iFlyVC September 2025 Newsletter

Shared Journey with iFly.vc

Sep 04, 2025

UMe Tea’s oversubscribed Series A, MasGusto by Weee!, New team member, Raffle drawing, and more!

This month’s edition highlights exciting updates from our portfolio, where both Weee! and UMe Tea have reached new milestones worth celebrating. We will share more below on the momentum they are building and what is ahead.

To make things even more fun, we have also added a raffle with a prize for our readers. Details and entry link can be found at the bottom of the newsletter!

The timing is meaningful for me personally as well. On September 1, 1998, I landed in Chicago to begin my pursuit of a PhD in chemistry at the University of Chicago. Hard to believe 27 years have passed.

Here is a photo of my student ID and one of the suitcases my parents bought me before my departure. Since then, besides having gained 20 pounds, I have also gained so much more along the way. I am grateful for the journey — for the friendships, the lessons learned, the growth, and the chance to contribute first through scientific research and now through venture capital.

I have truly enjoyed my life in the U.S., having visited 43 states (with 7 still to go) and lived in Chicago, Philadelphia, the Bay Area, and now Austin. Becoming a U.S. citizen is something I am especially proud of. America is truly the land of opportunity.

Onward and upward!

Select Portfolio Company Updates

UMe Tea

Earlier this summer, UMe Tea completed an oversubscribed Series A round, in which iFlyVC proudly exercised its pro rata. The brand has expanded to 24 locations, with 7 more on the way, and is becoming a top-tier bubble tea chain in the U.S., operating the highest number of company-owned stores. Growth has continued to exceed expectations, with Q2 comp store sales growing 15% YoY, signaling strong momentum building across the business.

Weee!

In August, Weee! celebrated its 10th anniversary. We are excited to reflect on the team’s journey and growth.

Weee! has continued to post YoY growth with strong and healthy unit economics. The team launched MásGusto in Q2 to serve the Latino community.

Alongside this incredible milestone, the team strengthened its leadership by welcoming two key hires. Devang Shah joined as General Counsel, bringing 20+ years of legal leadership at tech companies such as Pivot Bio, Wish, and Zynga. Dan Li joined as SVP of Finance, with a PhD in Economics and extensive experience in capital markets, M&A, and operational finance at Snagajob, Bungalow, J.P. Morgan, and Goldman Sachs.

To learn more about Weee!’s growth and continued success, listen to the Fireside Chat with Larry Liu at the 2025 iFlyVC Consumer Summit.

ShopVidi

ShopVidi is building the B2B supply chain for American retailers, working with 5,000+ stores nationwide, and growing.

This summer, through blind-box and designer toys, they have gained momentum from the tailwind of the Labubu phenomenon. In just six months, they have partnered with 800+ blind-box retailers, validating strong U.S. demand.

Media

The Full Ratchet with Nick Moran

I had the pleasure of joining Nick Moran on his podcast, The Full Ratchet, to discuss key investment strategies and insights. Our conversation covered topics such as hyper-concentration in VC portfolio construction, doubling down on future unicorns when others walk away, investing in deals with no direct competition, and identifying consumer trends before they become obvious.

It was an engaging discussion, and I am grateful to share some of the principles guiding our work at iFlyVC.

Click HERE to hear the podcast.

Asian Tech Collective Newsletter - Summer Edition

I am honored to be featured in the latest Asian Tech Collective newsletter. Asian American leadership in venture and tech is gaining momentum, and I shared a few reflections on where we have come from and what is ahead.

In this interview, I reflect on:

How my early years in China and the values instilled by my parents continue to guide me today
The pivotal risks that defined my career, from VantagePoint Capital Partners to Formation 8, and eventually founding iFlyVC
Why cultural insight shapes my investment approach, and how products that spark joy for American consumers can have an outsized impact
My vision for backing Asian founders and building enduring companies

My story is one of conviction, resilience, and building bridges between cultures. It is also a reflection of why representation in venture capital matters: to open new doors, shape consumer culture, and inspire the next generation of Asian leaders.

Click HERE to read more.

Thought Pieces

Make American Consumers Happy

In times of volatility and change, I have found it helpful to go back to first principles. In this piece, I unpack why iFlyVC continues to bet on the resilience of the American consumer and the structural forces we believe are shaping the future of demand.

Click HERE to read more.

America’s Cleanest Convenience Store Bathroom

Buc-ee’s may be famous for its spotless convenience store bathrooms, but for me, the real lesson is what that represents: a strong service mindset and operational discipline. I wrote about why service is a core value proposition and serves as a strong moat in brick-and-mortar retail and how founders in the brick-and-mortar space can use it to outpace online competitors.

Click HERE to read more.

Team Expansion

Welcome Laura on board!

We are excited to welcome Laura Schenke as Operations Admin at iFlyVC. She brings several years of experience in venture capital operations along with a background in hospitality and wellness. Originally from Chicago, Laura holds degrees in Hospitality Management and Exercise Science. Outside of work, she enjoys softball, designing stickers, reading, and cheering on the Cubs.

Raffle Giveaway

As a thank you to our readers, we are giving away a $100 Gift Card to your choice of Weee! or UMe Tea.

To enter, make a social media post featuring your latest Weee! or UMe Tea order, tag the brand, and then fill out the quick form below with a link to your post!

Raffle Entry

Thank you for being part of our community!

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Regards,

Han