Gobi Partners

Gobi Partners is an Asian venture-capital firm headquartered in Kuala Lumpur, Malaysia, and Hong Kong. Founded in 2002 by Thomas Tsao, Lawrence Tse, and Wai Kit Lau, the firm was created by three former employees of the San Francisco venture-capital firm WI Harper. Their backgrounds spanned banking, engineering, and law, while their shared Chinese-language capability helped them participate in negotiations and business discussions across Greater China. The founders incorporated the business in the Cayman Islands and chose the name Gobi Partners after the Gobi Desert. The firm began with approximately $3 million of founder capital. Its early operating model was deliberately lean: the founders agreed not to draw salaries until an investment generated a return, and they spent roughly six months researching the market before making their first investment. Gobi began raising its inaugural institutional fund in 2003. The fundraising closed in October 2005 at $50 million, with Sierra Ventures becoming a strategic partner and contributing $10 million. Other reported investors included IBM, Nippon Telegraph and Telephone, NTT DoCoMo, McGraw Hill, and The Walt Disney Company. During the 2000s, Gobi became one of the early venture investors in Chinese technology companies. Its activity coincided with a period when internet adoption, regulatory conditions, and the commercial prospects of Chinese online businesses remained uncertain to international investors. The firm’s early China strategy established a foundation for later investments in internet, mobile, software, and technology-enabled businesses. Companies associated with its investment portfolio have included Tuniu, Camera 360, Animoca Brands, GOGOX, Prenetics, WeLab, Xingyun, and Airwallex. Gobi expanded into Southeast Asia in 2010, becoming an early Chinese venture firm to build a dedicated presence in the region. The firm’s rationale was that Southeast Asia at that time resembled China’s earlier technology-development phase, with expanding internet usage and a large pool of digitally connected consumers. It established its first Southeast Asia fund with participation from the Media Development Authority. In March 2016, Gobi raised another regional fund of $14.5 million, with a focus that included technology projects serving Muslim consumers, such as the travel company Tripfez. The firm also developed investment-management relationships connected with Hong Kong and Pakistan. In November 2015, Alibaba Group selected Gobi to manage a $130 million fund for Hong Kong startups. In March 2019, Gobi and Pakistan-based Fatima Ventures formed Fatima Gobi Ventures. The joint venture raised $20 million for its first fund by the end of 2019 and focused on Pakistani startups. In 2024, Gobi described Pakistan as an area where it intended to seek additional opportunities, citing the country’s young population, growing internet and mobile-banking adoption, government efforts to improve the investment environment, and China–Pakistan economic relations. The firm also discussed plans for a second Pakistan fund of $50 million. In China, Gobi’s later geographic emphasis has included the Guangdong–Hong Kong–Macao Greater Bay Area. In December 2022, the firm identified the GBA as a principal target for new Chinese investments, building on its existing experience in Hong Kong and mainland China. Overall, Gobi’s positioning combines early-stage and growth-oriented technology investing with a cross-border network spanning Greater China, Southeast Asia, and selected frontier or emerging Asian markets. It is an investment firm rather than a consumer-facing product brand, and its principal offerings are venture funds, portfolio support, and regional investment platforms.

