# ZhenFund's Internet Investments: 11 Startups in Its Portfolio (2026)

> The 11 Internet startups ZhenFund has backed, by stage: $420M raised between them. From the rounds we track; updated nightly.

Source: https://millionrounds.com/portfolio-maps/zhenfund-internet-portfolio (Millionrounds; every figure on the page links to its filing or article)

## Series B

6

- [TOGO](https://millionrounds.com/company/togo)
- [*TG* The Good Stuff](https://millionrounds.com/company/the-good-stuff)
- [*X* Xiangwushuo](https://millionrounds.com/company/xiangwushuo)
- [*FW* Ferris Wheel Ticketing](https://millionrounds.com/company/ferris-wheel-ticketing)
- [Ergeng](https://millionrounds.com/company/ergeng)
- [Talkray](https://millionrounds.com/company/talkray)

## Pre-seed and seed

3

- [*BF* Boom Fantasy](https://millionrounds.com/company/boom-fantasy)
- [Hyperknow](https://millionrounds.com/company/hyperknow)
- [VFine Music](https://millionrounds.com/company/vfine-music)

## Series A

2

- [*X* Xiaoqule](https://millionrounds.com/company/xiaoqule)
- [Kapwing](https://millionrounds.com/company/kapwing)

## Segment by segment

### Series B

6 startups · $291M raised

- [**TOGO**](https://millionrounds.com/company/togo) Togo ayuda a restaurantes, tiendas, minimarkets y comercios a automatizar la atención y gestionar pedidos mediante WhatsApp. China $90M
- [*TG* **The Good Stuff**](https://millionrounds.com/company/the-good-stuff) China $70M
- [*X* **Xiangwushuo**](https://millionrounds.com/company/xiangwushuo) Xiangwushuo is an online platform intended to offer services related to second-hand goods sharing. China $65M
- [*FW* **Ferris Wheel Ticketing**](https://millionrounds.com/company/ferris-wheel-ticketing) China $40M
- [**Ergeng**](https://millionrounds.com/company/ergeng) Er Geng is a Chinese media startup. China $19M
- [**Talkray**](https://millionrounds.com/company/talkray) We are a rapidly growing company that is building the next generation of communication software. United States $7.4M

### Pre-seed and seed

3 startups · $8.4M raised

- [*BF* **Boom Fantasy**](https://millionrounds.com/company/boom-fantasy) United States $6.5M
- [**Hyperknow**](https://millionrounds.com/company/hyperknow) A HYPERKNOW é uma invocação disruptiva, uma plataforma revolucionaria, que não deve ser entendida como um site de vídeos, mas uma United States $1.0M
- [**VFine Music**](https://millionrounds.com/company/vfine-music) VFine Music is a digital music copyright commercial distribution platform based in Beijing, founded in 2015. China $897K

### Series A

2 startups · $121M raised

- [*X* **Xiaoqule**](https://millionrounds.com/company/xiaoqule) Xiaoqule is an e-commerce platform that offers apparels, footwear, beauty products, mobile phones, and computer accessories. China $108M
- [**Kapwing**](https://millionrounds.com/company/kapwing) Kapwing is a cloud-native video creation and editing platform based in San Francisco, founded in 2017 by Julia Enthoven and Eric L United States $13M

**How this map is made.** Every startup here works in Internet and has raised money in a round we track that names ZhenFund as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026.

## More portfolio maps

[All portfolios](https://millionrounds.com/portfolio-maps)

[Sector portfolio **ZhenFund's AI portfolio** 21 startups · $1.9B](https://millionrounds.com/portfolio-maps/zhenfund-ai-portfolio)[Sector portfolio **ZhenFund's Edtech portfolio** 15 startups · $256M](https://millionrounds.com/portfolio-maps/zhenfund-edtech-portfolio)[Sector portfolio **ZhenFund's Consumer Apps portfolio** 12 startups · $309M](https://millionrounds.com/portfolio-maps/zhenfund-consumer-apps-portfolio)[Portfolio map **ZhenFund portfolio map** 117 startups · $4.8B](https://millionrounds.com/portfolio-maps/zhenfund-portfolio-map)[Co-investors **Who invests with ZhenFund** 71 co-investors](https://millionrounds.com/portfolio-maps/zhenfund-co-investors)[Investments abroad **ZhenFund's investments in the United States** 32 startups · $491M](https://millionrounds.com/portfolio-maps/zhenfund-investments-united-states)

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