Contact
  • HOME
  • / MEDIA /
  • Candid Conversations on Venture Capital and Entrepreneurship with Anna Fang

Awaken* newsletter

May 25, 2024

SHARE:

Anna Fang is the CEO of ZhenFund, an early-stage venture fund that has invested in over 600 startup companies, particularly in e-commerce and AI, with successful investments in unicorns like RED (XiaoHongShu), Perfect Diary, and Horizon Robotics. Anna began her career in investment banking at JPMorgan in New York City and later helped expand M&A efforts at GE China before joining ZhenFund in 2011.

In a recent interview with AHN Ventures, Anna shared insights about her venture capital journey, the high standards ZhenFund maintains for selecting founders, and the evolving landscape of early-stage investments. Read through to learn more:

HanYue: What inspired you to start Zhen Fund?

Anna: I began building Zhen Fund in 2011 after a significant tenure at GE. The catalyst was a conversation with a Graduate School of Business friend who was with Sequoia China about initiating a Y Combinator-like model in China. During this period, I met Mr. Xiaoping Xu, whose vision was truly inspiring. Additionally, the vast opportunities in China’s entrepreneurial landscape were too compelling to ignore.

HanYue: You are one of the pioneers in China’s venture capital industry. How has being an investor changed over the years?

Anna: Ten years ago, being a VC wasn’t as glamorous as being a private equity or angel investor. The scene was quieter. Entrepreneurship wasn’t as trendy, so it was easier to find thoughtful, high-caliber founders. Our first fund was $15 million, and we made 16 investments, including Xiao Hong Shu, which topped lifestyle app charts, and Huobi, HTX, which became China’s largest crypto exchange, and Deeplint, which went public. The VC scene entered a hype cycle from 2014 to 2020, with an overwhelming amount of money chasing deals. It felt wasteful to me. Now, with a ‘VC winter,’ I appreciate the slower pace that allows for more selective investments.

HanYue: Can you discuss the high standards Zhen Fund maintains when selecting founders?

Anna: There’s a high bar, especially for AI nowadays. Founders must deeply understand the technology. For example, we invested in Zhilin Yang, a renowned and famous PhD.  Zhilin Yang is the founder of Moonshot AI, with a ChatGPT-like product Kimmy Chat.When I was looking for interns, there are kids these days who would say ‘whoa, you invested in Dr. Yang? That’s so cool. I want to work for you.’ Interns want to work for us because we invested in Yang, that was really something special.

HanYue: Yodu achieved many significant successes with your first fund. What excites you currently?

Anna: Lately, I’m fascinated by AGI and the global integration of foundational models into robotics. There’s also a burgeoning interest in applications built on these models, alongside video and productivity apps like monaco.im and max.me. Observing how human and AI co-pilots can coexist and interact is particularly intriguing.

HanYue: You’ve invested in many successful founders. What traits do they share?

Anna: It all boils down to hustle – your organization’s name Asian Hustle Network really speaks volume by the way. Successful founders are not afraid to get out there and continue to network. They have an infectious enthusiasm. Even I had to do it once. When I was just getting started, I would put ‘send me deals’ directly in my email signature.

HanYue: What challenges do early-stage startups typically face, and what advice do you have for navigating these challenges?

Anna: All successful companies have experienced moments where they almost didn’t survive, be it due to regulatory issues, cash flow problems, or founder conflicts. My advice is not to be phased by difficulties. Believe that you will pull through. Having mentorship is also crucial as it provides support and helps solve problems together.

One thing I really love about angel investing is the thrill of being the first to adopt new and innovative ideas, always staying alert and aware of emerging trends. Emma and I often joke about not being the top students at Stanford, always admiring how incredibly smart our classmates are. 

Bob taught me the essentials: reviewing the team page – I often feel like an admissions officer searching for predictors of future success. It’s like trying to find Yao Ming among a crowd of tall people—a search for standout talent in a field of strong contenders. 

With everything changing so fast, I am more excited about looking for really thoughtful founders. For example, I am really excited about this one young man, who used to my intern, he could just sit there and talk about the macroeconomy trends forever. And the way he thinks about what might become popular among young people continues to impress me. For example: The younger generation embraces ‘YOLO’—living in the present. And as a founder, you will need to think about new hobbies and cultural shifts that might emerge, and find ways to take advantage of that. 

HanYue: As a lecturer at GSB and a seasoned investor, how do you differentiate in a crowded VC landscape?

Anna: Our differentiation lies in our founder-first approach and our simplified, transparent investment process. Even when we pass on an investment, we provide thoughtful feedback. Zhen Fund is not just about funding; it’s about fostering a community and offering programs like the EIR and Ostrich Club that systematically identify and support potential top founders. We want to build a supportive community. 

