Partnering with
entrepreneurs for
the long run

Investing in China’s early-stage healthcare leaders

About Us.

Founded in 2016, Marathon Venture Partners (“MVP”) is a leading early-stage venture capital firm focused in healthcare with offices in Beijing, Shanghai, Suzhou and Hong Kong. Marathon currently manages both US Dollar and RMB funds.

Marathon Venture Partners backs outstanding entrepreneurs in China’s healthcare technology industries at the beginning of their entrepreneurial journey. In our inaugural USD and RMB funds, we have invested in 38 companies. The MVP partners collectively have 40+ years investment and operating experience, and have a proven track record of identifying and scaling future industry champions. Over 12 of our past investments have achieved listings on major stock exchanges or achieved exit via M&A. We are proud that many of our portfolio companies have become leaders in their industries, including BGI (SZ: 300676), Micropoint (NEEQ: 835054), Thundersoft (SZ: 300496), Autohome (NYSE: ATHM), Burning Rock Dx, iRay Technology, Annoroad, Dianrong, and TalkingData.

Building enduring companies is really hard, especially in China. We are inspired by the energy and dedication of our entrepreneur partners, and work to provide the resources and perspective they need to succeed through the peaks and valleys of startup life. At Marathon, we partner with entrepreneurs for the long run.

Investment Approach.

The healthcare industry in China is facing challenges: limited access to quality services, inefficient distribution systems, an aging population, just to name a few. In these challenges, we see massive opportunities for China’s entrepreneurs.

Our main focus is healthcare, where we invest in early-stage companies with disruptive technology or innovative business models in medical devices & equipment, precision diagnostics & applications, and mobile health & services. We believe these markets are fundamentally shaped by technology and deregulation. Technological breakthroughs spark more efficient methods of drug discovery, stimulate new device development, and create markets for new services. Massive structural deregulation in the registration approval of new drugs and innovative medical devices, the management of multi-site practices of doctors, and the distribution of pharmaceutical products will also ultimately create many new business opportunities. In China, we are constantly reminded how the mobile internet is transforming the healthcare industry for both individual patients and for enterprises.

In the related information technology sectors, we are particularly focused on advanced technologies that radically improve efficiency in the healthcare and insurance sectors. In addition, the advance of large internet companies into industries such as healthcare and insurance has put pressure on traditional segments to improve operational efficiency or risk further losing market share. This has created huge opportunities for start-up technology providers who enable technology transformation at large traditional companies already providing insurance or payment systems solutions.

Meet Our Team.

It takes diverse teams to solve complex problems. Our team’s broad set of experiences in direct investment, government, entrepreneurship, and industry help us better serve our entrepreneurs and realize superior investment returns.

Our Portfolio.

Contact Us.



Ray Yang


Before Marathon Venture Partners, Ray was a managing director at Northern Light Venture Capital, a China- focused early stage venture capital firm and was an investment director at Orchid Asia Group and helped establish its China operations. Before that, Ray was a commodity trader at Louis Dreyfus Corporation, focusing on agriculture commodities.

Prior to that, he was a vice commercial consul for the Consulate General of China in Houston, Texas, promoting trade and investment between China and the southern region of the United States. Previously, he worked at the Ministry of Commerce for four years in Beijing as a manager, where he supervised operations of the Economic & Commercial offices of the Chinese Embassies and Consulates.

Ray graduated with a B.A. in Economics from Shanghai Institute of Foreign Trade, and has an MBA from Harvard Business School.

John Chen


Prior to Marathon Venture Partners, John led the private equity business for Sinatay Life Insurance. He built the team and invested over RMB2.3 billion in financial products and private equity projects. Prior to that, he servied as a vice president in the greater China department at Axiom Capital Management in New York, helping Chinese companies to go public in the U.S. He also served as a deputy general manager at a company under the China Travel Service in Hong Kong, leading direct investments in medicine, medical device and consumer products.

John also has had distinguished career in civil service in China. He was a personal assistant to the minister of Overseas Chinese Affairs Office of the State Council, and also worked at the Ministry of Commerce and the Commercial Office of the Chinese Embassy in Denmark.

John earned an MPA degree from Harvard Kennedy School, an MBA from Babson College and B.A. from Shanghai University of International Business and Economics.

William Plummer


Will joined MVP as a Partner in September 2018, having previously served as the Chief Strategy Officer at TalkingData, China’s leading big data enterprise solutions provider. While at TalkingData, he was responsible for articulating the company’s overall strategic vision, managing capital markets and investor relations activities, as well as sourcing and executing strategic investments and partnerships.

