Withinlink
Withinlink is a Shanghai-based boutique startup incubator and early-stage venture fund founded in 2015 by former WPP China CEO Bessie Lee, investing in and incubating China-based marketing-technology startups for the country's advertising, media and communications industries via small-ticket angel equity plus hands-on incubation.
- Company typePrivate
- Founded2015
- HeadquartersShanghai, China
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Withinlink does
Withinlink is a Shanghai-based, privately held startup incubator and early-stage venture fund founded in February 2015 by Bessie Lee, the former CEO of WPP China. The firm operates exclusively in marketing technology (martech) for China's advertising, media and communications industries, investing in and incubating a boutique portfolio of 14+ China-based startups spanning AI creative, AI research, AR/VR, programmatic trading, social media analytics, retail data, influencer marketing, IoT and electronic signature products. Withinlink's core operating model is small-ticket strategic angel investment combined with hands-on incubation: individual angel tickets range from US$2,000 to US$200,000 for 0.6%–5% equity in portfolio companies, and the firm closed an inaugural RMB 55 million (~US$8 million) institutional fund in three months by end of 2016 from undisclosed media executives, high-net-worth individuals and government bodies. A second US$30 million USD fund was announced for 2017 to back Chinese tech firms and US-based startups with potential in the China market, though the closing status is not confirmed in the source material.
Withinlink augments investment economics with three 2017 marcomms joint ventures that deliver consultancy services to brands, the Withinlink Martech Academy training program (first held 30–31 May 2020 in Shanghai for 30+ C-level attendees) and the Beiwang Lu (贝望录) podcast, which won Apple Podcasts' Annual Selected Podcast and Most Popular New Podcast awards in 2019. The company is founder-led with a 12-person core team composed predominantly of former WPP/GroupM executives, including Roger Li (Chief Talent Officer; ex-Millward Brown, ex-GroupM China), Swee Lynn Chong (Chief Communications Officer; ex-GroupM China, ex-Nike APAC, ex-South China Morning Post) and SVP Scarlett Shih. Bessie Lee transitioned full-time from WPP China effective 1 May 2017 after a 60/40 time-split arrangement that permitted part-time Withinlink operations from 2015. The firm operates from a WeWork office in Shanghai and pursues a global footprint through Bessie Lee's recurring speaking and jury engagements at Cannes Lions (Innovation juror 2018), Spikes Asia (Innovation Jury President 2017), SXSW, FT Future of Marketing, Dmexco and other industry forums. Disclosed portfolio outcomes include one partial exit in early 2017 returning 250x initial investment, near-500% ROI on current portfolio valuations at the 2016 mark, and the 2021 exit of mobile-push platform Getui.
Withinlink firmographics
Firmographics- Name
- Withinlink
- Legal name
- 碚曦投资管理集团 (Withinlink)
- Website
- https://withinlink.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Withinlink is a Shanghai-based boutique startup incubator and early-stage venture fund founded in 2015 by former WPP China CEO Bessie Lee, investing in and incubating China-based marketing-technology startups for the country's advertising, media and communications industries via small-ticket angel equity plus hands-on incubation.
- Ownership category
- akta.pro rank
Withinlink industry classification
Industry- Product category
- Venture Capital / Startup Incubation (Marketing Technology)
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Management Consulting Services (541618)
- SIC
- Investment Advice (6282), Services-Management Consulting Services (8742)
- akta.pro primary industry
- Corporate Innovation & Technology Scouting Units (with investment mandate) (FSANAHAI)
Keywords
Where Withinlink is headquartered
LocationHeadquarters
- HQ city
- Shanghai
- HQ country
- China
- HQ region
- Asia
Offices1 record
Markets served
Withinlink business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales
Revenue model
- Angel / seed equity investments: Withinlink takes equity stakes in martech startups, typically 0.6%-5% per company for investments ranging from US$2,000 to US$200,000 (Bessie Lee's own money in year one). Realized and unrealized capital gains from exits — one partial exit in early 2017 returned 250x initial investment.
- Venture fund management (RMB Fund I): Closed inaugural RMB fund of RMB 55 million (~US$8 million) in three months by end of 2016 from undisclosed media executives, high-net-worth individuals and government bodies. Generates management fees and carried interest from limited-partner commitments.
