origin: financial world
Article / Shihai Wei
this nightmare Dong, source source capital founder Cao Yi.
the main character of the conference is Dudu manicure CEO Wang Biao. In October 2014, Dudu nail, who served as a door-to-door service, secured the A round of China and source capital of Sequoia million dollars, and stored ammunition in the unusually hot O2O war. On the board, Wang Biao and his co founders were very proud of the number of shareholders. They said that the toddling manicure division had more than 200 people and would soon expand to 400.
but Li Yinan, the angel investor, has brought a "bad news": it is said that the 58 city is in the field of home service, manicure and other door-to-door services. It is expected to make 6000 nail divisions within a month.
at the end of the word, Wang Biao was silent. Wu Shichun and Li Yinan, who invested millions of dollars in Dodge manicure, talked about the competitive situation brought about by 58. Cao Yi came late and found everyone strange. After listening to it for a while, why didn't the two founders stop talking? Wang Biao later told the Journal of Finance and Economics: "I felt that we had 200 nail divisions for three or four months and 6000 nail divisions in 58, and we were dead. At the moment, I and my co founders have been wiping away one of the moments that they want to die.
Cao Yi was very calm, and said to Wang Biao, "don't worry, it doesn't matter. We still have the US regiment." Source Code Capital (source capital Capital) was established for nearly two years. The two phases of the two - phase fund raised a total of $250 million, 300 million yuan, and the proud LP camp in the domestic venture capital industry, including more than 10 star entrepreneurs active in the Internet, including Wang Xing, Zhang Yiming, Zhuang Chenchao, Yao Jinbo and Li Xiang. There are also 7 A share listed companies CEO, and many BAT executives, angel investors and so on.
that is a turning point for investors to start their own business. Wang Biao was a little exaggerated. "When Cao Yi said this, I suddenly felt that the company had a way out. At that instant, he was a brilliant image."
Cao Yi quickly introduced Wang Biao to CEO Wang Wang, but he also reminded Wang Xing that he was extremely sensitive to numbers and did not listen to stories. Cao Yi arranged investment manager and Wang Biao together to sort out a business data for Wang Xing and three PPT. At the following annual conference on source code in December ("code meeting"), a Dezhou poker table, Wang Biao and Wang Xing talked for more than two hours, and eventually beudu became the first vertical O2O project in the United States.
apart from money, every investor claims to bring more value to entrepreneurs. As one of the youngest senior investors in the venture capital industry, Cao Yi was born in 1984, China vice president of the former Redwood, ten years of investment career, 30% of China's Sequoia TMT project, 30 years old out of the work, joined the wave of crazy venture.
"our starting point is to solve the problem, how to help entrepreneurs, improve their chances of success and entrepreneurship." Cao Yi told the "finance and economics world" weekly. He was dressed in a suit and polite, unlike a common investor who was a mixture of entrepreneurs and hip-hop.
source capital invested more than 50 companies in less than a year, and there are three major fields in Internet finance, O2O, B2B and other major fields, including the interest stages of providing consumer credit for college students, P2P rental platform PP car rental, financial APP with hand notes, C2C's sea panning platform for the world, the B2B trading platform one mu field B, BB, O2O domain toddus nail, e maintenance and other companies.
and a lot of people like to play Dezhou poker Internet people, the first year's top college entrance examination Cao Yi has been obsessed with Dezhou poker, once wanted to walk the career Road, but after reading work, "the interest in playing Dezhou poker is greatly suppressed, think up still a little heartache." Unable to become a professional poker player, Cao became a sharp player in the venture capital world. He has the main pool and good chips, betting the rising young entrepreneurs, reading cards also read people, the next blind note also add, at the critical moment, dare to All-in. Yes, Cao has a poker face.
the rise of "small V fund":
What does he rely on to be a director of more than 30 companies at the age of 30?
the Internet has hit all industries, and the strong barriers to the mainstream VC are collapsing, and a number of new investment funds have sprung up in an amazing manner.
they have gathered some mainstream trends on the basis of previous successful investment histories, which are more flexible, faster, and closer to the post-80s generation. In addition to source source capital, there are linear capital created by Jingdong and arali senior executive Zhang Chuan and Facebook early employee Wang Huai. The former IDG partner, Chang Chen and Gao Xiang, is the high banyan capital, the main investment intelligent hardware is the bright capital, the former Jun Federation capital director Liu Erhai's pleasure capital, the former CDH venture capital partner Chen Wenjiang Hold a capital, and so on.
Cao Yi's last item in Sequoia China is today's headlines. After signing the investment agreement, he asked Zhang Yiming, "how many VC have you touched?" Do you think where there is room for improvement? How should I solve it? The latter asked, Cao Yi, should you consider yourself coming out to do it?
2014, when Cao Yi wanted to leave Redwood China to create a new fund, he first found Wang Xing, under Wang Xingjia downstairs old Island Cafe, the conversation lasted from 10 p. m. to 2:30 at night. The first time they met was in 2006, in Tsinghua, Cao Yi, who was also an intern at LIAN CE source, and his boss visited the just starting school network. Then they became very good friends.
"I see something of great value." Cao Yi said.
"can this thing be refined again? How to solve this problem? What is the path? Why did not others have done this? " Wang Xing asked.
"the beauty Corps is a big wave, and the source code will be a big wave." You have to join this big wave. " Cao Yi answered. In August 2014, the source of source capital was established. Wang Xing and Zhang Yiming each invested $5 million and joined the other twenty or thirty LP in the test of intelligence and mental strength.
Cao Yi explained that a very important starting point for source capital is to establish a small community like "code meeting", the core circle, and how should these people make up? It must be the first place in every industry, and it is also active in the front line business. These conditions are quite clear. They are all young, thirty or forty year old CEO. LP of source source capital and some BAT executives and angel investors, "this is the same as our upstream, the angel hatching project we will go to see, thus starting a small ecology."
the first meeting of the start - up team, He Hongjia and Cao Yi, was not clear about Cao's background. The source capital is a new fund, and there is no performance to be displayed. But Cao's impressions of the details impressed him deeply. "For example, he would ask us about the conversion rate of leaflets. How long does it take to send a building? What is the specific rhythm of the layout? He wants data. " After
85, He Hongjia vaguely felt that Cao Yi had an atmosphere far beyond her age.
P2P net loan platform silver guest net CEO Lin people for the first time to see Cao Yi, he did not know before, but Cao Yi's opinion on the Internet financial industry, let Lin feel that "this is a few and I think as big, as far as investors".
three weeks after meeting Cao Yi, Cao Yi pulled Lin Enmin and Wang Xing and Zhang Yiming to lunch at the lakeside restaurant in the Olympic Forest Park. However, it was not a very successful dinner. Wang Xing and Zhang Yiming did not care much about Internet finance, and the dinner ended awkwardly.
"this is the biggest difference between Cao Yi and other investors. He will introduce people who feel good about themselves to his friends and fund LP, so that anyone who may have business with him will have a chat. "Docking resources is one of them. It is very important that early he hoped to use these people to prove his judgment." Lin Enmin understands this arrangement of Cao Yi, and for a young entrepreneur like him, he will be able to contact some of the big VP at the very beginning, "still feeling pretty good psychologically."