Blue Lake Capital
Blue Lake Capital is a Shanghai-based venture capital firm founded in 2014 that manages USD and RMB funds (AUM over RMB 8 billion) focused on China's enterprise software and intelligent manufacturing sectors, with a 100+ company portfolio including unicorns and IPO exits such as Jushuitan and Chaozhuo Aviation.
- Company typePrivate
- Founded2014
- HeadquartersChaoyang, China
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Blue Lake Capital does
Blue Lake Capital (蓝湖资本) is a Shanghai-based, China-focused venture capital investment management firm founded in 2014 by Ray Hu (胡磊) and registered as Shanghai Lansanmuyi Investment Management Co., Ltd. (上海蓝三木易投资管理有限公司). The firm invests across two tightly defined verticals: enterprise software and intelligent manufacturing, with a stated emphasis on China's digital transformation. It operates multiple fund vintages in both USD (Phases I-IV) and RMB (Phases I-III), with aggregate AUM exceeding RMB 8 billion by 2025 and a portfolio of 100+ companies, of which more than 20 have reached unicorn or industry-champion status; cumulative follow-on financings of portfolio companies have exceeded RMB 20 billion.
The firm's investment team is intentionally small (11-50 employees) and led by Founder and Managing Partner Ray Hu (Forbes China Venture Capitalist 100 in 2024 and 2025) with Partners Haitao Wei and Haohui Chen, supported by Investment Director Yifan Zhang. The team pursues an "industry and research driven" approach, providing strategic operating counsel, core resource introductions and key talent referrals to portfolio companies alongside capital deployment. Notable portfolio names include Momenta (autonomous driving, angel round in 2016), Jushuitan (e-commerce SaaS ERP, HKEX IPO October 2025), Chaozhuo Aviation Technology (688237.SH, STAR Market IPO July 2022), Zelos (L4 RoboVan), Trugo Tech (wire-controlled braking), Polymaker (3D printing), Moka (HR SaaS), and Zhenyi Technology (procurement SaaS). The firm is a UN PRI signatory since November 2022 and has received 11 CVAwards "Top 50 Best Foreign VC Firms in China" honors alongside 36Kr and CVINFO recognitions.
Revenue mechanics for Blue Lake follow standard VC fund economics: management fees charged on committed or invested AUM across multiple vintages, supplemented by carried interest on realized exits such as the Jushuitan HKEX listing. Beyond fund management, the firm operates the BLES Index (Blue Lake China Enterprise Software Index), a proprietary analytical product that tracks the market capitalization of approximately 40 leading Chinese enterprise software listed companies and functions as both thought-leadership content supporting investment decisions and an LP-marketing asset in the firm's core enterprise software vertical.
Blue Lake Capital firmographics
Firmographics- Name
- Blue Lake Capital
- Legal name
- Shanghai Lansanmuyi Investment Management Co., Ltd. (上海蓝三木易投资管理有限公司)
- Website
- http://www.bluelakecap.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Blue Lake Capital is a Shanghai-based venture capital firm founded in 2014 that manages USD and RMB funds (AUM over RMB 8 billion) focused on China's enterprise software and intelligent manufacturing sectors, with a 100+ company portfolio including unicorns and IPO exits such as Jushuitan and Chaozhuo Aviation.
- Ownership category
- akta.pro rank
Blue Lake Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Technology & Software Growth Equity (FSANACAA)
- akta.pro secondary industries
- Business Services (B2B) Growth Equity (FSANACAD), Late-Stage Venture Capital (Series C+) (FSANAAAC)
Keywords
Where Blue Lake Capital is headquartered
LocationHeadquarters
- HQ city
- Chaoyang
- HQ country
- China
- HQ region
- Asia
Markets served
Blue Lake Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Blue Lake Capital product offering
Product offeringCore offering
Blue Lake Capital (蓝湖资本) is a privately held venture capital investment management firm that manages multiple USD and RMB funds (Phases I-IV and I-III respectively), investing primarily in early-stage enterprise software and intelligent manufacturing companies in China's digital transformation sector. The firm also produces the BLES Index (Blue Lake China Enterprise Software Index), a proprietary analytical benchmark tracking the market capitalization of approximately 40 leading Chinese enterprise software companies. Across its portfolio the firm has backed 100+ companies, of which more than 20 are unicorns or industry champions, with over RMB 8 billion in assets under management.
Product overview
Blue Lake Capital (蓝湖资本) is a venture capital firm founded in 2014 by Ray Hu (胡磊) that focuses on China's digital transformation, with investments spanning enterprise software and intelligent manufacturing sectors. Their offering comprises two main components: (1) their core investment management services, with the firm managing a portfolio of 100+ companies across multiple funds (including over 20 unicorns/industry champions and several IPOs such as Yiheda 301029.SZ, Chaozhuo Aviation 688237.SH, and Jushuitan 06687.HK), and (2) the BLES Index (Blue Lake China Enterprise Software Index), an analytical benchmarking product that tracks the market capitalization of approximately 40 leading Chinese enterprise software companies listed on Chinese stock exchanges. The BLES Index serves as a thought leadership product that informs the firm's investment strategy in the enterprise software sector, complementing the investment management services that deploy capital into early-stage enterprise software and intelligent manufacturing opportunities.