- Venture fund management (planned US$ Fund): Targeted a US$30 million US-dollar fund for 2017 to back Chinese tech firms and US-based startups with China potential. Same fund-management economics as the RMB fund.
- Marcomms consultancy + joint ventures: Three marcomms joint ventures formed in 2017 require hands-on management and assistance; consultancy services provided alongside equity incubation. Consumes ~30-40% of founder's time per Campaign Asia 2017 profile.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Angel/seed equity investment ticket size |
| Other | Multi-year contract | RMB Fund I — RMB 55 million (US$8M) |
| Other | Multi-year contract | US$ Fund — US$30 million target |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels8 records
Withinlink product offering
Product offeringCore offering
Withinlink is a China-based startup incubator and early-stage venture fund focused on marketing technology for China's advertising, media and communications industries. Founded in 2015 by former WPP China CEO Bessie Lee, the firm invests seed and angel capital (typically US$2,000 to US$200,000 for 0.6%-5% equity) into a boutique portfolio of martech startups, while providing portfolio companies with strategic, operational, HR, legal and corporate communications support plus introductions to brand marketers and holding-group agencies. Withinlink runs an RMB 55 million (~US$8 million) inaugural fund (closed 2016) and a planned US$30 million US-dollar fund, and operates the Withinlink Martech Academy training programme and the award-winning Beiwang Lu (贝望录) podcast as complementary platforms.
Product overview
Withinlink operates as a single unified boutique startup incubator and early-stage venture fund rather than as a multi-module software platform. Its core service is the incubation and strategic angel investment in China-based marketing-technology startups (the Withinlink Portfolio Companies), supported by three in-house programmes: the Withinlink Martech Academy (碚曦营销科技学院) training programme, the Beiwang Lu (《贝望录》) podcast, and thought-leadership speaking and content activities led by Founder & CEO Bessie Lee. The Martech Academy brings brands and agencies together with portfolio startups for hands-on MarTech training, while the Beiwang Lu podcast extends Withinlink's insights to a broader audience across Apple Podcasts, Ximalaya FM, Spotify and Xiaoyuzhou.
Differentiator
Problem solved
Functional benefit
Brands
- 贝望录 (Beiwanglu / Bessie's Voice): Salon-style podcast program produced by Withinlink, covering media, marketing, business management, creativity and entrepreneurship in response to technology and market changes. Honored by Apple Podcasts in 2019 and recognized by Xiaoyuzhou FM in 2022.
- Withinlink MarTech Academy
Products and services
- Withinlink Strategic Angel Investment & Incubation Services Boutique startup incubation and early-stage venture funding service focused on marketing technology for China's advertising, media and communications industries; provides portfolio startups with strategic, operational, HR, legal, corporate communications and funding support alongside brand/agency introductions. Investments range from US$2,000 to US$200,000 per company for 0.6%-5% equity stakes.
- Withinlink Martech Academy (碚曦营销科技学院) Two-day MarTech training programme operated by Withinlink that gathers brands, agencies and portfolio startups for industry outlooks, real-life case studies and hands-on demonstrations of marketing-technology solutions including AI programmatic research, e-commerce, AR/VR applications, AI creative, social and cloud-based marketing.
- Beiwang Lu (《贝望录》) Podcast Salon-style Chinese-language podcast hosted by Bessie Lee that observes media, marketing, business management, creativity and entrepreneurship in response to technology and market change; distributed on Apple Podcasts, Ximalaya FM, Spotify, Xiaoyuzhou, YouTube Music and Amazon Music.
Quantifiable outcome
- 14 portfolio companies' combined market value grew >10x within ~3 years
- +6 more outcomes
Companies that use Withinlink
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Withinlink technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature13 records
Withinlink partnerships and signals
Strategic signalPartnerships
34 partnerships are on record, tiered flagship (former employer; relationship continues via portfolio introductions), flagship (bessie lee was former groupm china ceo), core (co-presented webinar), flagship (co-founder role), minor (non-executive directorship), flagship (jury / speaker), minor (speaker), minor (interview partner), core (media partnership), core (education partnerships), core (case-study partner), core (co-presenter with portfolio company), minor (alumni ecosystem), minor (panel partner), minor (interview / profile partner), minor (judge), minor (media partner) and core (media partner).
