A Taiwan-founded, US-China cross-border early-stage venture firm that invested in TrialSpark’s 2018 round — positioning a US-China capital bridge inside the company that would operate Project Covalence and become Formation Bio.
Bio
Cherubic Ventures is an early-stage venture capital firm founded by Matt Cheng in 2010 (first formal fund 2014), with offices in San Francisco, Beijing, Taipei, and Shanghai. The firm manages over $400 million in assets and has invested in more than 200 companies, twelve of which became unicorns — including Hims & Hers, Flexport, Calm, and 91APP (Taiwan’s first SaaS unicorn IPO). Cherubic’s portfolio companies have attracted over $2 billion in follow-on investments from top-tier global investors. [1][2][3]
Cherubic’s core thesis is cross-border investing between the US and Greater China/Asia. Business Insider reported that “when former tennis pro-turned-VC Matt Cheng writes a check, Silicon Valley’s top venture firms notice” — the firm’s early positioning in companies reliably signals to larger VCs that a company is worth following. Unicorn Capital, a US-China cross-border fund, was an early LP in Cherubic’s first formal fund. [4][5]
The firm turned 10 in 2024, launching its sixth fund with an emphasis on AI and “technologies that strengthen human potential.” Portfolio companies include Photomath (acquired by Google), Hyperloop, Wish, and Liulishuo (a Chinese AI education company). [3]
In this investigation, Cherubic’s significance is as a US-China capital bridge inside the TrialSpark cap table — invested alongside Sequoia, Thrive, and the rest of the Altman network during the same period as YC China’s launch and shutdown (2018-2019), Sequoia China’s operations, and the broader Silicon Valley-China capital flow dynamics that would later trigger the 2023 outbound investment restrictions and Sequoia’s 2024 global split.
Basic Information
| Field | Detail |
|---|---|
| Name | Cherubic Ventures |
| Founded | 2010 (angel investing); 2014 (first formal fund, $42M Fund II) |
| Founder | Matt Cheng (see separate profile) |
| HQ | San Francisco, CA + Beijing + Taipei + Shanghai |
| AUM | $400M+ |
| Fund History | Fund II $42M (2014), Fund III $67M (2016), $120M fund (2017), Fund VI (2024, AI focus) |
| Portfolio Size | 200+ companies, 12 unicorns |
| Website | cherubic.com |
| Thesis | US-China/Asia cross-border early-stage investing |
TrialSpark Investment
Cherubic Ventures participated in TrialSpark’s October 15, 2018 venture round (amount undisclosed) alongside Thrive Capital, Sequoia Capital, Spark Capital, Sound Ventures (Kutcher), Felicis Ventures (Wesley Chan), and TQ Ventures (Scooter Braun). [6]
This is analytically notable for timing: October 2018 is the same period as YC China’s launch (August 2018) and one year before YC China’s shutdown (November 2019). A Taiwanese-American cross-border VC investing in a New York clinical trial platform alongside Sequoia (which was running Sequoia China under Neil Shen) places US-China capital dynamics inside the TrialSpark cap table during the most active period of Silicon Valley’s China engagement.
Cherubic is not listed in the Series C (Altman-led, September 2021) or Series D (a16z-led, June 2024) investor rosters. The firm appears to have been a one-round participant in the venture round only.
Network Connections
| Connection | Nature | Significance |
|---|---|---|
| TrialSpark | Oct 2018 venture round investor | Alongside Sequoia, Thrive, Spark, Sound, Felicis, TQ |
| US-China cross-border capital | Core thesis | Overlaps with Sequoia China, YC China, Benchmark China threads |
| Hims & Hers | Unicorn portfolio company | Hims is a telehealth/pharmacy company — healthcare sector overlap with Formation Bio |
| Flexport | Unicorn portfolio company | Flexport’s ex-CRO Ben Braverman co-founded Saga Ventures (Max Altman’s fund) |
Investigative Findings
Finding 1: The US-China Bridge in TrialSpark’s Cap Table
Cherubic’s investment placed a US-China cross-border capital relationship inside TrialSpark during the exact window when YC China launched (August 2018), Sequoia China was most active, and before the 2023 outbound investment restrictions that would later force Sequoia’s global split. [3][6]
The October 2018 round’s investor composition — Sequoia (global, pre-split), Thrive (Kushner), Cherubic (Taiwan/China), TQ (entertainment), Sound (celebrity), Felicis (ex-Google), Spark — represents the most geographically and sectorally diverse investor set in TrialSpark’s history. The later rounds (Series C and D) were more concentrated in the established Altman network. The venture round was the moment the cap table was widest.
Finding 2: The Flexport-Saga Connection
Cherubic’s portfolio includes Flexport, whose former Chief Revenue Officer Ben Braverman co-founded Saga Ventures ($125M, March 2024) with Max Altman (Sam’s middle brother). The Cherubic → Flexport → Braverman → Saga → Max Altman chain is two degrees from Sam. This is documented as a connection, not an assertion of coordination.
Nodes / Open Questions
- Did Cherubic exit at the Series C or is it still on the cap table? If it sold its stake during the Altman-led Series C ($156M), who bought it? If it’s still holding, it retains exposure to the Formation Bio trajectory.
- Does Cherubic have any other investments overlapping with the Altman network? Cross-reference the 200+ portfolio against Altman’s 400+ personal investments.
- The DC branch filing (October 9, 2018): Cherubic filed a Washington, DC branch the same month as the TrialSpark investment. Was the DC office related to government affairs, policy positioning, or regulatory access relevant to clinical trials or cross-border capital flows?
- Cherubic and CFIUS/outbound investment: As a cross-border US-China fund, Cherubic’s investments may be subject to Committee on Foreign Investment (CFIUS) review. Were any TrialSpark/Formation Bio activities subject to CFIUS consideration given Cherubic’s presence on the cap table?
Sources
- [Archive] Tatler Asia — Matt Cheng and Cherubic Ventures profile ($400M AUM, unicorns): https://www.tatlerasia.com/people/matt-cheng
- [Archive] Cherubic Ventures — “Former National Tennis Player Captures 12 Unicorns” (Oct 2024): https://cherubic.com/media/alive-interview-2024/
- [Archive] Cherubic Ventures — “From Taipei to Silicon Valley: Cherubic Ventures Turns 10” (Jan 2026): https://cherubic.com/media/from-taipei-to-silicon-valley-cherubic-ventures-turns-10/
- [Archive] Business Insider — “How Taiwanese VC Matt Cheng became the investor Silicon Valley firms watch” (Nov 2017): https://www.businessinsider.com/matt-cheng-cherubic-ventures-2017-11
- [Archive] TechCrunch — “Cherubic Ventures announces $120M early-stage fund for US, China and rest of Asia”: https://techcrunch.com/?p=1295878
- [Archive] Prior investigation sessions — TrialSpark Oct 15, 2018 venture round confirmed from Crunchbase: Cherubic Ventures alongside Thrive, Sequoia, Spark, Sound, Felicis, TQ.
This analysis does not constitute evidence of illegal action. The opinions expressed here are the professional opinions and analytical conclusions of the author, a published corporate ethics researcher and analyst specializing in business leadership ethics, governance structures, and nonprofit compliance. Readers are encouraged to examine the primary sources cited above and draw their own conclusions.
A conflict does not become less important because it was routed through a quieter entity. It becomes more important to map.
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