Qiming Venture Partners
// PORTFOLIO INTELLIGENCE
// COMPANIES TRACKED
11
// PORTFOLIO VALUATION (TRACKED)
$55B
Combined current valuation of portfolio companies in WOWLS database — not fund AUM or capital deployed
// SECTORS COVERED
28
// THREAT LEVEL DISTRIBUTION
- ARMED3 · 27.3%
- TERMINAL HYPE2 · 18.2%
- ZOMBIECORN2 · 18.2%
- BLOATED2 · 18.2%
- DANGEROUS1 · 9.1%
- VAPORWARE ASCENDANT1 · 9.1%
Based on 11 enriched portfolio companies
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// NOTABLE INVESTMENTS
// PORTFOLIO COMPANIES
11 companies · $55B combined valuation
| COMPANY | SECTOR | VALUATION | ROUND | YEAR | THREAT |
|---|---|---|---|---|---|
| Xiaomi | consumer electronics | $35B | SERIES_A | 2010 | DANGEROUS |
| Momenta | autonomy | $5B | SERIES_B | 2018 | VAPORWARE ASCENDANT |
| Mogu | ecommerce | $3B | SERIES_A | 2012 | TERMINAL HYPE |
| Mobike | bike-sharing | $3B | SERIES_A | 2015 | ZOMBIECORN |
| VANCL | ecommerce | $3B | SERIES_B | 2008 | ZOMBIECORN |
| VectorBuilder, Inc. | biopharma | $1B | SERIES_A | 2019 | ARMED |
| LetsGetChecked | diagnostics | $1B | SERIES_A | 2017 | TERMINAL HYPE |
| Maimai | professional networking | $1B | SERIES_D | 2016 | BLOATED |
| Xiaozhu.com | sharing economy | $1B | SERIES_A | 2013 | ARMED |
| Matrixport | blockchain | $1B | SERIES_C | 2022 | BLOATED |
| Innovent Biologics | biopharmaceutical | $1B | SERIES_A | 2012 | ARMED |
// RECENT ACTIVITY
- MatrixportSERIES_C2022$100M
- VectorBuilder, Inc.SERIES_B2021$228M
- LetsGetCheckedSERIES_D2021$150M
- LetsGetCheckedSERIES_C2020$71M
- VectorBuilder, Inc.SERIES_A2019$54MCO-INVESTORS
// WOWL ASSESSMENT
Qiming Venture Partners rode China's 2010-2018 consumer internet wave to massive paper wealth, anchored almost entirely by early Xiaomi bet that represents 64% of portfolio value. The fund's thesis — backing Chinese consumer platforms before market saturation — worked brilliantly once and has failed repeatedly since. Portfolio reveals brutal pattern: one DANGEROUS mega-winner masking graveyard of dead business models (VANCL, Mobike) and terminal hype (Mogu, LetsGetChecked).
Xiaomi generates the headline — a legitimate 2010 bet on smartphone insurgent that reached $35B valuation and IPO'd successfully. Everything else exposes the miss rate: VANCL burned through capital trying to be China's Zappos before collapsing into zombiecorn status, Mobike raised billions to fight bike-sharing war then sold to Meituan for scrap value, Mogu IPO'd into immediate decline. The 36.4% miss rate understates the damage — only 9.1% of bets are working, meaning 90%+ of portfolio count is non-performing.
// THREAT LEVEL: ARMED
VERDICT: Xiaomi lottery ticket funded a decade of misses — the portfolio is a museum of expired Chinese internet business models with no second act visible.
// WHY WOWLS WATCHES
Classic example of vintage dependency — remove Xiaomi from returns and the fund resembles a graveyard tour of 2015-2019 China hype cycles. Portfolio concentration risk is existential: if Xiaomi enters structural decline, there is no diversification safety net.
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// INTELLIGENCE PENDING
// INTELLIGENCE DISCLAIMER: Fund assessments represent editorial opinion based on publicly available data. Portfolio coverage reflects companies tracked in the WOWLS database and may not represent complete investment history. Hit and miss rates are calculated from tracked portfolio companies only. Not financial or investment advice.
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