Rey Junshun as capital: Homeopathy

Shun for the capital is located in the Wangjing Stone World Mansion, here was the first Millet company office. From a narrow door into the office, there is no reception desk, the office can be looked at, a conspicuous decoration on the wall is a 4 of millet propaganda poster. As a 750 million-dollar investment fund, the low-key and a small start-up company.

In the VC circle in China, Shun is a very special investment organization, one of the reasons is that one of its investors and founding partners is LEI. In the time of the millet Melt C round, lei and once Jinshan investor Hudalay together formed Shun as--a focus on the TMT field investment in the dollar Fund. The fund also became a major investor in the C-round of millet (valued at 1 billion dollars, now 45 billion dollars). After that, Lei rarely made Angel investments in his personal name.

From the beginning of the birth, Shun is a dual attribute-both the goal of financial investment, but also because of the millet and Lei system, with a huge strategic resources, like strategic capital for its investment companies to provide value. Its positioning itself as the country's closest to the incubator system of VC, the way is in the millet related hardware and other fields of creativity and incubation start-up companies, to cultivate products from scratch. Their investment philosophy is to brush the "explosion". In addition to smart hardware, Shun capital is also focused on investing in mobile internet, online education, internet finance and so on.

At present, shun for and Millet has cooperated more than 30 projects to intelligent hardware-oriented. These projects are all in the millet ecosystem chain of companies, such as purple rice (Millet mobile Power), Huami (Millet bracelet, the new round of valuation has been more than 300 million U.S. dollars), Zhimi (air purifier) and a joint creation (millet headset) and so on. According to Lei's vision of investing 100 smart hardware companies within five years, it can be imagined that most of these projects will have a smooth figure.

In 2014, Cheng, deputy director of Temasek Investment, joined as the third partner. At present, its investment team is only 13 people, covering the range from Angel, a, middle and late until the listing, on behalf of investment projects have millet, Archie art, Clove Garden, work together, Aunt help, worry-free English and Misfit and so on. According to this list it is not difficult to imagine, as a fund set up only 4 years, Shun for the return on investment has exceeded the majority of VC.

Shun for the name from Lei famous "homeopathy" concept, shun intelligent hardware and millet potential, the fund that they can and millet together to change the world.

The author and Hudalay, Cheng talk about millet and the investment logic, and excerpts are as follows:

Latenews: Shun for and millet many projects are bundled together, the two are father-son relationship or brotherly relationship?

Shun: It's a brotherly relationship. Shun and millet company is not directly related, but a lot of business cooperation. Lei participate in all the major decisions of shun, the meetings of the Investment Committee are attended every time, and now shun all the projects to be cast lei to personally see, personally decide.

Latenews: In the expansion of millet, shun for what role?

Shun: Millet is the heart, we are the blood, responsible for the operation and circulation. With us, millet is more than one pair of eyes, a pair of legs. We look at the project, the pure financial investment meaning of the project we have done, have a strategic meaning to invite millet.

Latenews: What project is suitable to invest with millet? What kind of project is not suitable?

Shun: Have the financial investment value of the project, suitable for Shun, both financial investment and strategic investment value, suitable for millet + shun. Millet investment Archie Art, fancy the Archie of Millet TV and millet content strategic help, we invest love singular, fancy its financial value. Millet Eco-chain is currently invested in most of the companies, distributed in various product lines, are all working with us. including purple rice, Hua mi, fly rice, green rice, Yun mi, Lammi and so on, are strategic + financial investment meaning both companies. Similar to you+ such projects, there is no direct strategic synergy with millet, but a good financial investment, so Yushun to invest.

Latenews: In your eyes, what is the special place?

Shun: 1. We have good brand and reputation in the Internet and Business circle. Lei's appeal played a big part in this. 2. Focus only on the TMT sector, covering the entire phase from Angel to IPO. Because we are focused, we have accumulated a lot of industry contacts, resources, experience and knowledge, so that we can provide help at all stages of the start-up company. 3. Shun is the most close to the incubator system in China VC; we can create projects, think about entrepreneurship together, and get someone to do it. At present, the millet ecological chain of about 30 people, covering all walks of life supply chain product technical expert figures. For example, the founder of Purple Rice (Millet mobile power), is not the first mobile power, is a foreign consumer electronics brand ODM manufacturers. Lei persuaded Zhang to do mobile power supply, millet help them to deal with supply chain and design, this set of play and Lei earlier investment is very similar. Plus one, Gary was the first person to help build ipods and Kindle at Foxconn. When he told us he was leaving Foxconn, we immediately talked to him, but he had no idea what to do, and then we hammered out the headphones and started hatching from scratch.

Latenews: What is the investment outlook for smart hardware?

Shun: First, the product should be suitable for the core users of millet, and other millet products to interact with, form structural complementarity; Secondly, for the founder, we fancy its technology and product experience more than brand marketing experience, like the Internet more than traditional talent. Most importantly, the founder should highly identify with the business model of millet and a set of values and methodology-a single product mass, the pursuit of extreme, cost-effective, word-of-mouth marketing, fan economy, not anxious to profit. This is the shun for other VC to see people different places. The Millet investment team needs them to cast the hardware team to the millet pattern to have the high approval, only then may enter the millet ecological chain.

Latenews: The success of the original mobile phone is a one-man breakthrough-style success, now to build the Empire stage, the success of the experience to replicate to more products and areas, is still valid? Do you want to make some corrections?

Shun: Millet is to establish an ecological chain. The successful experience of millet copied to more products and fields is certainly effective. In the hardware field, to the millet mobile phone the same way to do, also have the opportunity to succeed, but in different lines of business play needs fine-tuning. We see the companies we invest in as partners in millet, independent companies, and we know what to intervene and what not to interfere. Our investment team can also have their own brands, independent brands, channels and systems.

Latenews: What kind of entrepreneur does lei like?

Shun: Lei see entrepreneurs, like to ask two questions: Do you do things is not the trend? Are you the right person? He likes entrepreneurs with a product background, followed by a technical background. Of course, if the entrepreneur has some small skills in operation, or some innovative sparkle, he will especially like it. In addition, Lei is very focused on whether the entrepreneur is really enthusiastic, he often said, "The entrepreneur is not enthusiastic enough, he just know how to answer the question." "So in general, the rich experience of the entrepreneur and the history of the past, is the most important lei, and operational capacity and methodological innovation is added." We are also paying attention to making a bomb, hoping to throw 10 or more companies, including several tens of billions of dollars. We are different from other VC, we are not net-type investment style. We will now want to copy the experience of hardware investment to consumer goods to see if consumer goods can succeed. Our goal is to provide consumers with cost-effective and high-quality products.

Latenews: Why invest in you+ apartment?

Shun: We have the idea of investing in this kind of project at the beginning of the year-the investment and utilization of housing. We have studied a lot of companies in this industry, the investment logic is "solve the pain point", the young people can't afford the pain point of the house. You+ is not a real estate company, its model is: to find a start-up company concentrated industrial Park or convenient place to rent the lower prices of the entire building, and then rebuilt and leased to young people. You+ has experimented with and rebuilt one or two apartments. From the team, the you+ team has a very high belief in this matter. And the apartment is just an entry point, when you+ has developed a very sticky offline community, there will be a lot of future extensions, such as services related to the house and up and down, such as everything the young, single tenant likes (travel, music, friends) can create opportunities. Most importantly, 1 million-line users, and 1 million online users of the value is completely different.