iFly.vc 2023 Year-End Review
As we bid farewell to 2023, my colleagues at iFly.vc and I would like to thank you for your continued support and wish you and your families a Happy Holidays!
Turning the page to 2024, we eagerly await the unfolding of new opportunities and continued partnerships. Here is to another year of innovation, growth, and success.
New Investment and Portfolio Highlights
Ume Tea (https://www.instagram.com/umetea/) is a bubble tea startup that provides Gen Z customers with high-quality and delicious fruit-based bubble tea.
The bubble tea market in the US has taken off. Since Year 1, Ume Tea has stayed profitable. This year we are proud to become the first and only VC investor of Ume Tea. This is our latest investment in 2023. Read more on our investment in Ume Tea by following the link below.
Read more » Why we invested in Ume Tea, a fruit-based bubble tea chain
Weee! is the largest online grocery for ethnic minorities in the United States.
The Covid tailwind is long gone for food e-commerce and delivery businesses, but Weee! has continued to grow, as customers are attracted to Weee!’s core value proposition, including exciting merchandise selection, competitive price, high quality, and last but not least, convenience (i.e., free delivery for a minimum order value of $35). The company’s highly productive operation is vertically integrated across the entire chain from merchandising to delivery with a high degree of productivity and healthy unit economics.
Other portfolio companies such as Cheese, Twirlista, and Minitable have raised additional capital in recent months.
iFly.vc 2023 Annual Meeting
On November 2, we had the privilege of hosting our 2023 Annual Meeting and welcomed over 120 guests from across 15 cities in the US and overseas. The event brought together thought leaders, offering a day filled with inspirational presentations, celebrations of achievements, and valuable networking opportunities.
Our distinguished speakers have generously allowed us to provide you with access to the video recordings. We highly recommend taking the time to watch these recordings, as they offer a wealth of knowledge and perspectives from industry leaders.
Team Addition
This year, we had the pleasure of having Daisy Xu join the team as Investment Associate, adding valuable insights and efficiency to our investment processes. Daisy’s expertise has been instrumental in streamlining our decision-making and further enhancing our team’s effectiveness.
Reflection on the 7-year anniversary of iFly.vc: Do the right thing and do it the right way
Reflecting on iFly.vc’s 7-year journey, there have been defining moments that have added to our commitment to “Do the right thing and do it the right way”. From the decision to relocate to Austin and the continuous expansion of our team to investing in underserved sectors and supporting underrepresented groups, each step has contributed to our commitment to our core values.
This commitment extends to fostering an inclusive environment where diverse perspectives not only coexist but flourish. We encourage candid conversations and stand firm in our resolve to assist founders in making informed decisions aligned with our guiding principles. We remain steadfast in our commitment to doing the right thing and doing it the right way, ensuring that these principles remain at the forefront of our actions, decisions, and investments for the years ahead.
Read more » Doing the Right Thing, and Doing it the Right Way
