Venture Capital in Asia: A 2025 Update
Asian Venture Capital Pioneers on Midas List 2025: Riding the AI Surge as China Repositions itself as a Tech Boss
The tech landscape in Asia has seen a shift over the past year, marked by China's economic decoupling from the U.S and a sluggish domestic economy. However, the unexpected rise of Chinese AI startup DeepSeek this year has rekindled investor interest and given the tech sector a new lease of life. In spite of the broader downturn, Chinese mega-startups like ByteDance and Shein have managed to secure places on the 24th annual Forbes Midas List, a ranking of the world's top venture capitalists.
Interestingly, all but one of the 15 investors from Asia on this year's list hail from China. Neil Shen, the founding partner of HongShan Capital Group, topped the list once more. Known for his smart bets on ByteDance, the Chinese parent of TikTok, Shen has been a recurring presence on the Midas List. He has invested heavily in ByteDance since leading its Series C in 2014, helping to propel the company's valuation to an estimated $300 billion. Some of HSG's portfolio companies have also gone public over the past year, including Horizon Robotics, Pony AI, and Xtalpi.
Richard Liu, founding partner of 5Y Capital, ranks second among Asian venture capitalists on the list. Fellow 5Y Capital partner Fisher Zhang is also on the list. Known for backing Chinese tech companies like Didi, ByteDance rival Kuaishou, smartphone giant Xiaomi, and electric vehicle manufacturer Xpeng, 5Y Capital has also invested in Horizon Robotics, Pony AI, and Xtalpi.
Granite Asia is another Asian firm with multiple listees. Jixun Foo and Jenny Lee, both senior managing partners at Granite Asia, ranked at No. 65 and No. 75, respectively. The firm, formed following the 2024 split of GGV Capital's Asia and U.S. operations, has made notable investments in Southeast Asia's superapp Grab and China's Xiaomi.
Two newcomers have also joined the ranks this year. Xi Cao, co-founder of Monolith, debuted at No. 39, thanks to his early investment in Chinese humanoid robot maker Unitree. Meng Lian, partner at IDG Capital, broke into the Midas List at No. 52, thanks to his early investment in Chinese fast-fashion giant Shein.
As of my last update in 2023, Neil Shen, Kai-Fu Lee, Xu Xin, and Jenny Lee were some of the most prominent Asian venture capitalists to watch. To find the most current information about the 2025 Forbes Midas List, I recommend checking the official Forbes website or other reliable business news sources.
In the 2025 update of Venture Capital in Asia, Chinese VC firms and investors continue to dominate, with Neil Shen from Sequoia China topping the list once more, followed by Richard Liu from 5Y Capital. Financing for Chinese mega-startups such as ByteDance and Shein remains strong, even amidst a broader downturn in business. New entrants on the scene include Xi Cao from Monolith and Meng Lian from IDG Capital, with ventures in humanoid robotics and fast-fashion respectively. For the latest news on the 2025 Forbes Midas List, check the official Forbes website or other general-news sources.
