VC Roundup: A look at the Shenzhen VC world

Zhang is the founder and CEO of Balanx, a manufacturer of electrode workout suits that help burn calories, which ships to mainly Europe and North America.

“They want the company to reach revenue of RMB 100 million (around $15 million) and complete another financing round in the near future, which was not my plan,” he said. “Manufacturing is not like the internet industry, where you can create a giant by simply burning cash.” 

Zhang’s idea of tech success isn’t Google or Alibaba. During the interview, he expressed his admiration for some of his fellow Shenzhen-based founders who have never raised VC money. He mentioned as an example a company owned by an acquaintance, a dashcam manufacturer with around 40 employees and around RMB 700 million in annual revenue. 

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