Edwin: What trends from China do you see influencing the US, and vice versa?

Anna: E-commerce platforms like Shein and Temu are leading trends, with TikTok’s integration of e-commerce being particularly noteworthy. We’re also seeing interest in replicating China’s online education model and infrastructure globally. Additionally, attempts to mimic the success of businesses like Luckin Coffee in various international markets highlight the growing influence of Chinese business models abroad.

Related Articles

News

Celebrating Hope: JED Gala 2025 Unites Advocates for Youth Mental Health

The Jed Foundation (JED) held its annual gala on June 4 at Cipriani Wall Street in New York City, gathering more than 650 guests for a special evening dedicated to raising awareness and taking action for youth mental health. The sold-out event raised over $1.6 million in support of JED’s mission: to protect emotional health and prevent suicide among teens and young adults.

Hosted by Emmy-winning journalist, Savannah Sellers, the gala recognized individuals and organizations at the helm of the drive for youth mental health awareness. “The mental health struggles of our young people are undeniable, as suicide remains a leading cause of death for this population,” said JED CEO John MacPhee who emphasized the urgency of their work. “The dedication of tonight’s incredible individuals, organizations, and advocates — helping JED protect and prioritize student mental health with life-saving tools, resources, and connections — serves as a positive reminder that it takes every one of us to prevent suicide and foster a kinder community here at home and across the country.”

Honoring Voices Making an Impact

Singer, actor, and DIVE Studios co-founder Eric Nam and Peloton instructor and entrepreneur Ally Love received the 2025 Voice of Mental Health Award. Both were praised for destigmatizing mental health and encouraging open dialogue.

Nam highlighted the importance of prioritizing self-care, “Mental health is universal; it impacts how every one of us shows up in the world.” His work with JED and Mindset has helped connect AAPI youth and K-pop fans to personal mental health stories. 

Eric Nam | Singer, Actor, and DIVE Studios Co-founder

Love also shared her own experiences: “Living with mental health challenges is part of my story, but it does not define who I am. ”

Ally Love | Entrepreneur, CEO/Founder of Love Squad

Victoria’s Secret PINK earned the Corporate Voice of Mental Health Award, recognized for a five-year partnership with JED focused on Gen Z engagement. Through digital tools, campus outreach, and initiatives like the PINK with Purpose Project — which awarded $25,000 grants to 10 young advocates — PINK has helped expand access to support and resources.

“PINK is all about inspiring Gen Z to show up authentically and find joy in this chapter of life,”  said Leslie Nixon, Associate Vice President of Community Relations at Victoria’s Secret & Co. “Our work with JED highlighted that supporting positive mental health is the key to fostering growth, connection, and future success. 

Leslie Nixon, Associate Vice President of Community Relations at Victoria’s Secret & Co.

Celebrating Student Advocates and Voices of Hope

Model and mental health advocate Remi Bader introduced the recipients of the 2025 Student Voice of Mental Health Award: Rohan Satija, a recently graduated Texas high school senior, and Nora Yanyi Sun, a rising junior at Harvard. Both students shared powerful reflections on their mental health journeys and their work to uplift peers through advocacy.

The evening featured performances by Lorna Courtney, Thomas Robert Kitt, BAILEN the Band, and the Brooklyn United Marching Band, each contributing to a moving celebration of resilience, hope, and connection.

To view event photos, visit JED’s Facebook photo album.
To support JED’s work, visit jedfoundation.org/donate.

  • 3 min read

Blogs, Development

Understand Whether Your Website Is User-Friendly: 7 UX Pillars

User Experience, commonly referred to as UX, is a very broad term, which makes it hard to evaluate whether your website works with users.

As such, Peter Morville simplified UX into 7 core pillars, allowing a comprehensive evaluation of the UX:

  • Useful: It should have features that help users achieve certain goals easily.
  • Desirable: It should have add-on features that can cater to users’ specific wants.
  • Accessible: It should be usable by users with disabilities, and it is equally easy to use on mobile devices and laptops/PC.
  • Credible: It should be smooth, and there should not be any major bugs that disrupt the user experience.
  • Findable: It should showcase information clearly, allowing for easy navigation across the website.
  • Usable: As simple as it sounds, users should be able to use the website intuitively; the User Interface should be familiar.
  • Valuable: It should bring value to the user; it should help them save in some way, whether it is time, money, or effort. Simply, what do they gain by using your website (over going in-store, for example)?

Why Asian Hustle Solutions?

At AHS, we specialize in helping brands capture attention and inspire action — whether you’re launching a new product or scaling your business, we’ll guide you to marketing that resonates and delivers results.