- WPP / WPP Chinaflagship (former employer; relationship continues via portfolio introductions)Withinlink was founded in 2015 by Bessie Lee while she was still CEO of WPP China; WPP permitted a 60/40 time split (Mon-Wed for WPP; Thu-Fri for Withinlink) and 60% of salary until Lee resigned effective 1 May 2017. WPP Group had 14,000 employees and >US$1B China revenue under Lee. After resignation, Withinlink is positioned to introduce portfolio startups to WPP and competitor holding groups (Dentsu, IPG, Omnicom, Publicis) on a conflict-free basis.
- GroupMflagship (bessie lee was former groupm china ceo)Withinlink founder Bessie Lee was previously CEO of GroupM China for seven years (until 2013), during which she tripled GroupM's China media billings and led GroupM to be the #1 media holding group in China by billings for five consecutive years (2007-2012) per RECMA. GroupM and Withinlink maintain informal ecosystem ties.
- SGInnovatecore (co-presented webinar)Co-presented webinar 'AI and Innovation in Marketing Technology' on 15 July 2020 with Withinlink founder Bessie Lee presenting and moderating.
- Mobile Marketing Association (MMA) Chinaflagship (co-founder role)Bessie Lee is co-founder of MMA China and served as co-chair for two consecutive terms (2017-2018), leading MMA's work to advance mobile marketing in China's largest mobile-internet population market.
- Abcam (Abcam plc, Nasdaq: ABCM / London AIM: ABC)minor (non-executive directorship)Withinlink founder Bessie Lee serves as non-executive director of Abcam, a global leader in life-science research tools.
- Electrocomponents plc (LSE: ECM)minor (non-executive directorship)Withinlink founder Bessie Lee serves as non-executive director of Electrocomponents plc, a global multi-channel distributor.
- Homeplus Digital (中嘉数位)minor (non-executive directorship)Withinlink founder Bessie Lee serves as non-executive director of Homeplus Digital, a Taiwan-based cable TV multi-system and network operator.
- Ecovacs (科沃斯)minor (non-executive directorship)Withinlink founder Bessie Lee is an independent director on the board of Ecovacs, the world's second-largest robotic appliance company.
- Cannes Lions International Festival of Creativityflagship (jury / speaker)Bessie Lee has been an ongoing Cannes Lions speaker and jury member (Innovation juror 2018; portfolio companies Bingku, Zhimatech, QuickDecision, Fugetech brought onto Cannes stages in 2019).
- Zalando (Vizions conference)minor (speaker)Bessie Lee spoke at three Vizions by Zalando sessions in 2017 — 'The New Standard: Keeping up with China', 'The Platform Stack — Connecting the Online and Offline', and 'The Next Era of Connectivity'.
- RISE Conference / Befast.TVminor (interview partner)Befast.TV interviewed Bessie Lee at the RISE 2016 conference about Withinlink's incubation model.
- Berlin School of Creative Leadershipminor (interview partner)Berlin School of Creative Leadership 'Meet The Experts' podcast featured Bessie Lee discussing incubating innovation in China (May 2019) and published a written profile on Withinlink (September 2019).
- A-Tech (Oslo)minor (speaker)Bessie Lee spoke at the A-Tech 2018 conference in Oslo.
- Oslo Business Forum (Future Forecast podcast)minor (interview partner)Future Forecast podcast (episode #15, hosted by Isabelle Ringnes) interviewed Bessie Lee on China's speed of innovation.
- Norton Rose Fulbright (Smart Dust podcast)minor (interview partner)Smart Dust podcast by Norton Rose Fulbright featured Bessie Lee on AI revolution in China, TikTok and data privacy.
- The Negotiation Podcastminor (interview partner)Bessie Lee was interviewed on The Negotiation Podcast about 3 decades of marketing in China, marketing-technology startups and AI.
- Advertising Week APAC (AWJAPAC)minor (speaker)Bessie Lee (with Ruth Mortimer, MD Global Education, AWLearn) spoke on 'The Future of AI' at Advertising Week APAC.
