Erhai Liu is the Founding and Managing Partner of Joy Capital. See sector focus and contact routes.
Erhai Liu is the Founding and Managing Partner of Joy Capital, a Beijing-based venture firm he co-founded in 2015 alongside Kevin Li and Mi Dai after serving as an Executive Director and Partner at Legend Capital. His investment thesis targets early-to-growth-stage technology-driven companies in China, with a focus on e-commerce, consumer, and healthcare sectors within the TMT and innovative consumption landscapes. Typical check sizes range from $250,000 to $15 million, with a sweet spot around $8 million, and Liu frequently acts as a lead investor, having served as the lead partner on 32 deals. Notable portfolio companies include Luckin Coffee, NIO, and iDreamSky, with Liu also serving on the boards of Luckin Coffee, 21Cake, and iDreamSky Technology. Liu has publicly emphasized long-term commitment to founders, notably stating during Luckin Coffee’s financial scandal that he and the CEO had not sold a single share and were “reluctant” to do so. While he has extensive deal experience, there is no widely published public writing or distinctive point-of-view article attributed to him beyond these operational statements.
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