5Y Capital

This venture capital firm invests in early-stage companies with a focus on technology and innovation, backed by prominent sovereign wealth funds and institut...

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Updated: Jan 22, 2026 ·

About

5Y Capital is a firm engaged in providing early-stage venture investments. It was formerly known as Morningside Venture Capital. The investment firm manages USD 5bn in dual-currency funds in USD and RMB, backed by world-renowned sovereign wealth funds, family offices, fund of funds, university endowments, pensions, and foundations. It washeadquartered in Xuhui, Shanghai, China in 2008 by Ken Shi and Richard Liu.

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Jan 27, 2026	StepFun	Venture Round	—	Tencent Holdings, Qiming Venture Partners, Shanghai State-Owned Capital Investment, China Life Private Equity Investment, Pudong Venture Capital, Xuhui Capital, Huaqin Technology
Sep 1, 2025	Kapital	$100.0M Series C	—	General Catalyst, Granite Asia, Infinite Capital, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Tribe Capital, Y Combinator, Arash Ferdowsi, Paul Graham, Ravi Grover, Shay Banon
Sep 1, 2025	Aureka Biotechnologies	$23.0M Series A	—	Kevin, Qiming Venture Partners
Aug 1, 2025	Titan	$74.0M Venture Round	—	General Catalyst, Granite Asia, Infinite Capital, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Tribe Capital, Arash Ferdowsi, Ravi Grover, Shay Banon
Aug 1, 2025	Huimei Technology	$28.0M Venture Round	—	Qiming Venture Partners
Jun 1, 2025	Cactus	$500K Seed	—	Access Venture Partners, S28 Capital, Arash Ferdowsi, General Catalyst, Granite Asia, Infinite Capital, Paradigm, Pareto Holdings, Ravi Grover, Runa Capital, Shay Banon, Soma Capital, Summit Partners, Tribe Capital
Jun 1, 2025	Laurel	$80.0M Series C	—	ACME Capital, Alumni Ventures, Flex Capital, General Catalyst, Granite Asia, Frederique Dame, GV, Infinite Capital, IVP, Monozukuri Ventures, Hans Tung, Notable Capital, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Seven Seven Six, Slow Ventures, Soma Capital, Summit Partners, The General Partnership, The House Fund, Tribe Capital, Ulu Ventures, Workday Ventures, Zeev Capital, Arash Ferdowsi, Casey Neistat, Ding Zhou, Gokul Rajaram, Kevin Weil, Marc Benioff, Ravi Grover, Shay Banon, Tom Blomfield
May 1, 2025	Keep	$24.0M Series A	—	305 Ventures, 8VC, Jenny Fielding, Scott Hartley, First Round Capital, General Catalyst, Granite Asia, Infinite Capital, Next Play Ventures, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Social Capital, Soma Capital, Summit Partners, Tribe Capital, Valhalla Capital, Y Combinator, Arash Ferdowsi, Ayush Sood, Gokul Rajaram, John Griffin, Kulveer Taggar, Matt Macinnis, Sam Altman, Scott Belsky, Shay Banon
Mar 1, 2025	Zhongke Guosheng	$28.0M Series A	—	—
Dec 1, 2024	Prequel	$3.0M Seed	—	Bain Capital Ventures, Ballistic Ventures, Blu Venture Investors, Cisco Investments, General Catalyst, Granite Asia, Infinite Capital, Lytical Ventures, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Sierra Ventures, Soma Capital, Summit Partners, Tribe Capital, Work-Bench, Arash Ferdowsi, Douglas Merritt, George Kurtz, Ravi Grover
Nov 1, 2024	Twenty	$5.0M Seed	—	10100, AirAngels, Alt Capital, Awesome People Ventures, Balderton Capital, Citi Ventures, Earl Grey Capital, General Catalyst, Gradient Ventures, Granite Asia, ICONIQ Capital, Infinite Capital, Insight Partners, Jonathan Golden, New Enterprise Associates, Not Boring Capital, OpenCapital.vc, Paradigm, Pareto Holdings, Radical Ventures, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Supercharge.vc, Tribe Capital, Vibe Capital, Y Combinator, Allison Pickens (Allison Pickens Ventures), Arash Ferdowsi, Christian Reber, Dharmesh Shah, James Beshara, Jean Charles Samuelian, Mathilde Collin, Ravi Grover, Scott Belsky, Sergei Anikin, Shay Banon
