Horizons Ventures: the quiet Hong Kong powerhouse that backed Facebook, Skype and Zoom

The firm

Horizons Ventures is the Hong Kong-based private investment arm of Li Ka-shing, the business magnate who once topped Asia's richest lists. It was founded in 2002 by two Hong Kong investors, Solina Chau and Debbie Chang, as a personal investment vehicle for technology opportunities; Li came in through the Li Ka Shing Foundation, which also receives the gains from its investments. The firm deliberately avoids the standard venture model of raising pooled funds: investments are made case by case, with Li invited to join in on the opportunities the team surfaces. It does not publicly disclose a fund size, and it rarely speaks to the press.

Thesis and sweet spot

Horizons' own description of its mission is direct: it is "investing in the deep science and technology that can propel humanity towards a radically better future," seeking out "next-normal" companies whose impact can smash the barriers to human potential. Historically its hunting ground was disruptive internet and mobile technology — Forbes noted its early focus on companies offering price-competitive solutions to real problems with meaningful global impact. Since 2010 it has built a dedicated artificial-intelligence practice, and its present-day portfolio skews heavily toward deep science and technology: healthcare and life sciences, AI, fintech, food technology and sustainability. It is comfortable backing companies from early stages through growth rounds — for example, it led a £42 million Series D in 2021 — and its investments span North America, Europe, Asia and Israel.

Notable portfolio

Forbes called Horizons the "common investor behind a parade of success stories in global high technology," naming Skype, Facebook, Spotify, Waze, Siri, DeepMind and Summly among its early wins. Its later portfolio, as the firm itself describes, includes Facebook, Spotify, Impossible Foods, Improbable, Zoom, Blockstream, Soul Machines and ChromaDex. A concrete data point on its cheque-writing today: in September 2021 Horizons led the $58 million (c. £42 million) Series D of Owlstone Medical, the Cambridge breath-biopsy company, joining its board. By 2014 the firm had already deployed $350 million cumulatively — a figure it disclosed back when its portfolio numbered 50-plus companies.

People

Solina Chau, co-founder, is the public face of Horizons and heads the Li Ka Shing Foundation; she has described the firm's model as backing disruptive innovations that serve as "predictive lenses into the future." Debbie Chang, the other co-founder, has been her business partner for over a quarter of a century and works "hand in hand in all deals." Li Ka-shing himself does not take part in day-to-day deal selection, but he meets the founders behind the portfolio's "disruptive" companies to understand their missions. Beyond the two founders the firm runs a lean investment team — as of the 2014 profile, eight investment managers plus a digital support group. For founders, the practical implication is clear: there is no public application form or pitch email. Horizons finds companies through its own networks and research, so warm introductions and genuine visibility in the deep-tech community matter far more than cold outreach.