Gobi Partners was established in 2002 by Thomas Tsao, Lawrence Tse, and Wai Kit Lau, three former WI Harper employees whose professional training covered banking, engineering, and law. The founders shared Chinese-language skills and viewed that capability as useful for working across Chinese-speaking markets. They registered the firm in the Cayman Islands and named it after the Gobi Desert. Initial capitalization came from approximately $3 million of their own money. The founders operated without salaries until an investment produced a return and spent about six months studying the market before completing their first investment. Gobi began institutional fundraising in 2003. Its first fund closed in October 2005 with $50 million. Sierra Ventures joined as a strategic partner and invested $10 million, while reported participants included IBM, Nippon Telegraph and Telephone, NTT DoCoMo, McGraw Hill, and The Walt Disney Company. The firm’s early investment activity concentrated on Chinese technology businesses at a time when the scale of China’s internet market and the policy environment for online companies were still viewed as uncertain. This made Gobi one of the earlier venture firms to pursue Chinese internet and technology opportunities. The firm broadened its geographic strategy in 2010 by entering Southeast Asia. Gobi viewed the region as comparable to China’s earlier stage of internet and technology development and created its first Southeast Asia fund with investment from the Media Development Authority. Existing portfolio companies such as Tuniu and Camera 360 reportedly already had users in Southeast Asia, reinforcing the firm’s view that the region offered expansion potential. A further $14.5 million Southeast Asia fund was raised in March 2016, including an emphasis on technology projects aimed at Muslim consumers. Tripfez Travel was cited as one example of this thematic approach. Gobi’s regional role expanded through fund-management partnerships. In November 2015, Alibaba selected the firm to manage a $130 million fund for Hong Kong startups. In March 2019, Gobi joined with Pakistan’s Fatima Ventures to form Fatima Gobi Ventures. That platform raised $20 million for its first fund by the end of 2019 and invested in Pakistani startups. In 2024, Gobi expressed continued interest in Pakistan, pointing to its young population, rising internet and mobile-banking adoption, efforts to create a more investor-friendly environment, and the broader China–Pakistan relationship. In December 2024, the firm discussed a planned $50 million second fund, with Black Sheep Restaurants reported as an investor. By December 2022, Gobi had identified the Guangdong–Hong Kong–Macao Greater Bay Area as a key target for Chinese investments. Its prior activity in Hong Kong and mainland China gave it a base from which to pursue companies benefiting from the region’s economic integration. The firm was originally headquartered in Shanghai and later adopted dual headquarters in Kuala Lumpur and Hong Kong. Its reported portfolio has included Animoca Brands, GOGOX, Prenetics, WeLab, Xingyun, and Airwallex, alongside earlier investments such as Tuniu and Camera 360. Gobi’s development therefore reflects a progression from early Chinese technology investing to a broader cross-border Asian venture-capital model.

1. 2024Pakistan strategy is renewed

   Gobi discusses additional Pakistani opportunities and plans for a potential $50 million second fund.

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2. 2022Greater Bay Area becomes a stated priority

   Gobi identifies the Guangdong–Hong Kong–Macao Greater Bay Area as a principal target for future Chinese investments.

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3. 2019Fatima Gobi Ventures is formed

   Gobi and Fatima Ventures create a Pakistan-focused joint venture whose first fund reaches $20 million.

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4. 2016Regional fund focused on Southeast Asian technology

   Gobi raises $14.5 million for Southeast Asian technology investments, including Muslim-focused projects.

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5. 2015Alibaba-backed Hong Kong fund mandate

   Alibaba selects Gobi to manage a $130 million fund for Hong Kong startups.

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6. 2010Expansion into Southeast Asia

   Gobi extends its investment presence into Southeast Asia and establishes its first Southeast Asia fund.

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7. 2005First fund closes

   The firm closes its inaugural fund at $50 million, with Sierra Ventures as a strategic partner.

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8. 2003Institutional fundraising begins

   Gobi begins raising its inaugural venture fund after its founder-funded launch period.

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9. 2002Gobi Partners is founded

   Thomas Tsao, Lawrence Tse, and Wai Kit Lau establish Gobi Partners after working at WI Harper.

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A cross-border Asian venture-capital platform with an early focus on Chinese technology and an expanded mandate covering Southeast Asia, Hong Kong, Pakistan, and other emerging technology markets.

• Gobi Partners venture fundsVenture capital2002

  Gobi’s core offering is the creation and management of venture-capital funds investing in technology and technology-enabled companies. Its activity has covered early-stage Chinese internet businesses, Southeast Asian startups, Hong Kong ventures, and companies in emerging markets such as Pakistan. The firm combines capital deployment with regional market knowledge and cross-border portfolio support.