Nov 1, 2024	Twenty (YC S23)	$5.0M Seed	—	10100, AME Cloud Ventures, Antler, Atomico, Evolution Equity Partners, Aniq Kassam, General Catalyst, Gradient Ventures, Granite Asia, Infinite Capital, LAUNCH, Rick Yang, New Enterprise Associates, Northzone, Paradigm, Pareto Holdings, Pioneer Fund, Race Capital, Zain Rizavi, Runa Capital, S28 Capital, Sapphire Ventures, Scale Asia Ventures, Soma Capital, Summit Partners, Tribe Capital, Y Combinator, Arash Ferdowsi, Dan Siroker, Konstantin Othmer, Konstantin von Unger, Kulveer Taggar, Max Mullen, Ott Kaukver, Patrick Andrae, Pete Koomen, Ravi Grover, Shay Banon, Sylwester Janik
Jul 1, 2024	ReviR Therapeutics	$30.0M Series A	—	—
Dec 1, 2023	Kapital	$40.0M Series B	—	8VC, General Catalyst, Granite Asia, Infinite Capital, MS&AD Ventures, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Tribe Capital, Y Combinator, Arash Ferdowsi, Ravi Grover, Shay Banon
Sep 1, 2023	Huimei Technology	$41.0M Series D	—	Qiming Venture Partners
May 1, 2023	Kapital	$24.0M Series A	—	8VC, AIX Ventures, Atlantic Bridge University Fund, General Catalyst, Granite Asia, Infinite Capital, Jump Capital, MS&AD Ventures, Carmen Chang, New Enterprise Associates, Paradigm, Pareto Holdings, Plug & Play Ventures, Primitive Ventures, Runa Capital, S28 Capital, Sancus Ventures, Soma Capital, Summit Partners, Tribe Capital, Y Combinator, Arash Ferdowsi, Emmett Shear, Eric Futoran, Kelston Smith, Ravi Grover, Ryan Chan, Shay Banon
Feb 1, 2023	Tiamat	$9.0M Series A	—	DCM
Jan 1, 2023	Share Creators	$5.0M Series A	—	—
Oct 1, 2022	Golden	$40.0M Series B	—	Kevin Hartz, AlleyCorp, Andreessen Horowitz, AngelList, Asymmetric, Buckley Ventures, Cambridge Innovation Capital, CoinFund, Dawn Capital, Ali Tamaseb, Divergence Ventures, FirstMark Capital, Founder Collective, Future Ventures, Global Founders Capital, Greylock, Andrew Wheeler, Helium-3 Ventures, Jump Crypto, Liquid 2 Ventures, Long Journey Ventures, Lowercarbon Capital, Menlo Ventures, Merak Ventures, Multicoin Capital, Munich Re / HSB Ventures, NFX, Octopus Ventures, Ben Huh, P101, Polygon, Primo Ventures, Quiet Capital, Race Capital, Rivet Ventures, Scale Asia Ventures, Scribble Ventures, Sequoia Capital, Solana Ventures, SV Angel, Symbolic Capital, Tapas Capital, Tiger Global Management, Trucks Venture Capital, Unruly Capital, UpHonest Capital, Weekend Fund, Y Combinator, YLEM, Ajit Tripathi, Aleksander Leonard Larsen, Arash Ferdowsi, Aston Motes, Augusto Marietti, Balaji Srinivasan, David Lieb, Dmitry Dakhnovsky, Dylan Field, Howie Liu, Immad Akhund, Jack Smith, Jeffrey Wilke, John Lilic, Joi Ito, Marc Benioff, Matt Bellamy, Michael Stoppelman, Paul McKellar, Sumon Sadhu, Surojit Chatterjee, Trevor McFedries
Jul 1, 2022	Resourcely	$8.0M Seed	—	.406 Ventures, Andreessen Horowitz, Asylum Ventures, Aviso Ventures, Balderton Capital, CRV, Daft Capital, Founders Committee, Galaxy Digital, Greylock, Vidu Shanmugarajah, Index Ventures, Insight Partners, Jetstream, Kindred Ventures, Lytical Ventures, NFX, Pioneer Fund, Preface Ventures, Redpoint Ventures, Remagine Ventures, Sand Hill Angels, Sweater Ventures, Swift Ventures, Theory Ventures, Vertex Ventures, Y Combinator, Adam Gross, Charles Zedlewski, Charlie Songhurst, Grant Miller, Jeremy Yap, Joshua Reeves, Nkechi Iregbulem, Rand Hindi, Robert Witoff, Spencer Kimball
Jun 1, 2022	HAI ROBOTICS	$100.0M Series D	—	—
May 1, 2022	Sensors Data	$200.0M Series D	—	General Catalyst, Granite Asia, Infinite Capital, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Tribe Capital, Arash Ferdowsi, Ravi Grover, Shay Banon
May 1, 2022	Clique	$3.0M Seed	—	General Catalyst, Granite Asia, Infinite Capital, Paradigm, Pareto Holdings, Qiming Venture Partners, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Tribe Capital, Arash Ferdowsi, Ravi Grover, Shay Banon
Apr 1, 2022	Kapital	$9.0M Seed	—	Broom Ventures, General Catalyst, Granite Asia, Infinite Capital, Infinity Ventures Crypto, Paradigm, Pareto Holdings, Runa Capital, S28 Capital, Soma Capital, Summit Partners, Tenacity Venture Capital, Trajectory Ventures, Tribe Capital, Arash Ferdowsi, Elia Montanari, Ravi Grover, Sal Ismail, Shay Banon
Mar 1, 2022	Hex Trust	$88.0M Series B	—	Animoca Brands, CVentures, IDG Capital, Sequoia Capital China

