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 focusing on the digital health.

Marathon Venture Partners intensively focuses on the early-stage of entrepreneurship, and achieves a forward-looking layout in the three major infrastructures of efficient access, innovative payment and efficiency improvement of digital health, helping the transformation and upgrading of China's medical and health system, which benefits 1.4 billion people, to reduce costs and raise quality of medical service.

At present, MVP RMB and USD funds have invested in more than 50 companies, including medical devices, mobile healthcare and services, precision diagnosis, and medical insurance companies with core technologies and innovative business models. Up to now, the founding team has accumulated over RMB 3,000 million in investment management.

MVP partners have demonstrated excellent historical performance and sharp industry vision in their past investment careers: more than a dozen past investment companies have achieved listings on major stock exchanges or achieved exit via M&A, and many companies have become industry leaders. Members of the investment management team are all graduated from well-known universities, with rich industry experience and deep understanding of medical investment.

Marathon Venture Partners has been rated as Zero2IPO Group's "Top 30 Chinese Medical Investment Institutions", China Venture Group "China's Best Early-stage Venture Capital Institutions", "Top 30 Best Healthcare Investment Institutions", and 36 Kr "Top 50 Most Popular Venture Capital among Entrepreneurs", "Top 50 Most Popular Venture Capital among LPs", China FOF "Top 30 Early-stage Funds with Best Return", and VC Beat "Top 10 Digital health Investment Institutions". The members of investment team have won Forbes "China's Best Investor", PE Daily "TOP100 Investors", and VC Beat "Best Medical Investors".

Entrepreneurship is not easy, so we need to foster new opportunities in crises and creat new prospects in the face of changing circumstances with hope. We are inspired by the passion and energy of entrepreneur partners and willing to provide long-term support and abundant resources to them through the peaks and valleys of startup life and change the world with actions.

Investment Approach.

The healthcare industry in China is facing huge and urgent challenges: an aging population, limited access to quality services and inefficient distribution channels. As the core driving force of business transformation, digital technology is bound to spawn a new wave of medical innovation opportunities and bring new and ample solutions.

With the drive of technological innovation and business model innovation, China is expected to become the largest market for digital health innovation in the world. There are more and more innovative companies emerging and solving industry challenges with great commercial value.

We believe the three major infrastructures of efficient access, innovative payment and efficiency improvement will activate the new medical service needs, conduct life-cycle protection and improve the efficiency of quality services access.

On the policy side, new opportunities are emerging in the reform and innovation of the whole plan of China's healthcare, including the review of innovative devices and drugs has been accelerating, the practice of doctors has gradually opened up and the distribution channels have been drastically restructured. All changes will eventually reshape the trillion-scale medical service market and bring continuous investment opportunities.

In the past few years, Marathon Venture Capital has invested several digital heath leading companys, such as Shukun Technology (Artificial intelligence imaging company), Meditrust Health (Commercial medical insurance company), and Soonsolid Technology (Dental 3D digital service company), and Vedeng Medical (B2B medical equipment trading platform).

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.

Yiran Song


Yiran is focused on identifying early investment opportunities in digital health, especially the practice of innovative business models and technologies in different disease fields. She has more than 10 years of working experience in the healthcare industry and has accumulated rich experience in the fields of marketing and digital transformation. She is also one of the initiators of China's first digital therapeutic industry association CDTSP(Committee on Digital Therapeutics Systemetic Project)She has unique insights into digital therapeutics products in mutiple disease fields.

Prior to Marathon Venture Partners, Yiran worked in the neurovascular intervention business unit of Johnson & Johnson China, mainly focusing on key account management and sales management.

Yiran holds an MBA degree from the National School of Development and a B.A. degree in Life Science from Peking University.

Kirstin Tang


Kirstin is focused on seeking investment opportunities in the field of medical technology, especially the Blue Ocean opportunities brought by the launch of innovative technologies in the medical industry. She has more than 10 years of work experience in the medical industry and has accumulated rich experience in technology and product management in R&D and marketing, as well as a deep understanding of China's healthcare industry.

Prior to Marathon Venture Partners, Kirstin was a senior associate in Sigma Square Capital, leading the investment of multiple medical projects. 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.

Leon Li


Leon is focused on identifying investment opportunities in healthcare, with a particular focus on digital technology and healthcare service. He also works as head of MVP Digital Health Accelerator. Prior to Marathon Venture Partners, Leon worked as head of operations in Jinghang Hospital and founded Future Health Club. He also previously worked as an Analyst at Healthcare Department of China Development Bank and Full Stack Engineer at Amazon.

Leon holds a B.S. degree in Bioelectronics from Jilin University and a M.S. degree in Machine Learning from Graduate School of Engineering, Stanford University.

Edward Hou


Edward focuses on identifying investment opportunities in the healthcare sector, with a particular interest in digital health, medical device, and biotech. Prior to Marathon Venture Partners, Edward previously worked at GF Securities R&D Center and Illuminera Consulting Company. Edward is the Chief Editor of leading digital health empowerment platform Boom Health and the Executive Chief Editor of 《2022 Digital Health Innovation Report》. He is responsible for the long-term research of the emerging healthcare industry and has deep insight into the advanced medical technology and commercial operations.

Edward holds a B.S. degree in Chemistry from Nanjing University and M.S. degree in Investment & Finance from University of London.

Yuanyuan Yao


Yuanyuan focuses on exploring investment opportunities related to insurance technology and health insurance; pays attention to the application and commercialization of new medical and information technology in the insurance and health field. She has three years of working experience in first-tier insurance technology companies, and has rich experience in product research and market landing. Before joining MVP she has led the development of a number of innovative insurance and service projects that are profitable with mature commercial scale.

Yuanyuan holds a Bachelor‘s degree of economics from Peking 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.

Ryan Meng


Ryan Meng, is in charge of fundraising and investor relations. Before joining MVP team, Ryan worked for Sigma Square Capital and Finova Capital, where he focused on the relations with investors and governments and participated in fundraising, investments and portfolio managements. Ryan Meng had 6-year experience in Chinese central government. He was a diplomat of Ministry of Foreign Affairs and then worked for Ministry of Science and Technology. Ryan has strong capacity in business development and external relations due to his backgrounds of government and finance.

Ryan holds MBA in Finance from the Chinese University of Hong Kong and Bachelor of Economics at International Economics and Trade from the University of International Business and Economics.

Wang Yanan


Yanan Wang is responsible for the financial accounting and administration at Marathon Venture Partners. Prior to joining MVP, Ms. Wang worked at TMCP as Finance Manager, in charge of financial accounting for over 2 years. Previous to TMCP, she worked at Neuberger Berman as the Operations Analyst for over 3 years, focusing on funds' administration and operations. Ms. Wang spent her early career with Deloitte Touche Tohmatsu in Beijing, where she worked as an Audit Associate and was responsible for projects of Technology Media Telecom industry.

Yanan holds a Master's degree in Accounting from University of Miami and a Bachelor's degree in Management from Sichuan University. She is a candidate of Association of Chartered Certified Accountants (ACCA) and Certified Management Accountant (CMA).

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.