ABCDE Press the pause button, what is the current survival status of Chinese VCs?

Author: Nianqing

Recently, ABCDE Lianchuang Dujun officially announced that ABCDE Capital has stopped investing in new projects and suspended the second phase of fund fundraising plan, and announced the launch of a new incubator product Vernal. ABCDE has taken 19 shots in the past year, which is not particularly conservative. Despite its ammunition, it still cannot resist the boring crypto market at the moment.

Since the beginning of the FUD VC revolution, Crypto VC began to press the pause button under hell difficulty. Some chose not to take action but only retain core personnel to maintain post-investment services. Some VCs began to seek transformation to secondary investment, projects, incubators, crypto marketing and other directions.

Compared with European and American VCs in the same period, Asian VCs seem to be more conservative. Lao bai, a partner of ABCDE investment research, asked a question a month ago - why is Europe and the United States still "fireless" while our Asia is "still"? What is the reason why they dare to value Pull the Trigger at this valuation? In this regard, he speculated that the reasons may include different exit cycles, different investment decisions, and Asian VCs are more concerned about yields in terms of values, and their European and American counterparts are idealism and long-termism.

In addition, according to investor data from the RootData platform, in terms of the number of attacks in the past year, most Chinese-speaking VCs have adopted a more conservative investment strategy, with the number of attacks being less than 10. Of course, there are also leading venture capitalists such as Animoca Brands, OKX Ventures, HashKey Capital, SNZ Holding, Waterdrip Capital, Mask Network, Nomad Capital, and NGC Ventures that still maintain high-frequency trading, and have made more than 20 moves in the past year. Although IOSG Ventures, Fenbushi Capital, SevenX Ventures, LongHash Ventures, PAKA and others have taken more than 10 moves in the past year, the number of investments has been significantly lower than the previous year.

This article sorts out the current situation of major Chinese VCs/VCs founded by Chinese people with fewer attempts in the past year.

(Note: The above data is based on publicly disclosed investments, and it does not exclude undisclosed internal operations or investments.)

Continue Captial

Continue Captial, founded by OG Pima in the currency circle, has only 0 investments in the past year. The most recent investment was in March last year, and it participated in io.net's A round of financing. Pima is a senior investor in the currency circle. He entered the digital currency field in 2013 and has invested in many well-known blockchain projects. Currently, both the two co-founders and Continue Captial are in a "laying flat" state, and neither the official blog nor Twitter operates. A recent update about Continue Captial was in October last year. Continue Capital co-founder Lin Jihong was suspected of being stolen $35 million. Lin Jihong himself posted a message on the X platform to respond: "I accidentally exposed that I did not withdraw from the circle, and I passively did a charity and made headlines."

OP Crypto/ Inception Capital

After renamed Inception Capital at the beginning of last year, OP Crypto completed the first fund raising of US$30 million, and made frequent moves 16 times within sixteen sixteen times within the six months after the fundraising. The last investment was in August last year. However, Inception Capital's investments in the past year are only 6.

In mid-2024, David Gan, founder and general partner of Inception Capital, lost contact for several months, and limited partners voted to "controlled liquidation" the fund and suspended the call to Ventures Fund I's remaining 25% of capital. At the end of June, Gan reappeared, agreeing to give up control of the fund's extra wallet and allow LP to exit.

Inception Capital is basically in a state of suspension after this incident, and many senior executives have resigned. Inception Capital Chief Operating Officer and Research Director and Platform Head and Investor Calvin Du co-founded a new RWA-focused professional fund, tmr Ventures, in 2025.

LD Capital

LD Capital has only 8 investments in the past year, and the most recent investment was in September last year, which has been significantly reduced compared with the previous investment frequency. LD Capital also has secondary market investment and trading funds and other businesses, including Beco Fund, FoF, hedge funds, Meta Fund, etc. In 2023, LD Capital also established Cycle Ventures, an early stage investment fund focused on Infra, AI and Dapp.

LD Capital founder Yi Lihua said in response to the VC dilemma that the decline of Web3 investors is attributed to changes in locking up rules, low investment success rate, and "good projects, low valuations, and large amounts" that investors cannot get at the same time. He also pointed out that many investors end up only receiving a quota of 0.00, which may not only bear financial losses, but also face reputational risks.

Bixin Ventures

Bixin Ventures, founded by OG Starry Sky, a Chinese currency circle, has only 5 investments in the past year. The most recent investment was in January this year, and the number of investments decreased significantly compared with 2024. Bixin Ventures is the investment arm of Bixin Group. Founded in 2014, Bixin Group is one of the largest cryptocurrency wallet providers in Asia, dedicated to providing users with tools to store and manage blockchain assets. Bixin Ventures' social media is still in regular operation, and team members are relatively active on social media.

Starry Sky, the founder of Bixin Ventures, recently complained on social media: "Spend money to become a big enemy, which can probably describe the outcome of VCs in this world's currency circle." "Everyone has misunderstandings about VCs. VCs are the biggest leeks in the currency circle, and VCs' LPs are the worst existences in the currency circle. The money earned by exchanges, project parties, and KOLs are all VCs."

LK Venture

LK Venture is a venture capital institution founded by Wang Feng, the founder of Mars Finance. It invests in blockchain technology and application projects, formerly known as Consensus Lab. LK Venture has only 2 investments in the past year, and the most recent investment was in August last year. Despite the suspension of first-tier investment, the two partners Wang Feng and Leo Deng are still active on social media.

