For founders researching Cherubic Ventures funding, getting to grips with how to get funding from the firm starts with its calling card: the "first check". Founded in Taipei in 2014, Cherubic is a global venture capital firm that aims to be the first institutional investor in the next iconic companies — writing the first cheque before other investors arrive, then backing founders from angel to pre-IPO. It has invested in more than 200 startups and now manages over $500 million across six funds.
Investment thesis: how Cherubic Ventures funding works
Cherubic Ventures runs a multi-market, sector-agnostic "first check" strategy: find high-potential teams that have not yet raised institutional funding, and believe in them before the answers are clear. The firm's criteria are a unique solution to a customer problem and genuine entrepreneurial and industry experience. It runs the solo GP model — among the first venture firms in the world to do so — and reserves around half of each fund to support companies through later rounds to pre-IPO.
Sectors and stages
From angel to pre-IPO, across consumer, enterprise software, blockchain and AI-native companies — infrastructure, developer tools, healthcare, physical AI and robotics. The firm operates across the US and Asia from San Francisco, Tokyo, Taipei and Shanghai.
Fund size and cheque size
Fund V closed at $110 million in August 2022, taking total committed capital past $400 million. The latest vehicle, Fund VI, closed at $68.88 million, pushing assets under management past $500 million. Around 50% of each fund is reserved for follow-ons through pre-IPO; exact first-cheque sizes are not disclosed.
Notable portfolio
Cherubic was literally the first investor in Hims & Hers — writing the first cheque ten months before any other external investor joined, ahead of its January 2021 NYSE listing. Other landmark firsts: Calm (backed from 2014; the world's top wellness app, valued at $2B in 2020), Flexport (one of its biggest and earliest investors; $3.2B valuation at its 2019 Series D), Paidy (Japan's leading BNPL platform, acquired by PayPal for $2.7B in 2021), 91APP (Taiwan's first homegrown SaaS unicorn, IPO May 2021), and Tezign (unicorn after its 2021 Series D). The AI-native wave includes robotics startup Sudo AI (valued at nearly $2B) and Entire (the developer platform from ex-GitHub CEO Thomas Dohmke; $60M seed round). The firm says it has been the earliest institutional investor in dozens of companies that became unicorns.
Partners
Matt Cheng is Founder and Solo GP; partners include Tina Cheng, Danielle Dudum, Snow Hsu and Angela Chieh-Ling Liu, across San Francisco, Taipei, Shanghai and Tokyo — plus a network of 500+ founders and investors.
Programmes run
Cherubic runs no batch accelerator. Its programme is long-horizon partnership: first cheques at the earliest stage, then reserved capital and hands-on support — consultation, mentoring and "emotional support throughout the entrepreneurial journey" — through growth rounds to pre-IPO.
How to apply for funding
There is no public application form. Cherubic Ventures is relationship-driven: the best-documented route in is a warm introduction, ideally from a founder in its 500-strong community, or an approach through the contact channels on cherubic.com. Lead with a unique solution to a real customer problem and genuine team experience — that is what the firm says it looks for.
Why it matters for founders
Cherubic is built for founders raising their first institutional round: a solo-GP firm whose brand is believing before others do, with $500M+ under management and follow-on reserves through pre-IPO. A warm intro into its founder community is the highest-leverage first step.