- 媒介360 (Media 360) — 创+TALKcore (media partnership)Withinlink founder Bessie Lee was the first cohort of 创+ Pioneers on Media 360 / 创+ Think Tank's 创+TALK business video-podcast series, published 19 October 2020.
- East China Normal University, Fudan University, Shanghai International Studies University, Shanghai Jiao Tong University, NYU Shanghai, WPP Visual Arts Schoolcore (education partnerships)Six universities partnered with Withinlink to run the inaugural 碚曦杯 MarTechHacks 2019 university hackathon in Shanghai. Fudan won the Grand Prix and Creative Award; WPP Visual Arts School won Best ROI.
- myk+ (UniRetail)core (case-study partner)Danish eco home-care brand myk+ (marketed by UniRetail, with Marketing Director Athena Chen) was the live brand case study for both the 2019 MarTechHacks hackathon and the 2020 Withinlink Martech Academy training program.
- Unilevercore (co-presenter with portfolio company)Withinlink portfolio company Fugetech (复歌科技) co-presented media-buying transparency on the Cannes Lions 2019 stage with Unilever.
- P&G Greater China (P&G alumni network)minor (alumni ecosystem)Winder Chen, founder of portfolio companies Kuaizi and QuickDecision, is a former P&G Greater China Marketing Director (Digital Media & Innovations 2011-2013) and serves as Board Member/Trainer for TEDxZhujiangnewtown and Coach of Founder Institute China. Withinlink's broader ecosystem is anchored by ex-P&G marketing talent.
- Visa (Greater China)minor (panel partner)Visa Greater China CMO Danielle Jin participated as panel speaker at the SGInnovate × Withinlink webinar on 'AI and Innovation in Marketing Technology' (15 July 2020).
- Pencilminor (panel partner)Pencil CEO & Co-founder Will Hanschel (machine-learning for commercial creativity) participated as panel speaker at the SGInnovate × Withinlink webinar (15 July 2020).
- Berlin School of Creative Leadership (written profile)minor (interview / profile partner)Berlin School published an extended interview/profile titled 'Incubating Innovation in China with Bessie Lee' on 4 September 2019.
- The Drumminor (interview partner)The Drum published 'Former WPP exec Bessie Lee on start up investments and challenges faced by Chinese businesses' on 9 September 2019.
- ScaleUpNationminor (interview partner)ScaleUpNation's Anna Fenko interviewed Bessie Lee on 'Catching a wave: scale-ups in China navigating the Corona virus' (20 March 2020).
- Graceblue.comminor (interview partner)Grace Blue's Inspirational Leaders interview with Bessie Lee on lessons in leadership and learnings on Covid-19 (17 April 2020).
- WARC Awardsminor (judge)Withinlink founder Bessie Lee served as a judge of the WARC Awards 'Effective Innovation' category (judging cycle tied to early 2018 announcement).
- SHP+ (Chris Colman)minor (interview partner)Chris Colman of SHP+ profiled Bessie Lee at Cannes Lions Innovation 2016 (published 23 August 2016) — a foundational piece used in Withinlink's English content marketing.
- Sohu.comminor (media partner)Sohu.com covered Withinlink's '金V奖' VR/AR Best Investment Institution win (January 2019).
- Topmarketingminor (interview partner)Topmarketing published a feature interview '专访李倩玲：坚守使命的戛纳营销科技布道师' (17 July 2019).
- Campaign Asia / Campaign Chinacore (media partner)Multiple Campaign Asia / Campaign China features including 'WPP China CEO Bessie Lee resigns' by Jenny Chen (20 April 2017) and 'From corporate to startup' by Robert Sawatzky (2 October 2017).
- China Dailycore (media partner)China Daily's Shi Jing profiled Bessie Lee and Withinlink in 'Advertisers get the technology edge' (13 August 2018).
Scale indicators10 records
Recent moves8 records
Expansion highlights5 records
Withinlink competitors and assessment
Company assessmentDirect peers
- Linear Venture (线性资本): China-based early-stage venture fund focused on enterprise, data and applied-AI startups; directly comparable to Withinlink in fund size, stage and strategic-investor orientation toward deep-tech founders.
