HK–SZ Venture Capital Fund List: Seed and Angel-Stage Investors to Know

The Hong Kong Special Administrative Region (HKSAR) Government’s 2025-26 Budget, delivered in February 2025, allocated HKD 1.5 billion specifically to the Hong Kong Science and Technology Parks Corporation (HKSTP) and Cyberport for the co-investment of early-stage technology enterprises. This represents a 50% increase from the previous fiscal year’s allocation of HKD 1.0 billion, signalling a decisive policy shift toward direct public-sector participation in seed and angel-stage financing. Concurrently, the Shenzhen Municipal Government’s 2025 Action Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone mandates the establishment of a HKD 10 billion cross-border venture capital fund to support startups registered in both jurisdictions. For founders navigating the Hong Kong-Shenzhen (HK-SZ) corridor, understanding which venture capital funds are actively deploying capital at the sub-HKD 10 million ticket size is no longer a matter of market intelligence—it is a prerequisite for accessing government-matched funding programmes.

The Government-Led Catalytic Funds

HKSTP’s Corporate Venture Fund (CVF) and Co-Investment Programme

The HKSTP Corporate Venture Fund manages a committed capital of HKD 500 million as of March 2025, as stated in the HKSTP Annual Report 2024/25. The fund operates on a co-investment model: for every HKD 1.00 committed by a private investor, HKSTP matches HKD 1.50, up to a maximum of HKD 15 million per startup. Ticket sizes range from HKD 2 million to HKD 10 million, with a focus on deep-tech sectors including artificial intelligence, robotics, biotech, and advanced materials. Founders must be a resident company of HKSTP’s Science Park or its satellite campuses in Tseung Kwan O and Yuen Long to qualify. The programme requires that the lead private investor holds a valid Type 9 (asset management) licence under the Securities and Futures Ordinance (Cap. 571), ensuring professional oversight of the due diligence process.

Cyberport’s Macro Fund and Digital Tech Focus

Cyberport’s Macro Fund, established in 2023 with an initial allocation of HKD 200 million, has been expanded to HKD 400 million in the 2025-26 Budget. The fund targets digital economy startups, including fintech, e-sports, and cybersecurity. Cyberport’s investment terms are structured as convertible notes with a 20% valuation cap and a 3% annual coupon rate, converting at the next qualified financing round of HKD 5 million or more. The fund does not take a board seat but retains a pro-rata right to participate in future rounds. As of Q1 2025, Cyberport had deployed HKD 85 million across 12 portfolio companies, with an average ticket size of HKD 7.1 million per company, according to Cyberport’s quarterly investment disclosure.

Innovation and Technology Venture Fund (ITVF) – Matching Private Capital

The Innovation and Technology Venture Fund (ITVF), managed by the Hong Kong Science and Technology Parks Corporation under the Innovation and Technology Commission (ITC), is a HKD 2 billion fund-of-funds that commits capital to private venture capital firms on a 1:2 matching basis. For every HKD 1.00 the ITVF invests in a VC firm, the firm must raise HKD 2.00 from private sources. The ITVF’s mandate requires that at least 70% of the fund’s capital be deployed into Hong Kong-based technology startups at the seed or Series A stage. As of February 2025, the ITVF had committed HKD 1.2 billion to 18 VC firms, including Gobi Partners, MindWorks Ventures, and Beyond Ventures. Founders should note that the ITVF does not invest directly; the relevant portfolio VC firm must be approached.

Shenzhen’s Qianhai and Shenzhen-Hong Kong Cross-Border Funds

Qianhai Shenzhen-Hong Kong Venture Capital Fund (QSHK VCF)

The Qianhai Shenzhen-Hong Kong Venture Capital Fund (QSHK VCF), established under the Qianhai Cooperation Zone Development Authority, has a total target size of HKD 10 billion, with an initial close of HKD 3.5 billion in January 2025. The fund is structured as a limited partnership domiciled in the Qianhai Special Economic Zone, with Shenzhen Qianhai Financial Holdings Co., Ltd. as the general partner (GP) and a consortium of Hong Kong family offices as limited partners (LPs). The fund’s investment mandate requires that at least 40% of capital be deployed into startups with a physical presence in both Qianhai and Hong Kong. Ticket sizes range from HKD 5 million to HKD 30 million, with a focus on cross-border supply chain technology, biotech, and green finance. The fund is regulated by the Shenzhen Financial Regulatory Bureau and operates under the Qianhai Cross-Border Capital Management Rules (2024 Revision).

