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MiraclePlus
MiraclePlus (Chinese: 奇绩创坛; pinyin: Qíjī Chuàngtán) is a Chinese venture capital firm headquartered in Beijing founded in 2018. It was spun off as an independent firm after Y Combinator China was closed. It is one of the largest startup accelerators in China. BackgroundIn 2018, Y Combinator (YC) established a unit in China known as YC China. It was led by Lu Qi, a former executive who had worked at Microsoft and Baidu.[1][2] In November 2019 affected by the China–United States trade war, YC announced that it would be closing YC China. It stated it would revert to its original strategy of supporting companies from its Silicon Valley headquarters.[1][2] Lu and the members of YC China then established MiraclePlus as an independent firm. It had already start fundraising six months prior to YCs formal announcement when it was still part of YC and had opened its first startup incubation program in China. The format was similar to YC but had a more localized operation.[1][2][3] In Spring 2020, MiraclePlus held its second incubation program which differed from its first one as it was run under the MiraclePlus brand rather than YC. The program also asked startups to stipulate "Why now?" in their pitches which was different from the approach at YC. According to Lu, it had 20% more applicants than the first one.[3] MiraclePlus' first fund had received $55 million in funding at the end of October 2019 according to the U.S. Securities and Exchange Commission. After MiraclePlus became independent it continued to acquire funding with its investors including Sequoia Capital, University of Michigan and Liu Qiangdong.[4] According to Lu, the aims of the incubation program is to accelerate product-market fit and to help startup companies survive longer.[5] References
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