ZenStone Venture Capital

Farris Wu and Fay Yang, the firm's co-founders and managing directors, sit on the Investment Committee and share responsibility for deal sourcing, due diligence, and partnership development. Wu leads financial planning and deal structuring while Yang focuses on market analysis and due diligence, per the firm's own team page. There is no disclosed GP-level team beyond the two co-founders.

ZenStone draws deal flow from the co-founders' combined networks in commercial real estate and the Bay Area technology ecosystem. Wu's prior academic and semiconductor-industry career provides a technical sourcing channel, while Yang's broker background gives her access to commercial and retail property operators who interact with proptech and fintech founders. The firm also states that being headquartered in the Bay Area allows it to help overseas companies access US customers and distribution, suggesting some inbound deal flow from Asia-based founders.

All disclosed portfolio activity points to direct startup equity investments, with the firm describing an average check size of $250,000 per company at the post-seed and early venture stages. There is no public evidence of fund-of-fund commitments or SPV structures.

The firm states it invests at 'post seed and early venture stages,' which aligns with its portfolio of companies raising Series A through C rounds. Bolt had raised $68 million before taking a further $75 million in a Series C extension, while HomeLight and Descomplica reached $109 million and $83 million rounds, respectively.

Alpha Realty Capital is a Silicon Valley-based commercial real estate investment firm that both Farris Wu and Fay Yang co-founded and still run as managing directors. The two firms share the same investment committee and managing partners, operating as vertically integrated vehicles — Alpha handles property-level value-add investments while ZenStone writes venture equity checks.