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at 5Y Capital.

Leadership Team

Key people at 5Y Capital.

Deep Dive

High-Level Overview

5Y Capital is a Shanghai-based venture capital firm that invests primarily in early-stage technology and innovation-driven companies. Its mission is to identify and support exceptional entrepreneurs with unique talents to shape the next generation of industry leaders. The firm focuses on sectors such as fintech, artificial intelligence, health tech, blockchain, and consumer technology. By providing both financial backing and strategic operational support, 5Y Capital helps startups scale and realize their full potential, significantly impacting the startup ecosystem in China and globally through its portfolio of high-profile companies like Xiaomi, Kuaishou, SenseTime, Pony.ai, and XPeng[1][3].

Origin Story

Founded in 2008 by Ken Shi and Richard Liu, 5Y Capital was originally known as Morningside Venture Capital. The founders previously worked at the Morningside Group, a family office established by the Chan family, which remains a key investor and supporter. The firm rebranded to 5Y Capital in October 2020, a name inspired by Wuyuan Road in Shanghai where its headquarters are located. Over time, 5Y Capital evolved from a family office-backed venture fund into a leading independent VC with a strong track record of successful investments and exits, including a notable $30 billion return from Kuaishou’s IPO[3][4].

Core Differentiators

Unique Investment Model: Focuses on early-stage investments with a thematic, operator-first approach emphasizing hands-on management and operational improvements.
Network Strength: Deep ties to influential family offices and sovereign wealth funds, plus a broad presence across China, Hong Kong, and international markets.
Track Record: Over 50 deals with multiple high-profile exits, including Xiaomi, Kuaishou, and SenseTime, demonstrating strong value creation.
Operating Support: Provides strategic and operational guidance beyond capital, helping startups scale efficiently and navigate complex markets[1][3].

Role in the Broader Tech Landscape

5Y Capital rides the wave of rapid technological innovation and digital transformation in China and globally. Its timing is critical as China’s tech ecosystem matures and increasingly integrates with global markets despite geopolitical challenges. The firm leverages market forces such as growing demand for AI, fintech, and health tech solutions, positioning itself as a key enabler of innovation. By backing disruptive startups, 5Y Capital influences the broader ecosystem by accelerating technology adoption and fostering entrepreneurial leadership in emerging sectors[1][3].

Quick Take & Future Outlook

Looking ahead, 5Y Capital is poised to continue expanding its influence by raising new funds (recently targeting over $700 million) and deepening investments in cutting-edge technologies. Trends such as AI, autonomous vehicles, and digital health will likely shape its portfolio focus. Its ability to navigate geopolitical tensions and maintain strong operational support will be crucial for sustaining growth. As it builds on its legacy of successful exits and strategic backing, 5Y Capital is set to remain a pivotal player in shaping the future of technology innovation in China and beyond[3][4][5].

Sources

High-Level Overview

Origin Story

Core Differentiators

Unique Investment Model: Focuses on early-stage investments with a thematic, operator-first approach emphasizing hands-on management and operational improvements.
Network Strength: Deep ties to influential family offices and sovereign wealth funds, plus a broad presence across China, Hong Kong, and international markets.
Track Record: Over 50 deals with multiple high-profile exits, including Xiaomi, Kuaishou, and SenseTime, demonstrating strong value creation.
Operating Support: Provides strategic and operational guidance beyond capital, helping startups scale efficiently and navigate complex markets[1][3].