Shenzhen Angel Investment Guidance Fund (SAIGF)

The Shenzhen Angel Investment Guidance Fund (SAIGF), managed by Shenzhen Capital Group, is a HKD 10 billion government-backed fund-of-funds targeting seed and angel-stage technology startups in the Greater Bay Area. The SAIGF provides a 1:1 matching commitment to qualified angel investors and VC firms, with a maximum commitment of HKD 20 million per fund. The fund’s 2025 guidelines, published by the Shenzhen Municipal Bureau of Finance, explicitly prioritise startups founded by Hong Kong residents or registered in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The SAIGF requires that at least 50% of its capital be deployed within 18 months of the first close, creating a time-sensitive opportunity for founders seeking rapid capital.

The Hong Kong-Shenzhen Innovation and Technology Park (HSITP) Co-Investment Facility

The Hong Kong-Shenzhen Innovation and Technology Park (HSITP) in the Lok Ma Chau Loop, a joint venture between the Hong Kong SAR Government and the Shenzhen Municipal Government, launched a HKD 300 million co-investment facility in March 2025. The facility is designed for startups that lease space within the park’s Phase 1 development, which is scheduled for completion in Q3 2025. The HSITP provides a 1:1 match on seed investments from accredited investors, up to HKD 5 million per startup. The facility mandates that the startup’s core R&D activities be conducted within the park, with a minimum of 10 full-time employees based there. The HSITP’s investment committee includes representatives from both the Hong Kong Science and Technology Parks Corporation and the Shenzhen Qianhai Development Authority, ensuring a dual-jurisdiction oversight mechanism.

Private Venture Capital Firms Active in the HK-SZ Corridor

Gobi Partners – Gobi GBA Fund

Gobi Partners, a Hong Kong-headquartered VC firm with a dedicated Greater Bay Area (GBA) fund, manages the Gobi GBA Fund with a capital commitment of USD 150 million (approximately HKD 1.17 billion). The fund focuses on seed and Series A investments in tech-enabled logistics, supply chain, and consumer sectors. Ticket sizes range from USD 500,000 to USD 3 million. Gobi Partners is a portfolio firm of the ITVF, meaning its capital is partially matched by the Hong Kong Government. The fund has a stated preference for startups with a cross-border business model, specifically those that generate at least 30% of their revenue from transactions between Hong Kong and Shenzhen. As of Q4 2024, the Gobi GBA Fund had invested in 28 portfolio companies, with 12 headquartered in Hong Kong and 16 in Shenzhen.

MindWorks Ventures – MindWorks Fund IV

MindWorks Ventures, a Hong Kong-based VC firm founded in 2012, closed its MindWorks Fund IV at USD 180 million in September 2024. The fund targets seed and Series A investments in B2B software, fintech, and deep-tech sectors across the GBA. MindWorks maintains a dedicated investment team in Shenzhen’s Nanshan District, providing on-the-ground due diligence capabilities. Ticket sizes range from USD 1 million to USD 5 million. MindWorks is also a portfolio firm of the ITVF, and its fund documents explicitly state a commitment to deploy at least 60% of Fund IV’s capital into companies with a Hong Kong legal presence. The firm’s investment committee includes former HKEX listing officers, providing portfolio companies with direct advisory on potential Main Board or GEM listings.

Beyond Ventures – Beyond Ventures Fund II

Beyond Ventures, a Hong Kong-based VC firm founded by former Goldman Sachs and Tencent executives, manages the Beyond Ventures Fund II with a target size of HKD 800 million, of which HKD 500 million had been raised as of March 2025. The fund focuses on seed and Series A investments in consumer internet, enterprise SaaS, and healthtech. Ticket sizes range from HKD 3 million to HKD 15 million. Beyond Ventures has a distinctive “university spin-out” focus, with a dedicated allocation of HKD 100 million for startups originating from the University of Hong Kong, the Chinese University of Hong Kong, and the Hong Kong University of Science and Technology. The fund requires that the founding team holds at least a 10% equity stake in the company, a condition that filters out purely corporate-backed ventures.