Differentiator
Problem solved
Functional benefit
Products and services
- Venture Capital Fund Management Services Multi-vintage venture capital fund management services (USD Funds I-IV and RMB Funds I-III) deploying capital into early-stage Chinese enterprise software and intelligent manufacturing startups, with strategic operations consulting, core resource introduction, and key talent referral support for portfolio companies. Targeted at institutional limited partners, family offices, and government-related investors.
- BLES Index (Blue Lake China Enterprise Software Index) (蓝湖中国企服软件指数) An analytical benchmarking product that aggregates market capitalization data of approximately 40 leading Chinese enterprise software companies listed on Chinese stock exchanges to produce a sector index. The index provides market trend analysis and thought leadership insights that inform the firm's investment strategy in the enterprise software vertical.
Companies that use Blue Lake Capital
Customer profileIdeal customer profiles2 records
Blue Lake Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Blue Lake Capital partnerships and signals
Strategic signalRecent moves7 records
Expansion highlights5 records
Blue Lake Capital competitors and assessment
Company assessmentDirect peers
- HongShan (formerly Sequoia Capital China): HongShan is one of China's leading venture capital firms with multi-vintage USD and RMB funds, focusing on technology, consumer, and healthcare. Comparable to Blue Lake in scale, multi-fund structure, and focus on China's digital transformation sectors, though HongShan has broader sector coverage and larger AUM.
- Matrixpartners China: Matrixpartners China is an early-to-growth stage venture firm investing in enterprise software, intelligent manufacturing, and digital transformation in China. Closely comparable to Blue Lake's sector focus and stage; both have co-invested (e.g., ZhenZhi Technology seed round).
- 5Y Capital (formerly Morningside Venture Capital): 5Y Capital is a long-established China-focused VC with multi-fund platform investing across technology and life sciences. Comparable multi-vintage structure and China-primary deployment focus; broader sector coverage than Blue Lake's enterprise software + intelligent manufacturing concentration.
- Source Code Capital: Source Code Capital is a China-focused VC firm concentrating on enterprise software, B2B services, and digital transformation themes. Highly comparable thesis overlap with Blue Lake's enterprise software focus; similar stage and check size.
- IDG Capital: IDG Capital is one of the earliest foreign VCs in China with broad sector coverage including enterprise software and intelligent manufacturing. Comparable multi-fund platform and China-primary deployment; much larger AUM and broader sector mandate than Blue Lake.
- Shunwei Capital: Shunwei Capital is a China-focused VC investing in technology, intelligent manufacturing, and enterprise software, frequently co-investing alongside Blue Lake (e.g., Watson Rally Series A). Comparable stage focus and China-tech thesis.
- Legend Capital: Legend Capital is a China-focused venture and growth equity firm investing across technology, intelligent manufacturing, and enterprise services. Comparable multi-fund structure, China-primary focus, and stage profile; somewhat broader sector mandate than Blue Lake.
- Gaorong Capital: Gaorong Capital is a Shanghai-based early-to-growth stage China VC investing in technology and consumer sectors. Frequently co-invests with Blue Lake (e.g., Astone Space Series A co-lead), with comparable stage focus and check size.
- ZhenFund: ZhenFund is a leading Chinese early-stage venture firm focused on internet, enterprise software, and frontier technology. Comparable China-tech investment thesis but earlier-stage focused than Blue Lake's seed-to-Series C range.
Broad incumbents
- Hillhouse Capital: Hillhouse Capital is a large China-Asia focused investment platform spanning venture, growth, and public equities across technology, consumer, and healthcare. Comparable in deploying capital into Chinese tech themes but at meaningfully larger scale and broader mandate than Blue Lake's two-sector concentration.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Blue Lake Capital social profiles
Digital presenceBlue Lake Capital compliance and trust
Trust signalCompliance1 record
Blue Lake Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Blue Lake Capital leadership team
Management profileNumber of profiles
Profiles6 records
Blue Lake Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Blue Lake Capital M&A and investment
M&A and investmentM&A
Investments90 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Blue Lake Capital
What does Blue Lake Capital do?
Blue Lake Capital (蓝湖资本) is a privately held venture capital investment management firm that manages multiple USD and RMB funds (Phases I-IV and I-III respectively), investing primarily in early-stage enterprise software and intelligent manufacturing companies in China's digital transformation sector. The firm also produces the BLES Index (Blue Lake China Enterprise Software Index), a proprietary analytical benchmark tracking the market capitalization of approximately 40 leading Chinese enterprise software companies. Across its portfolio the firm has backed 100+ companies, of which more than 20 are unicorns or industry champions, with over RMB 8 billion in assets under management.
Is Blue Lake Capital a public or private company?
Blue Lake Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Blue Lake Capital founded?
Blue Lake Capital was founded in 2014. It employs 11 to 50 people.
Where is Blue Lake Capital based?
Blue Lake Capital is headquartered in Chaoyang, China, in the Asia region.
Who are Blue Lake Capital's main competitors?
Direct peers on record are HongShan (formerly Sequoia Capital China), Matrixpartners China, 5Y Capital (formerly Morningside Venture Capital), Source Code Capital, IDG Capital, Shunwei Capital, Legend Capital, Gaorong Capital and ZhenFund. Hillhouse Capital is listed as a broad incumbent.
Does Blue Lake Capital have an API?
No public API is recorded for Blue Lake Capital.
What industry is Blue Lake Capital in?
Blue Lake Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANACAA, Technology & Software Growth Equity, with a secondary code of FSANACAD, Business Services (B2B) Growth Equity. Its NAICS code is 52394 and its SIC code is 6282.