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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.
Min check size
$5M
Max check size
$25M
Fund size
NPS

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.
Lead investor
Co Invest
Number of exits
Preferred contact method

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

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