LK Venture founder Wang Feng also founded the NFT market Element and the encryption media MarsBit News. Recently, Wang Feng has also closely followed new technologies such as AI and robots on social media. In his latest update, he said: "Bitcoin, Ethereum and SOL are the crypto asset portfolios that the company has made. For Bitcoin, we still have to "bet" and reserve, and we also care about XRP and SUI. It is not ruled out that we completely adopt a Bitcoin-based management company."

Mint Ventures

Mint Ventures has not invested in the primary market for nearly a year, and the most recent investment was November 2022. Its business focus has gradually shifted to investment research and secondary markets, and its social platform and podcast "WEB3 Mint To Be" are still maintaining high-frequency updates.

Youbi Capital

Youbi Capital has only 3 investments in the past year, and the most recent investment was in November last year, with the number of investments decreasing after 2022. Youbi Capital's official social platform is still maintaining post-investment service operations regularly. Chen Li was an early Bitcoin miner in China. He holds a PhD in chemistry and worked as a scientist at Regeneron Pharmaceuticals, and won an award for the development of antibody drugs. In 2015, he came into contact with Bitcoin mining through his college roommates, and then co-founded Youbi Capital in 2017.

EVG

Everest Ventures Group (EVG) has only 7 investments in the past year, and the most recent investment was in November last year, with a significant decrease in the number of investments compared with 2024. However, EVG is strictly an operational group with a very wide business scope. The group has a global team of 300 people. It has built and launched a diversified product portfolio covering various use cases, such as crypto asset management platform Aspen Digital, and launched a series of products involving SocialFi, GameFi and fintech, such as Defi product Mugen Interactive, cryptocurrency social investment platform Kikitrade, LiveArt and other brands.

Fundamental Labs

Fundamental Labs has only one investment in the past year, and the most recent investment was in July last year. Its founder Raymond Yuan has many years of experience in venture capital and has a successful investment record in semiconductors, TMT, artificial intelligence and other fields. In 2016, he switched to the crypto industry and founded CTH Group. His three core businesses include blockchain infrastructure as a service Atlas, cryptocurrency venture capital Fundamental Labs and digital asset management IDEG. In 2023, Raymond Yuan also founded WSPN, a global digital payment company, and launched the US dollar stablecoin WUSD.

DeFiance Capital

DeFiance Capital has only 1 investment in the past year, and the most recent investment was in May last year, with the number of investments significantly reduced. The latest is the founder's own angel round financing for MIT-Harvard team Optimum. Despite the decrease in the number of shots, DeFiance Capital is still active on social media and is still hiring at the beginning of the year. Founder Arthur Cheong is still continuing to output as a well-known KOL. Recently, he said that projects and market makers conspired to manipulate prices and turning a blind eye to CEX is the main reason why the current market cannot invest.

Matrixport Ventures

Matrixport Ventures has only 2 investments in the past year, and the most recent investment was in December last year. 8 investments were made in 2024. Matrixport Ventures is the venture capital division of Matrixport, the largest crypto financial services platform in Asia. Matrixport is founded by Wu Jihan. Matrixport products include Cactus Custody, spot over-the-counter trading, fixed income, structured products, loans and asset management.

Basics Capital

Basics Capital has only 4 investments in the past year, and the most recent investment was in December last year, which is significantly reduced compared with the number of investments in 2024.

7 O 'Clock Capital

7 O'Clock Capital has invested 0 times in the past year, and the most recent investment was in April last year. Its social platforms are still operating routinely, but investment and research are basically in a state of stagnation.

Old Fashion Research

Old Fashion Research has only 1 investment in the past year, and the most recent investment was in September last year. OFR is a multi-strategy blockchain investment fund, with team members founded in July 2021 by former Binance executives and investment teams. At the beginning of last year, several partners left.

Puzzle Ventures

Puzzle Ventures has only 3 investments in the past year, and the most recent investment was in December last year. Its founder Qi Wang is also the co-founder and chief operating officer of the decentralized trading platform DODO and the co-founder and general partner of Metrics Ventures, a secondary market liquidity fund. Puzzle Ventures’ official and founder’s social media is in a state of discontinuation.

Redline DAO

Redline DAO has only one investment in the past year, and the most recent investment was in August last year. In early 2024, Redline DAO announced its upgrade to Redline Labs, announcing that it will transform from investment to comprehensive project incubation. The focus of the research after the project will be on continuing to monitor the development and ecosystem growth of blockchains such as BTC and Solana. Its founder and managing partner Kris Li is a successful trader himself, focusing on the secondary market.

In addition to the above crypto-native funds, some comprehensive venture

capital in Chinese-speaking regions have significantly reduced the number of investments in the crypto field.

• Zonff Partners has invested only 2 in the past year. The most recent investment was November;
• Danhua Capital (DHVC) has only 0 investments in the past year, and the most recent investment was in June last year;
• Yunjiu Capital (Sky9) has only invested 5 times in the past year. The most recent investment was in August last year. Niu Fengxuan, a partner in charge of investment in the crypto field, resigned in April last year;
• Initiate Capital has only invested twice in the past year, and the most recent investment was in November last year.