Vectr Ventures – Vectr Ventures Fund III

Vectr Ventures, a Hong Kong-based VC firm with a presence in Shenzhen’s Qianhai district, manages Vectr Ventures Fund III at USD 120 million (approximately HKD 936 million). The fund targets seed and Series A investments in supply chain technology, logistics, and manufacturing automation. Ticket sizes range from USD 500,000 to USD 2 million. Vectr Ventures is a portfolio firm of the Qianhai Shenzhen-Hong Kong Venture Capital Fund, providing it with a direct line to the Shenzhen government’s co-investment programme. The fund’s investment thesis is built on the premise that Hong Kong’s role as a global logistics hub, handling 17.4 million TEUs in 2024 (Hong Kong Port Development Council), creates a unique demand for supply chain technology startups.

Family Offices and Angel Networks

The Hong Kong Family Office Association (HKFOA) Angel Network

The Hong Kong Family Office Association (HKFOA), which represents over 200 single-family offices in Hong Kong, launched its Angel Network in January 2025. The network operates as a co-investment club, where member family offices commit a minimum of HKD 2 million each to a pooled investment vehicle. The network targets seed-stage startups in the HK-SZ corridor, with a focus on impact investing in climate tech and healthcare. The network’s investment committee applies a standardised term sheet that includes a 1.5x liquidation preference and a 20% carried interest to the network’s management company. As of March 2025, the network had reviewed 45 startups and made 3 investments, with an average ticket size of HKD 3.5 million.

The Greater Bay Area Angel Investment Alliance (GBA AIA)

The Greater Bay Area Angel Investment Alliance (GBA AIA), a cross-border organisation registered in both Hong Kong and Shenzhen, comprises 35 angel investors and family offices. The alliance operates a deal-flow sharing platform, where members co-invest in startups that have been pre-screened by a joint due diligence committee. The alliance’s standard investment instrument is a Simple Agreement for Future Equity (SAFE) with a valuation cap of HKD 30 million and a 20% discount rate. The GBA AIA has a specific mandate to invest in startups that have secured at least one letter of intent from a corporate partner in the GBA, ensuring commercial validation before capital deployment.

The Hong Kong Science and Technology Parks Corporation’s Angel Matching Programme

The HKSTP Angel Matching Programme, separate from the CVF, provides a 1:1 matching grant of up to HKD 3 million for seed-stage startups that have secured investment from a recognised angel investor or angel network. The programme requires that the angel investor be an accredited investor under the Securities and Futures Ordinance (Cap. 571, Section 2.1) and that the startup be a resident of the HKSTP ecosystem. The matching grant is disbursed in two tranches: 50% upon the closing of the angel round, and 50% upon the achievement of pre-agreed milestones, such as the filing of a patent application or the signing of a commercial contract.

Actionable Takeaways for Founders

• Target the HKSTP Corporate Venture Fund and the Cyberport Macro Fund as primary sources of government-matched capital, as both offer ticket sizes between HKD 2 million and HKD 15 million with a clear application process.
• For cross-border operations, structure your company as a Hong Kong-incorporated entity with a Shenzhen subsidiary to qualify for the Qianhai Shenzhen-Hong Kong Venture Capital Fund and the Shenzhen Angel Investment Guidance Fund.
• Engage with Gobi Partners, MindWorks Ventures, or Beyond Ventures as they are portfolio firms of the ITVF, meaning your startup will automatically be considered for government-matched capital through their investment process.
• Join the Hong Kong Family Office Association Angel Network or the Greater Bay Area Angel Investment Alliance to access a pooled co-investment vehicle that reduces individual investor risk and increases your chances of closing a seed round.
• Apply for the HKSTP Angel Matching Programme immediately after securing your first angel investor, as the 1:1 matching grant effectively doubles your seed capital without diluting your equity further.