Gobi Partners
Corporate brand
UnclaimedGobi Partners is an Asian venture-capital firm investing primarily in technology companies across China, Southeast Asia, Hong Kong, and selected emerging markets.
Last updated August 31, 2026
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Overview
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.
History
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.
- 2024
Pakistan strategy is renewed
[1]Gobi discusses additional Pakistani opportunities and plans for a potential $50 million second fund.
- 2022
Greater Bay Area becomes a stated priority
[1]Gobi identifies the Guangdong–Hong Kong–Macao Greater Bay Area as a principal target for future Chinese investments.
- 2019
Fatima Gobi Ventures is formed
[1]Gobi and Fatima Ventures create a Pakistan-focused joint venture whose first fund reaches $20 million.
- 2016
Regional fund focused on Southeast Asian technology
[1]Gobi raises $14.5 million for Southeast Asian technology investments, including Muslim-focused projects.
- 2015
Alibaba-backed Hong Kong fund mandate
[1]Alibaba selects Gobi to manage a $130 million fund for Hong Kong startups.
- 2010
Expansion into Southeast Asia
[1]Gobi extends its investment presence into Southeast Asia and establishes its first Southeast Asia fund.
- 2005
First fund closes
[1]The firm closes its inaugural fund at $50 million, with Sierra Ventures as a strategic partner.
- 2003
Institutional fundraising begins
[1]Gobi begins raising its inaugural venture fund after its founder-funded launch period.
- 2002
Gobi Partners is founded
[1]Thomas Tsao, Lawrence Tse, and Wai Kit Lau establish Gobi Partners after working at WI Harper.
Products and positioning
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.
Venture capital · 2002
Gobi Partners venture funds
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.
Regional venture capital · 2010
Southeast Asia funds
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.
Startup investment fund · 2015
Alibaba-backed Hong Kong startup fund
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.
Pakistan venture capital · 2019
Fatima Gobi Ventures
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.
Brand decisions
2024
Plan a second Pakistan fundStrategyBackground
Gobi cited Pakistan’s young population, digital adoption, improving investment environment, and China–Pakistan relations as reasons to deepen its presence.
Action taken
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)
2022
Prioritize the Greater Bay AreaStrategyBackground
Gobi’s prior investments in Hong Kong and mainland China provided a base for targeting the integrated Guangdong–Hong Kong–Macao market.
Action taken
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.
2019
Form Fatima Gobi VenturesM&ABackground
Gobi sought a local platform for investing in Pakistan’s startup market.
Action taken
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)
2015
Manage Alibaba’s Hong Kong startup fundM&ABackground
Alibaba sought an investment manager for a fund targeting startups in Hong Kong.
Action taken
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)
2010
Enter Southeast AsiaStrategyBackground
Gobi saw Southeast Asia as an emerging technology market whose development resembled China’s earlier internet expansion.
Action taken
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.
Recent events
Reported
Sunway iLabs launches Super Accelerator[2]
Sunway iLabs launched its Super Accelerator, a programme for early-stage startups offering selected participants seed funding and business support. The programme is supported by Sunway Group, SunSEA Capital and Gobi Partners.
Reported
VirtAITech completes nearly US$10 million Pre-A round[3]
VirtAITech completed a Pre-A funding round of nearly US$10 million, led by Gobi Partners, with follow-on investment from Hillhouse Ventures and Kexun Fund and continued participation by previous angel investors Yonghua Investment and former DeepGlint CEO Yao Song. The funds are intended for product R&D, marketing, and customer-service team expansion.
Reported
Carsome closes $50 million financing round[4]
Used-car marketplace Carsome closed a $50 million financing round. The report said the funding would support efforts to expand into more Southeast Asian markets.
Reported
Travelio raises USD 18 million in Series B funding[5]
Travelio raised USD 18 million in a Series B funding round co-led by Pavilion Capital and Gobi Partners.
Sources6 sources
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