• Southeast Asia fundsRegional venture capital2010

  Gobi’s Southeast Asia platform was established during its 2010 regional expansion. The strategy targets technology companies serving the region’s growing internet population and has included themes such as digital travel and products designed for Muslim consumers. A $14.5 million fund raised in 2016 continued this regional focus.

• Alibaba-backed Hong Kong startup fundStartup investment fund2015

  This fund was established through Alibaba Group’s selection of Gobi to manage $130 million dedicated to Hong Kong startups. It reflects Gobi’s role as an investment manager for strategic institutional capital as well as a direct venture investor.

• Fatima Gobi VenturesPakistan venture capital2019

  Fatima Gobi Ventures is a joint venture between Gobi Partners and Pakistan’s Fatima Ventures. Its first fund reached $20 million by the end of 2019 and was established to invest in Pakistani startups. Gobi later indicated that it was considering a larger second fund for the market.

• 2024Plan a second Pakistan fundStrategy

  Gobi cited Pakistan’s young population, digital adoption, improving investment environment, and China–Pakistan relations as reasons to deepen its presence.

  What changed. The firm discussed raising a second Pakistan fund of $50 million.

  Aftermath. The proposed vehicle would expand the scale of Gobi’s Pakistan strategy, although the available reference does not confirm that fundraising was completed.

  Proposed second-fund size. $50 million proposed (December 2024)

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• 2022Prioritize the Greater Bay AreaStrategy

  Gobi’s prior investments in Hong Kong and mainland China provided a base for targeting the integrated Guangdong–Hong Kong–Macao market.

  What changed. The firm identified the Greater Bay Area as its next major target for Chinese investments.

  Aftermath. The stated strategy concentrated future attention on a region linking major Chinese technology and financial centers.

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• 2019Form Fatima Gobi VenturesM&A

  Gobi sought a local platform for investing in Pakistan’s startup market.

  What changed. Gobi partnered with Fatima Ventures to establish a joint venture.

  Aftermath. The joint venture raised $20 million for its first fund by the end of 2019 and created a continuing Pakistan investment platform.

  First-fund size. $20 million (End of 2019)

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• 2015Manage Alibaba’s Hong Kong startup fundM&A

  Alibaba sought an investment manager for a fund targeting startups in Hong Kong.

  What changed. Alibaba selected Gobi Partners to manage a $130 million fund.

  Aftermath. The mandate strengthened Gobi’s position in Hong Kong’s startup ecosystem and demonstrated its ability to manage strategic institutional capital.

  Fund size. $130 million (2015)

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• 2010Enter Southeast AsiaStrategy

  Gobi saw Southeast Asia as an emerging technology market whose development resembled China’s earlier internet expansion.

  What changed. The firm established a regional presence and launched its first Southeast Asia fund.

  Aftermath. The move broadened Gobi from a China-focused investor into a cross-border Asian venture platform.

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• 2024Gobi signals renewed interest in Pakistan

  Gobi said it was seeking additional opportunities in Pakistan, citing demographics, digital adoption, policy conditions, and China–Pakistan relations.

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• 2024Gobi discusses a second Pakistan fund

  Gobi reported plans to raise a $50 million second fund for Pakistan, described as potentially the largest fund of its kind in that market; Black Sheep Restaurants was reported as an investor.

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• 2022Gobi identifies the Greater Bay Area as a Chinese investment priority

  Gobi stated that the Guangdong–Hong Kong–Macao Greater Bay Area would be a major target for future Chinese investments.

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• 2019Gobi expands Pakistan investment platform with Fatima Ventures

  Gobi and Fatima Ventures established Fatima Gobi Ventures, which raised $20 million for its first Pakistan-focused fund by the end of the year.

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• 2016Gobi raises Southeast Asia technology fund

  Gobi raised a $14.5 million fund for technology companies in Southeast Asia, including projects serving Muslim consumers.

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• 2015Alibaba selects Gobi Partners to manage Hong Kong startup fund

  Alibaba Group selected Gobi Partners to manage a $130 million investment fund targeting startups in Hong Kong.

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1. Gobi Partners