Prior to TalkingData, Will was a director at Milestone Capital, a China-focused growth capital fund, where he oversaw TMT investments. Prior to joining Milestone Capital, Will worked in management consulting at Booz Allen Hamilton’s Shanghai offices and at Goldman Sachs in its New York and London offices. He also has worked in microfinance at the World Bank/World Bank affiliates in Beijing and Washington D.C.

Will has over 20 years’ work experience, of which over 14 years have been in China. He has developed particular expertise in investments, operations and helping talented teams scale their business. Will received his B.A. from Tufts University, and his MBA from the Harvard Business School. He is fluent in Mandarin Chinese and French.

Song Yiran


Yiran is focused on finding investment opportunities in the healthcare industry. Prior to Marathon Venture Partners, Yiran was a Sales Manager of Johnson & Johnson Medical. She worked in the neurovascular intervention business unit for more than five years, mainly focusing on clinical sales, key account management and sales management.

Yiran holds a B.A. degree in Life Science from Peking University.

Kirstin Tang


Kirstin is focused on seeking investment opportunities in the healthcare sector. Prior to Marathon Venture Partners, Kirstin was a senior associate in Sigma Square Capital. Before that, Kirstin worked in GE Healthcare China team across multiple functions, from R&D to project management and to product marketing.

Kirstin holds an MBA degree from Cheung Kong Graduate School of Business, a M.S. degree in Biomedical Engineering from Cornell University, and a B.S. degree in Biochemistry from the University of Hong Kong.

Hu Songhe


Songhe is focused on identifying investment opportunities in healthcare, with a particular focus on insurtech and healthcare infrastucture. Prior to Marathon Venture Partners, he worked as an assistant to Professor Yuanli Liu, Dean of the prestigious Peking Union School of Public Health and President of the Chinese Aging Well Association. Songhe has conducted extensive research on healthcare policy and reform in China.

Songhe holds a B.S. degree in Environmental Health from Peking University and a M.S. Degree in Public Health from the Bloomberg School of Public Health, Johns Hopkins University.

Hu Yiming


Prior to Marathon Venture Partners, Yiming worked at the New Zealand embassy and was involved in the China-New Zealand Free Trade Agreement signing ceremony and the Shanghai Expo 2010. After that, Yiming was an international market manager at New Zealand and Australia Universities, responsible for developing partnerships in the China market. Yiming holds a Bachelor’s degree in business management from the Beijing Institute of Technology University.

Huo Qian


Qian is responsible for accounting and administration at Marathon Venture Partners. Prior to Marathon Venture Partners, she worked in the finance departments of Kuntai Group and Growing IO.

Qian holds a Bachelor’s degree in Accounting from Capital University of Economics and Business.

Josh Lerner


Josh Lerner is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School, and head of the Entrepreneurial Management unit. He also co-directs the National Bureau of Economic Research’s Productivity, Innovation, and Entrepreneurship Program and serves as co-editor of their publication, Innovation Policy and the Economy. Professor Lerner has recently been named one of the 100 most influential people in private equity over the past decade by Private Equity International magazine and one of the ten most influential academics in the institutional investing world by Asset International’s Chief Investment Officer magazine. He has been a frequent leader of and participant in the World Economic Forum projects and events. He graduated from Yale College and later earned a Ph.D. from Harvard’s Economics Department.

Soul Htite


Mr. Soul Htite came to China and started to build up Dianrong on basis of advanced technology and his expertise in 2012, with a dream of providing a real- time online platform to the Chinese market, with lower loan cost and higher investment return. Mr. Htite co-founded Lending Club, the world’s largest and most advanced Peer-2-Peer (P2P) company (NYSE: LC), where he served as the head of technology until 2011. He led all the design and development efforts of Lending Club’s online platform, ensuring that all online capabilities were both state-of-the- art and fully secure. The P2P platform received the prestigious Technology Pioneer award at the 2011 World Economic Forum. Before founding LC, Mr. Htite spent most of his professional career building enterprise software at Oracle Corporation. His focus was in real-time online services and system design for high availability and fault tolerance.

Vincent Chan


Mr. Chan has over 20 years’ experience in finance industry. He is currently founder and Chairman of Unicap, a leasing and multi-financial platform. Mr. Chan was the President and COO of New Century International Leasing. Prior to that, he was senior consultant at Booz Allen & Hamilton with a specialization in the Financial Services sector.

Mr. Chan received his Bachelor’s degree from the Wharton School, University of Pennsylvania and earned his MBA from the Harvard Business School.