V.Stone Capital

Founding partner Vivian Shi leads investment decisions. The firm operates with a lean partnership model common among early-stage China venture firms, with deal selection and portfolio support concentrated in the founding team rather than distributed across sector heads.

V.Stone has not publicly disclosed explicit sector exclusions, but its portfolio pattern shows consistent absence from hardware-intensive sectors, semiconductor manufacturing, and capital-heavy industrials. The firm's deal activity clusters in software and digital health.

V.Stone's sourcing relies on the technical network of its founding team and co-investor relationships in Shanghai and Beijing. The firm's small-fund strategy and focus on technically complex enterprise software deals attract founders through specialist rather than mass-market channels.

V.Stone regularly co-invests alongside complementary early-stage firms, with public records showing syndication partners that include GGV Capital and Sequoia China. The firm participates in rounds where its technical diligence and founder relationships complement larger generalist investors.