueRun Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/bluerun-ventures)[**General Atlantic** Private equity **2** rounds together](https://millionrounds.com/fund/general-atlantic)[**Morningside Group** VC firm **2** rounds together](https://millionrounds.com/fund/morningside)[**Ocean Link** Private equity **2** rounds together](https://millionrounds.com/fund/ocean-link)[**Temasek Holdings** VC firm **2** rounds together](https://millionrounds.com/fund/temasek)

## Recently backed

The latest companies Capital Today put money into.

[**Fish Audio** $52M · Jul 2026](https://millionrounds.com/company/fish-audio)[**Mafengwo** $133M · Dec 2017](https://millionrounds.com/company/mafengwo)[**Chehaoduo** $180M · Oct 2017](https://millionrounds.com/company/chehaoduo)[**Zhihu** $100M · Jan 2017](https://millionrounds.com/company/zhihu)

## On podcasts

2 episodes naming Capital Today in the title, and 4 more that mention it.

- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 3 Jul 2024 · 43 min SaaStr 746: What's Really Happening in Venture Capital Today with Redpoint Ventures Managing Director Logan Bartlett With [Logan Bartlett](https://millionrounds.com/person/logan-bartlett) Mentions [Capital Today](https://millionrounds.com/fund/capital-today-group)[Redpoint](https://millionrounds.com/fund/redpoint) Apple PodcastsShow page
- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 28 Mar 2022 · 53 min Kathy Xu – Venture in China at Capital Today, Venture is Eating the Investment World 12 (Capital Allocators, EP.243) With [Kathy Xu](https://millionrounds.com/person/kathy-xu) Mentions [Capital Today](https://millionrounds.com/fund/capital-today-group) Apple PodcastsShow page

### Mentioned in

- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 15 Dec 2025 · 1h 7m 20VC: a16z's David George on How $BN Funds Can 5×, Do Margins & Revenue Matter in AI & the Most Controversial Bet at a16z Apple PodcastsShow page
- [Equity](https://millionrounds.com/podcasts/equity) 6 Nov 2024 · 21 min How startups can get a foot in the door of government contracts, according to Dcode Capital Apple PodcastsShow page
- [Business Breakdowns](https://millionrounds.com/podcasts/business-breakdowns) 2 Aug 2023 · 44 min Argenx: Changing Lives with Llamas - [Business Breakdowns, EP.122] Apple PodcastsShow page
- [Inevitable](https://millionrounds.com/podcasts/inevitable) 2 Mar 2023 · 44 min Startup Series: Pano & Convective Capital Apple PodcastsShow page

## Quick answers about Capital Today

### What does Capital Today invest in?

Capital Today invests most often at Series B and Series A (56% of the rounds on record), in sectors such as Construction, Health Care and Venture Capital & Private Equity.

### How active is Capital Today?

24 investments on record, 1 of them in the last 12 months, and it led 1. The most recent was in Jul 2026.

### What has Capital Today invested in recently?

Its most recent investments on record: Fish Audio (Seed, Jul 2026), Xiaozhu (Undisclosed round, Oct 2018) and Linlinyi (Series A, Jan 2018).

### How big are Capital Today's cheques?

The median round it joins is $100M.

### Does Capital Today lead rounds?

Sometimes: it led 1 of its 24 investments on record (4%).

### Where does Capital Today invest?

Most of the companies it backs are in China (91%) and the United States (9%).

### Is Capital Today investing now?

Yes: it is actively investing, with 1 investments in the last 12 months.

### Who does Capital Today invest alongside?

Most often IDG Ventures (4 rounds together), Sequoia Capital (4 rounds together) and Qiming Venture Partners (3 rounds together).

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Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=capital-today-group) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=capital-today-group)