The Beijing-based VC has backed more than 30 future unicorns during their seed funding rounds, earning her the No. 1 spot on Forbes' first-ever Midas Seed ranking.
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Hu, who is now the founder and CEO of Shanghai mobile credit startup Omni Prime, had been asked to help prolific Chinese angel investor Xiaoping Xu — known for backing companies like online cosmetic company JuMei and edtech 17zuoye — launch a new fund. Hu had just started as a vice president at global venture capital firm Sequoia, and thought Fang would be a good fit for the role.
One of Fang’s most notable bets was social media platform Xiaohongshu . She backed the company in its 2013 seed round after recognizing one of the cofounders, Charlwin Mao Wenchao, as the guy who always raised his hand and asked questions when she was visiting Stanford’s campus. The company is now valued at $20 billion. Another strong investment was smart mobility company Horizon Robotics. Fang led the startup’s 2016 angel round; it’s now valued at $4 billion.
Fang topping the seed list sends a stronger message than her place on the flagship Midas list, Dixon says. “When I think of seed, I think of the first check in,” she says. “I think of a first believer, someone who is courageous enough to dream alongside these founders who see a world that doesn’t yet exist. Having a woman represented as an early believer, someone courageous, is huge.”
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