Crystal Stream Capital is a Beijing-based venture capital firm founded in 2013 that specializes in early-stage investments in the TMT (technology, media, and telecommunications) sector. The team consists of former executives from top internet companies and supports entrepreneurs with both capital and operational expertise.
Their most common stage is series-a (40% of deals). Average disclosed round size is $53.3M (across 11 rounds with reported amounts).
Portfolio
12
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
Liu Bo
Partner
Liu Pan
Operating Partner
Wang Mengqiu
Fouding Partner
Mao Yuhao
VP
Tao Kai
VP
AL
Amy Liu
Partner
RS
Ray Shi
Associate
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
20 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| RRobot Era | Series A | $42.2M | Jul 2025 |
| RRobot Era | Seed | — | Oct 2024 |
 Maxab | Series A | $15M | Aug 2021 |
| Maxab | Series A | $40M | Jul 2021 |
 Nextdata | Series D | $135M | Jan 2021 |
| Nextdata | Series C | — | Jan 2020 |
| SShenzhen Dianmao Technology Company Limited (Codemao) | Series C | — | Nov 2019 |
 CodeMao | Series C | $142M | Jan 2019 |
| CodeMao | Series B | — | Jan 2018 |
| Nextdata | Series B | — | Jan 2018 |
 Energy Monster | Ipo | $150M | Jan 2017 |
| Nextdata | Series A | $10M | Jan 2017 |
| Energy Monster | Series A | $30M | Jan 2017 |
 Lalamove | Series A | $10M | Jan 2015 |
| Nextdata | Seed | — | Jan 2015 |
 Blued | Series A | $1.6M | Feb 2014 |
 DP Technology | Seed | — | — |
| CChampzee | Series A | $10M | — |
| DDataPipeline | Unknown | — | — |
 Zdeer | Series B | — | — |
Top Co-Investors
Shunwei Capital5 shared
Hillhouse Investment4 shared
Vision Plus Capital4 shared
Sky9 Capital3 shared
Alibaba Group Holding Ltd.3 shared
SAIF Partners3 shared
BECO Capital2 shared
Endeavor2 shared
TPG Rise2 shared
Flourish Ventures2 shared
4DX Ventures2 shared
SoftBank Vision Fund2 shared
IDG Capital2 shared
Green Pine Capital Partners2 shared
Baidu Ventures2 shared
InnoVen Capital1 shared
SoftBank Group Corp.1 shared
Xiaomi1 shared
Ventech1 shared
Last updated: 20 October 2026