AI CAPITAL INTELLIGENCE
杭州资本旗下“润苗基金” | Institution profile
Institution at a glance
Hangzhou Runmiao Fund is a Hangzhou municipal early-stage technology fund managed by Hangzhou Capital and operated by Hangzhou Science and Technology Innovation Group. Launched in November 2025 with an initial CNY 2 billion and a 20-year term, it targets technology startups before Series A and emphasizes early, small-ticket, long-horizon investment in hard tech. Municipal policy sets a target of at least 100 projects a year and a general per-company cap of CNY 5 million; these are policy parameters, not reported investment results.
Source verification date: · The initial size, term and manager/operator are based on the November 2025 launch coverage. The annual project count and per-company cap are municipal policy targets and limits, not actual results. Listed contact details belong to the manager, Hangzhou Capital; public sources do not disclose the fund’s return or its individual commitment to any portfolio company.
Names follow their disclosed form. Descriptive English renderings of Chinese names are not verified legal names. Original quotations are shown in their source language.
Key facts
| Fund manager | Hangzhou Capital, as identified in launch coverage |
|---|---|
| Operating organization | Hangzhou Science and Technology Innovation Group |
| Initial fund size | CNY 2 billion at launch in November 2025 |
| Fund term | 20 years, according to launch coverage |
| Investment focus | Early, small-ticket, long-horizon investment in hard technology, including a startup’s first investment |
| Target stage | Before Series A; technology development, prototype building or market development |
| Annual project target | At least 100 investments per year under municipal policy; a target, not a reported count |
| Per-company limit | Generally no more than CNY 5 million under municipal policy |
| Investment committee | Seven members: four external experts and three appointed by the management and operating organizations, according to launch coverage |
Milestones
- 2025-11-18
The fund held its launch event. Coverage reported an initial CNY 2 billion and a 20-year term.
Public record
- Hangzhou media identified Hangzhou Yingshen Intelligent Technology Co., Ltd. (杭州影身智能技术有限公司) as one of the fund’s first supported companies. The report did not disclose the fund’s investment amount.
- Funding record: Yiqi Future (易启未来) · Series A · 2026-05-29 · syndicated investment · reported round size CNY 20–90 million. The round total is not the fund’s individual contribution and does not represent its full portfolio.
Official contact details
- Manager’s official website: Hangzhou Capital
- Runmiao Fund application portal linked by Hangzhou Capital: Runmiao Fund application
- Manager’s public email: hzzb@hzzbco.com
- Manager’s public telephone: +86 571 8803 0500
- Manager’s listed address: State-owned Capital Investment Building, 68 Qingchun East Road, Shangcheng District, Hangzhou, China
Sources
- 1. Hangzhou Runmiao Fund launches with a 20-year term · Hangzhou Capital
该基金首期规模20亿元，设置长达20年的存续期限，充分彰显“耐心资本”的长期主义理念。基金不以单一项目或年度表现作为绩效考核唯一依据，切实鼓励团队“敢于投早、愿意陪跑”。Original Chinese-language excerpt
- 2. Hangzhou Runmiao Fund officially launches · Hangzhou Network
润苗基金首期资金20亿元，由杭州资本管理、杭州市科创集团运营。Original Chinese-language excerpt
- 3. Hangzhou Municipal Government policy on the Runmiao Program
市本级设立首期20亿元的润苗基金，年均投资项目数不少于100个，投资单个企业原则上不超过500万元。Original Chinese-language excerpt
- 4. Company Profile and Contact · Hangzhou Capital
联系电话：0571-88030500；联系邮箱：hzzb@hzzbco.com；联系地址：杭州市上城区庆春东路68号国有资本投资大厦。Original Chinese-language excerpt
- 5. Yiqi Future raises a Series A round · Sohu
本轮融资由同创伟业、优山资本、杭州资本旗下“润苗基金”等联合投资Original Chinese-language excerpt