Book a FREE call with us

If you want to learn more about our services, visit the Asian Hustle Solutions website at asianhustlenetwork.com/services/

  • 2 min read
an_tran_banc

Stories

An Tran Turned a Receptionist Job Into a 25-Year Journey to Executive Leadership in Banking

When you first meet her, you feel her warmth—grounded, welcoming, and full of passion. With over 25 years in the banking industry, An Tran, Market Executive at Banc of California, has become known not only for her distinctive leadership but also for the deep care she gives to her family—and for her dedication as a passionate skincare and self-care advocate.

Yet behind these roles lies a journey marked by resilience—a story not only of her own, but of many Vietnamese immigrants who navigated life in a new country with hope for a brighter future and the American dream.

An Tran | SVP Market Executive at Banc of California
An Tran | SVP Market Executive at Banc of California

A Humble Beginning, A Lifelong Commitment

Banking wasn’t part of her plan at the start of her career. In fact, her first job was as a receptionist at a bank in San Francisco. But she didn’t let that humble beginning define her. Fueled by passion, relentless effort, and the sense of responsibility that came from being the eldest of eight children, she turned what she lacked in experience into unstoppable drive.

“My professional life has always revolved around service and sales, with a natural inclination to care for others, perhaps stemming from my role as the eldest of eight,” she says. 

Over the years, she took every opportunity whenever she could to learn, grow, and serve her clients better. Her work ethic and trust-building skills propelled her forward, step by step, until she eventually became the Market Executive for Banc of California—a role she holds today with pride and purpose.

A Journey Rooted in Sacrifice and Survival

By her own admission, she doesn’t have any news-breaking stories. She is simply a daughter born to Vietnamese immigrants who came to America during the 1970s and ’80s. Yet it was her generation that first began to rise out of poverty, despite arriving in the U.S. with nothing in hand. “Through relentless hard work, we’ve not only achieved the American dream but also built the lives our parents envisioned for us when they first arrived,” she reflects.

Her family’s story, like so many others, is one of hope and sacrifice. And through years of determination and resilience, she has proven the grit and strength of her community—successfully building the life her parents once dreamed of when they left Vietnam.

An Tran has successfully built what her parents imagined for their children in the US. 
An Tran has successfully built what her parents imagined for their children in the US. 

Facing Challenges with Grace and Grit 

Climbing the banking ladder over the past 25 years was no easy feat for a young woman like An. She faced unique hurdles—from skepticism to subtle sexism in the workplace.

But instead of letting those experiences hold her back, she used them as fuel to move forward.

“Every challenge throughout my life and career has been a positive force, shaping me into the person I am today,” she shares. “These experiences pushed me to find new ways to grow and overcome adversity. I believe challenges are essential for growth—without them, we can’t truly learn. Remaining a lifelong student, absorbing both small and significant lessons daily, is key. The moment you stop learning is the moment you stop achieving.”

An Tran has faced criticism with grace and determination, climbing the banking ladder step by step.
An Tran has faced criticism with grace and determination, climbing the banking ladder step by step.

Empowering the Asian Community, One Role Model at a Time

From receptionist to executive, her journey is a remarkable one. But for her, the real achievements aren’t just titles—they’re the impact she’s had on others and the example she’s set for her children, her colleagues, and her community.

“I’m incredibly grateful to be where I am today, creating the life I envisioned and providing for my family in a way my parents dreamed of when we left Vietnam. My pride extends to every step of this remarkable path,” she says. 

She’s living proof. A former refugee who arrived in America with nothing is now leading in one of the most competitive industries in the country—and doing so with compassion, integrity, and purpose.

Connect With An Na Tran 

“My goal is to be a resource for the Asian community, showing that we are strong, career-driven, and incredibly successful.”

LinkedIn: An Na T.

  • 4 min read
AHS EMAIL ANGLE (1)-png

Blogs, Development

Unlock Your Growth Potential: Harness the Power of AIDA

Your audience is busy — if you want their attention, you need to earn it with a message that cuts through the noise.

AIDA is a time-tested framework that guides your messaging from first glance to final action, helping you craft marketing that actually converts.

  • Attention – Grab your audience with a bold headline, eye-catching image, or intriguing question.
  • Interest – Share a benefit or story that keeps them reading.
  • Desire – Build an emotional connection by showing how your product solves their problem or improves their life.
  • Action – End with a clear call-to-action so they know exactly what to do next.

Why Asian Hustle Solutions?

At AHS, we specialize in helping brands capture attention and inspire action — whether you’re launching a new product or scaling your business, we’ll guide you to marketing that resonates and delivers results.

Book a FREE call with us

If you want to learn more about our services, visit the Asian Hustle Solutions website at asianhustlenetwork.com/services/

  • 1 min read