Established a year of fund, I dare to cast the E round behind Gao Rong and Red Bull, and I am directly a good guy "troika" "weird" strength player

Wen 丨 Wang Manhua

Source 丨Tou China Network

Presumably, you have also noticed that in recent times, the consumption track has been hot and hot, and under the rising tide, in addition to the large funds that bloom on all sides, there are always a few new faces that often appear and seem to be unfamiliar. They have either been deeply cultivated for a long time, or have just been established, or cross-border forces, with different genes, but all point to one result - becoming a consumer investment force that cannot be ignored.

"Negatives" launched a side article "Negatives nova", a small market of the most noteworthy investment forces.

Today, let's talk about the third one, No. 2 Capital.

I spent three days studying it, and it took 72 hours; after studying this weird fund, it turned out to be weird; and the last time I saw such a weird new fund was the last time.

Founded in 2020, Buji Capital has not been around for a long time and rarely has spoken out to the outside world. However, according to public information, it will be found that Fuji Capital is very special, which is embodied in:

First, the background is diverse. The three founding partners had very different backgrounds and experiences, and then got together to make a dual-currency fund;

Second, the barrier to entry is high. In the few cases that are not two, many are cooperating with mainstream head agencies, such as IDG (Mr. Zoo Small Animal Yuan), Keimaki (Sumidagawa Coffee), in addition, popular cases such as Good Hope Water have also been invested;

Third, the playing style is weird. Early cases dare to grasp and can go in, and the head project also dares to invest behind big funds such as Sequoia and Gao Rong;

Fourth, the upper limit of strength is high. For example, he led the E round of thai logistics company Flash Express, with an investment amount of more than 10 million US dollars, a standard large project, and a large investment.

After talking about the characteristics, give the conclusion directly.

Not only is it not only not two, but also a little powerful, a little weird, a little interesting.

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Let's start with the founding team.

The founding team consists of three people, namely Liang Jie, former co-founder and CTO of UC, Wu Xiaofeng, founding partner of Brilliant Capital, and Wu Yuening, founder of KK Group. The backgrounds and work experiences of these three people are completely different.

First of all, look at Liang Jie, as an Internet veteran, Liang Jie has taken a path of creation and excellence, which is called the standard path.

In 2004, Liang Jie and He Xiaopeng co-founded UC Univision, and in 2014, UC was wholly owned by Alibaba, and the valuation was rumored to be between $4 billion and $5 billion, which also set a record for the largest merger and acquisition in the history of China's Internet at that time.

Relying on this successful venture, Liang Jieshi harvested real money and silver on the ground, and also provided him with sufficient funds as an investor later.

In 2018, Liang Jie established Black Algae Capital, which although not very famous and not active in the market, is the LP of many well-known GPs, such as Wuyuan, GGV, and Lei Jun's Shunwei Capital. At the same time, the few shots of Black Algae Capital have also provided resource introduction for Future Fuji Capital, such as Wo XiaoYa, the company's earliest round is exclusively invested by Black Algae, and It has participated in the A+ round.

Let's look at Wu Xiaofeng. Unlike Liang Jie's "halfway home", Wu Xiaofeng is a standard "old cannon of rmb".

Looking at his resume, from the initial brokerage, Gao Tejia, to Lianchuang Investment, Puhua Capital, and then to the brilliant capital that focused on consumption and technology tracks established in 2016, all of them are RMB funds. At present, as the founding partner, Brilliant Capital has completed three phases of RMB fund raising, and invested in well-known cases such as Himalaya FM, KK Group, and Happiness Cake.

However, to say that the most special of the three is Wu Yuening.

Wu Yuening is well known for the KK Pavilion, but this is not his first venture. He once made a website that focused on the online game experience, called "Dingke Network", and as a result, the website was closed after a few years, and he also owed a bunch of debts. It wasn't until around 2014 that KK Pavilion, later known as KK Group, was founded, and is currently valued at $3 billion.

