BA Capital (黑蚁资本) is a Shanghai-based venture capital firm founded in 2016, dedicated exclusively to the consumer sector. The firm has backed some of China's most prominent consumer brands, including Pop Mart, Laopu Gold, HeyTea, and Busy Ming Group.
BA Capital invests exclusively in the consumer sector, spanning food and beverage, retail, fashion, and lifestyle brands, primarily in China, across early to growth stages.
The firm's portfolio includes food and beverage brands such as HeyTea, M Stand, Chi Forest, and Jiang Xiaobai; retail and fashion companies such as Urban Revivo and Busy Ming Group; and consumer products and IP companies such as Pop Mart, Laopu Gold, Giant Biogene, and Yuanji Food Group.
The firm has also backed cross-border consumer expansion, including a cornerstone investment in African FMCG company Softcare and a minority stake in British folding bike maker Brompton.
BA Capital closed its second US-dollar fund, BA Capital Fund II, at $225 million, above its $150 million target, in July 2026.
The oversubscribed raise drew commitments from institutional investors, funds-of-funds, and family offices.
Eaton Partners, a Stifel company, served as exclusive global placement agent, and Cooley provided legal advisory.
Leadership
David He, Managing Partner and co-founder, previously served as Head of Strategic Investments at ByteDance and Vice President at Orchid Asia.
Michael Zhang, Managing Partner and co-founder, previously worked at Eight Roads Ventures, the proprietary investment arm of Fidelity International.
Lawrence Yang serves as Partner.
Investment Strategy
BA Capital invests exclusively in the consumer sector, focusing on brand-building and category-defining companies across early to growth stages. The firm has led and participated in pre-IPO financing rounds and taken cornerstone positions in portfolio companies ahead of major growth milestones, including public listings.
Notable Investments
Notable Exits
contact@ba-capital.com.cn
Phone: +86 021-61071236
David He - Managing Partner and Co-Founder
david.he@ba-capital.com.cn
Lawrence Yang - Partner
lawrence.yang@ba-capital.com.cn
China
