FunPlus

Co-founders Andy Zhong and Yitao Guan oversee the firm's investment activity. Zhong serves as CEO of the broader FunPlus group, while Guan functions as Chief Investment Officer, leading deal evaluation and portfolio construction. The investment team operates from Zug and Beijing, drawing on the founders' experience scaling a global gaming business that reached over $1 billion in annual revenue.

FunPlus funds its investments entirely through retained earnings from its mobile-gaming division, which produces titles like State of Survival and King of Avalon. The firm does not raise outside limited-partner capital in the manner of a traditional venture fund. This structure provides permanent, patient capital without the pressure of fund-return timelines.

FunPlus does not fit neatly into either category. While it makes direct venture investments like a VC fund, it does not raise external capital from limited partners. Unlike most corporate venture arms, its parent company is not a diversified public conglomerate but a privately held gaming studio whose founders channel profits directly into the investment portfolio, blurring the line between operating company and asset manager.

FunPlus invests from seed through growth equity, with a concentration on early-stage technology companies. The firm has participated in seed rounds for developer-tool and media startups, as well as larger growth rounds for AI infrastructure and autonomous-driving companies. Its check sizes vary accordingly, from small initial seed positions to multi-million-dollar growth-stage commitments.

The firm's portfolio spans enterprise software, artificial intelligence and machine learning, climate technology, digital health, fintech, robotics, and media. Its gaming provenance creates a natural affinity for infrastructure and platforms that intersect with digital entertainment, though the portfolio has diversified considerably beyond that anchor.

No. FunPlus operates as a corporate investment entity funded by gaming revenue, not as a family office managing the private wealth of one or more families. The founders have not publicly established a separate family-office vehicle, and the firm files and conducts business as an asset manager under the FunPlus corporate brand.

Yes. FunPlus Group includes both the game-development studios that produce titles like State of Survival and the investment arm profiled here. The Zug-based entity serves as the group's corporate and investment headquarters, while the game studios maintain a major operational presence in Beijing. The two functions are integrated under the same parent.