BA Capital
Status
ACTIVE
Global HQ
Shanghai, China
Countries of investment
- China
- Hong Kong
- United States
Investment stages
- Series A
- Series B
- Series C
- Growth
Industries
- Consumer Products
- F&B
- Retail
- Lifestyle
- Beauty
- Apparel
- Entertainment
- Consumer Brands
- Fashion
- Toys
- Jewelry
- Snacks
- Beverages
- Digital Consumer
About
BA Capital is a Shanghai-based venture capital firm focused on backing category-defining consumer companies in China. Their focus spans F&B, retail, lifestyle, beauty, and entertainment across China, Hong Kong, and the United States. The firm supports consumer founders from Series A through growth stages.
BA Capital is a Shanghai-based venture capital firm focused on backing category-defining consumer companies in China. Their focus spans F&B, retail, lifestyle, beauty, and entertainment across China, Hong Kong, and the United States. The firm supports consumer founders from Series A through growth stages.
Investment Thesis
BA Capital is a Series A to growth stage venture capital firm deploying capital across consumer sectors including F&B, retail, lifestyle, beauty, apparel, entertainment, and consumer brands. They invest with deep sector expertise, strong industry networks, and a highly selective investment approach in Chinese consumer companies that genuinely create value for society. The firm differentiates itself as one of China's most specialized consumer investment firms with $1B+ AUM, backing category-defining brands including Pop Mart, Laopu Gold, Busy Ming Group, HEYTEA, Chi Forest, and Giant Biogene.
Manager's Experience
Founded in 2016 by David He Yu (Founding Partner and CEO, former ByteDance strategic investment lead and Orchid Asia alumnus) and Michael Zhang (Founding Partner, Orchid Asia alumnus). Small team of investment professionals with deep Chinese consumer sector expertise. Manages three RMB funds (latest CNY 2.5B closed 2022) and USD Fund I ($255M closed 2021). Portfolio includes Pop Mart (IPO), Laopu Gold, Busy Ming Group, HEYTEA, and Yuanji Food with 11 realized exits.
Team
David He Yu - Founding Partner & CEO
Michael Zhang - Founding Partner
plus additional investment team members
Portfolio
Pop Mart
Laopu Gold
Busy Ming Group
Giant Biogene
Yuanji Food
HEYTEA
Chi Forest
UR
Helen's
Jiang Xiaobai
M Stand Coffee
Simplelove
Oladance
Softcare
Amos
Aikucun
Keda Hengye
Super Ming