Y&R Capital

Y&R Capital

Yang Rui established Y&R Capital in 2015, building the firm on his experience at Sequoia Capital China, where he focused on enterprise and industrial technology. The firm emerged during a period when Chinese venture capital was pivoting from consumer internet toward deep-tech and enterprise investments. Y&R Capital targets early-stage venture and growth equity, with a primary focus on enterprise software, artificial intelligence, and industrial technology. The firm leads seed and Series A rounds, occasionally participating in later-stage growth and PIPE transactions. Its portfolio concentrates on companies digitizing China's manufacturing, logistics, and industrial supply chains — sectors where software-hardware integration creates defensible moats. The firm invests domestically across Greater China, with its deal activity centered on Beijing and the Yangtze River Delta manufacturing corridor. Y&R Capital maintains a lean partnership structure, reflecting its concentrated early-stage strategy. The firm operates from a single office in Beijing, with Yang Rui serving as the primary investment decision-maker. While total assets under management remain undisclosed, the firm's strategy suggests a sub-$500 million deployment capacity typical of early-stage China-focused venture funds. The firm has not publicly disclosed parallel vehicles, philanthropic structures, or co-investment club memberships. No recent fund closes or personnel moves have been publicly confirmed in the last 24 months. The firm's structural differentiator lies in its operator-investor posture toward industrial technology. Unlike generalist China VC firms that span consumer, healthcare, and enterprise indiscriminately, Y&R Capital's concentrated bet on industrial digitization — factory automation, supply-chain software, logistics tech — aligns with China's "Industry 4.0" policy tailwinds and Yang's Sequoia-era thesis experience. This single-thesis concentration is unusual among Beijing-based GPs of comparable vintage.