CMVC welcomes Happiness Capital to the Evergreen Fund
CM Venture Capital is delighted to welcome Happiness Capital to the CM Venture Evergreen Fund. Happiness Capital is the VC arm of Lee Kum Kee group, a company that strives to be the most trusted enterprise for a healthier and happier world beyond 1,000 years.
We > I
Happiness Capital actively partners with early-stage VCs and startups to maximize both long-term returns and real-world “happiness” outcomes, engaging at the formative stages where long-term impact, Integrated Return, and Integrated Return (Financial & Happiness return) is created.
Make the World a Happier Place
Happiness Capital's approach looks at everyone that’s impacted by an enterprise’s operations. This principle underpins its proprietary Happiness Return Framework, which is open source for all investors to use and assesses the objective and subjective elements of happiness generated by portfolio companies for employees, customers, suppliers, communities, and the planet. Through this lens, Happiness Capital seeks to “Make the World a Better Place” through its collaborative Happiness ecosystem of founders, funds, and partners with a shared mission to create both financial and meaningful long-term human value.
Investing at the Intersection of Technology and Impact
Happiness Capital invests across four core investment themes: Food, Health, Environment, and Trust. It is placing increasing emphasis on companies applying AI to solve specific human challenges, including elderly care, climate tech, materials science, and preventative healthcare, where advances in technology can directly improve quality of life at scale.
Partnership based on Shared Value
The relationship between Happiness Capital and CM Venture Capital originated through a co-investment in a shared portfolio company and was strengthened by a shared belief that capital alone is insufficient to build enduring companies. Today, this alignment brings together a global outlook, long-term investment horizon, and a shared commitment to structured ecosystem engagement.
CM Venture Partners joined Happiness Family Day in Bhutan in 2024
A Force Multiplier Partnership
"Partnering with CM Venture accelerates our mission to support global innovation at the intersection of technology and impact, proving that the most advanced technologies of tomorrow are those that serve the happiness of humanity today"
- Josh Wade, Vice President, Happiness Capital
Scientists-lead VC
From Happiness Capital’s perspective, CM Venture brings a set of distinctive strengths that set it apart from other VCs:
A truly global perspective, with deeptech investments spanning China, the US, and Europe, and unparalleled connectivity to China’s industrial base.
Scientist-led investing, founded by PhD-trained partners Min Zhou and Patrick Berbon, enabling first-principles technical judgement rarely found at the partner level.
Depth of history and pattern recognition, shaped by more than a decade of deeptech investing and the assessment of over 7,000 startups.
Consistent performance, driven by CM Venture’s Predict-Select-Build-Partner model, combining disciplined selection with hands-on value creation and strategic corporate partnerships.
Partnership to support next generation entrepreneurs
By combining Happiness Capital’s global reach and Happiness Return framework with CM Venture’s deep-tech expertise and access to China’s industrial ecosystem, the partnership is positioned to support the next generation of industrial entrepreneurs to build globally competitive, scientifically grounded, and purpose-led companies.
CM Venture Capital Partner Dr. Min Zhou and Happiness Capital Team
