MindWorks Capital Research
Investment Thesis
MindWorks Capital is a pan-Asia venture capital firm that invests in and assists founders building technology for rapid adoption, scalability and disruption. The firm says it looks for exceptional founders who can disrupt traditional industries and create entirely new ecosystems across Greater China and Southeast Asia. Its public writing (SCMP opinion columns by the founding partner, plus crypto and Web3 research notes on Medium) centers on AI competition within China, cross-border technology flows, Hong Kong's role as a startup and virtual-asset hub, and Asia funding its own technology.
Stage Focus
The portfolio spans seed through late-stage rounds, from seed rounds such as Heranova Lifesciences ($13.5M seed and seed+) to a Series D at UniUni and Series D at Glints. Fund IV is described by third-party aggregators as a Series A-oriented fund. The firm's own site does not state a stage focus, so stage is inferred from deals.
Check Size
Not published. Fund IV's size (over $220M including parallel funds and co-investment vehicles) suggests checks in the low-to-mid single-digit millions, but this is inference and not stated by the firm.
Lead Tendency
Mixed. The firm led Jumppoint's $6.5M Series A (Nikkei Asia, Jan 2023) and co-led Sending Labs' $12.5M round alongside Insignia Venture Partners (Feb 2023). It also participates in later rounds such as UniUni's Series D and KKday's Series C extension.
Recent Activity
- October 2024: closed Pan-Asia Fund IV at over US$220M including parallel funds and co-investment vehicles (SCMP, Cooley).
- 2025: UniUni Series D (July), Wada FoodTech $5M (June), and the Series A of 共比邻, a community product for 50-70 year olds (July).
- The firm is a co-investment partner of the Hong Kong government and was selected in Dec 2024 as one of four managers for the CIES fund.
- Fund status: actively deploying from Fund IV.
Portfolio Highlights
The site says the firm has backed 44 companies. Notable names include Lalamove (logistics), XTransfer (cross-border B2B payments, a Chinese unicorn), KKday (travel), Glints (Southeast Asia talent), NEAR Protocol (AI and blockchain), Sandbox VR, Dash Living (co-living, majority stake taken by Hillhouse's Rava in 2025), Collov (AI interior design), DeepWisdom (AI agents), Sending Labs and UniUni. The portfolio page tags companies as Artificial Intelligence, Fintech or Logistics, and marks exited companies.
Team
- David Chang, Founding Partner
- Joe Chan, Managing Partner
- Stefanie Fan, Investment Partner
- Wayne Chu, Investment Partner
- Huan Liu, Investment Partner
- Wong Hong, CPA, CFA, Chief Financial Officer
- Cassidy Wong, Director
- Jeffrey Wu, Director
- Margaret Lai, Director
- Sid Xu, CFA, Director
- Shawn Wang, Director
- Barry Wang, Vice President
- Davis Cheng, Associate
Decision Process
Partnership-led, with a management team of founding, managing and investment partners and a layer of directors. No decision timeline is published.
Founder Preferences
Founders building technology to disrupt traditional industries in Greater China and Southeast Asia, and Asian founders expanding globally (UniUni in North America, Collov in the US, Seattle-based startups featured in GeekWire). Many portfolio founders are repeat or cross-border operators.
Geographic Focus
Headquartered in Hong Kong with offices in Beijing, Shanghai and Jakarta. Invests across Greater China and Southeast Asia, with some portfolio companies expanding to Japan and North America.
Firm Background
Established around 2013-2014 (sources differ). Publicly cited asset figures vary by source and definition: LinkedIn cites over $1.1B net asset value, while a third-party profile cites over $1.4B AUM after Fund IV. AUM is therefore left unset.