- Legend Star (联想之星): Early-stage investment and incubation arm of Lenovo; comparable to Withinlink as a strategic early-stage platform targeting Chinese tech startups, with a stronger enterprise/AI tilt.
- ZhenFund: China-focused early-stage venture fund backing Chinese internet and consumer-tech startups; comparable to Withinlink as a boutique seed/Series A investor operating out of Beijing and Shanghai with a community-driven brand.
Broad incumbents
- Plug and Play Tech Center (China): Global corporate-startup accelerator and investor with a major China platform; overlaps with Withinlink as an ecosystem-builder connecting startups to enterprise brand partners, though at much larger scale and broader sector coverage.
- Sinovation Ventures (创新工场): One of China's largest early-stage tech VC platforms (founded by Kai-Fu Lee); overlaps with Withinlink in early-stage Chinese tech investing but operates at meaningfully larger AUM and broader sector mandate.
- 500 Global (formerly 500 Startups): Global early-stage fund and accelerator; comparable to Withinlink at the level of seed-stage investing and founder-development programming, but with vastly larger AUM and a much broader geographic footprint.
- IDG Capital: Long-standing China-focused VC firm with a broad portfolio including martech, adtech and consumer-internet companies; a much larger incumbent whose China seed activity overlaps with Withinlink's boutique seed mandate.
Regional players
- China Growth Capital (CGC): Beijing-headquartered early-to-growth-stage China investor; overlaps with Withinlink as a China-domiciled fund but with a stronger growth/tech-buyout orientation rather than boutique martech seed investing.
Others
- Luma Partners: Investment bank and advisor focused on marketing, advertising and media technology; comparable to Withinlink at the thematic level of serving martech companies, but as a sell-side advisor rather than an equity investor.
Emerging players
- SOSV / HAX: Global VC and accelerator network running vertical-specific programs (HAX for hardware, Chinaccelerator for China internet); comparable to Withinlink as an early-stage fund-manager with structured programs connecting founders to corporate customers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Withinlink social profiles
Digital presenceWithinlink financial estimates
Financial estimateRevenue estimate
Valuation estimate
Withinlink leadership team
Management profileNumber of profiles
Profiles4 records
Withinlink subsidiaries and ownership
Company hierarchySubsidiaries15 records
Withinlink funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Withinlink M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Withinlink
What does Withinlink do?
Withinlink is a China-based startup incubator and early-stage venture fund focused on marketing technology for China's advertising, media and communications industries. Founded in 2015 by former WPP China CEO Bessie Lee, the firm invests seed and angel capital (typically US$2,000 to US$200,000 for 0.6%-5% equity) into a boutique portfolio of martech startups, while providing portfolio companies with strategic, operational, HR, legal and corporate communications support plus introductions to brand marketers and holding-group agencies. Withinlink runs an RMB 55 million (~US$8 million) inaugural fund (closed 2016) and a planned US$30 million US-dollar fund, and operates the Withinlink Martech Academy training programme and the award-winning Beiwang Lu (贝望录) podcast as complementary platforms.
Is Withinlink a public or private company?
Withinlink is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Withinlink founded?
Withinlink was founded in 2015. It employs 11 to 50 people.
Where is Withinlink based?
Withinlink is headquartered in Shanghai, China, in the Asia region.
How does Withinlink make money?
Four revenue lines are on record. Angel / seed equity investments are the primary driver. The others are venture fund management (RMB Fund I), venture fund management (planned US$ Fund) and marcomms consultancy + joint ventures.
Who are Withinlink's main competitors?
Direct peers on record are Linear Venture (线性资本), Legend Star (联想之星) and ZhenFund. Broad incumbents are Plug and Play Tech Center (China), Sinovation Ventures (创新工场), 500 Global (formerly 500 Startups) and IDG Capital. China Growth Capital (CGC) is listed as a regional player. Luma Partners is listed as an others. SOSV / HAX is listed as an emerging player.
Does Withinlink have an API?
No public API is recorded for Withinlink.
What industry is Withinlink in?
Withinlink's product category is Venture Capital / Startup Incubation (Marketing Technology). Its primary akta.pro industry code is FSANAHAI, Corporate Innovation & Technology Scouting Units (with investment mandate). Its NAICS code is 523940 and its SIC code is 6282.