In the primary market, a serial entrepreneur like Wu Yuening, who has a failed entrepreneurial experience and now runs a multi-billion dollar company, is very popular, or rather, the most popular.

On a talk show, Xu Xiaoping once admitted that the company will invest in more than 100 projects a year, and these investments are more inclined to serial entrepreneurs. Kai-Fu Lee also said in "Return": Serial entrepreneurs are easy to succeed, and entrepreneurship is the inevitable road for the whole people.

This kind of person seems to be able to gain the natural favor of investors, just as Tang Binsen of the Yuanqi Forest can be seen.

The strangest point of such a combination is that all three of them are still taking care of several heads of business, and they all still work in Black Algae Capital, Brilliant Capital and KK Group.

But if you look at the way capital is played, it is by no means the kind of institution without a system saved in spare time, but has a distinct style of play.

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Three people with very different styles and experiences, what kind of fund did they work together to create?

The press release says this: Buer Capital mainly focuses on the field of large consumption, led by Liang Jie, and Wu Yuening and Wu Xiaofeng provide assistance in the ecological of the industrial chain and the investment experience of consumer goods.

Combined with the three people's previous work experience, this arrangement seems reasonable. However, a closer look at the strategy and play of Buer Capital always reveals a "strange" word.

As mentioned above, Liang Jie and Wu Xiaofeng's investment experience is in the rmb fund, and when I obtained this information, I once thought that the capital of the two is likely to continue to do the old bank.

In fact, It is a dual-currency fund, and the fundraising situation and management scale have never been disclosed. A team with a lot of experience in the RMB market is not only using the US dollar fund style, but even doing cross-border investments.

Let's take this apart and say, first of all, why the indivisible playing style is "weird".

At present, it does not have many projects, 10, but it is very telling.

In the list of no two votes, there are three companies, one called TOYCITY, which is a tide play business, similar to Bubble Mart, one is an innovative women's tea brand "Capsule Tea Language", and the other is a mask skin care brand "Huola".

In these three cases, no two capitals were the first to be invested, what does this mean? It shows that in some subdivisions of the track, there are ideas of their own, confidence, and ability, and they can invest in projects that others cannot see.

Not only did they dare to grasp in the early days, but they also dared to invest behind the big funds, and the representative cases were music control and Flash express.

In June 2021, Buji Capital led the Series A financing of Le Sports Control, with a shareholding ratio of 10%.

The angel round investors of Le Sports Control are Sequoia China and Tiantu, who only entered the market after the two established institutions, and accounted for 10%, which is still relatively "brave".

You might say that after all, it is a series A, the scale is not large, not enough to explain the problem?

Then it is even more obvious to look at another typical case, Flash Express. This is a logistics company from Thailand, which is simply understood as "Thailand's version of SF".

In the past 8 months, the Thai giant has successively obtained 3 rounds of financing for D, D+ and E, of which D and E have raised 200 million US dollars and 150 million US dollars respectively, and the company's investor list is also star-studded, including financial institutions such as SCB 10X, the venture capital department of Ayutthaya Bank of Thailand and Thai Huishang Bank, as well as first-line institutions such as Gao Rong, as well as industrial funds such as Thai Oil and Red Bull.

It can be said that Flash Express is a big hit of the standard, a big project.

However, Fuji dared to chase it in the E round, or as the lead investor, according to the financing amount of 150 million US dollars, Buji shot this time, directly paid tens of millions of dollars. Such a big deal is usually from the hands of big funds, but this "newborn calf" has done it.

Through the above few cases, we can vaguely see the indistinct way of playing: the early low-priced small projects can be grasped, the high-priced hot cases in the growth period also dare to take, can "support up" behind the big fund, and dare to spend thousands of dollars to squeeze into the hot large projects, which makes me look at the margin of ability and the upper limit of the strength of this "new" fund. And this kind of fund with rich industrial background and resources, the way of play and boundaries shown are mixed forms, and it is becoming a relatively new species in the fund, a more competitive player.