Hello Capital

Li Zhang, the founder and managing partner, holds final decision authority on all investments. Zhang operates as the lead partner on nearly every deal, supported by a small investment team. The firm does not maintain an external investment committee.

The firm deploys a full-time software or machine-learning engineer — paid from the management fee, not the portfolio company's budget — into each new investment for roughly six months. This engineer works on product, architecture, and hiring, creating a direct operating feedback loop that informs follow-on decisions. The program also builds a talent network loyal to the firm.

Hello Capital leads or co-leads the majority of its seed rounds, given its small check size and high-touch operating model. Zhang prefers to anchor rounds alongside one other institutional investor, most frequently Sequoia Capital China or Matrix Partners China in past deals. The firm rarely participates as a passive co-investor only.

The firm does not invest in consumer internet, content, gaming, or hardware-heavy frontier tech such as chip design or battery manufacturing. Its core focus remains enterprise software, applied AI/ML, and financial infrastructure — areas where Zhang's prior operating experience as an enterprise founder is directly applicable.

Anchor capital originated from Li Zhang's exit of a Shanghai-based enterprise services company. Zhang reinvests a portion of his own liquidity into each fund. The LP base has since expanded to include Asian family offices and technology founders, though the firm has not disclosed a full LP list.