Inception Capital

We partner with founders at the inception stage of their venture

About the firm

We back expat founders building for emerging markets.

Founders trained at the global frontier (the US, China, Europe) who choose to build where the opportunity is largest and the competition thinnest: Latin America and Southeast Asia.

World-class founders, at emerging-market prices. We write the first check at the inception window, before consensus arrives.

Founding General Partner

David Gan

LinkedIn ↗

A globalist who has been both the founder and the investor behind category-defining outcomes, now backing the next wave of global-to-local builders in emerging markets.

Huobi · Managing Director
Qiming · Investor
Founder, exited

As an operator: Managing Director at Huobi. Founder of Moshi, a consumer app that reached millions of users at exit.
As an investor: Built Huobi Labs into one of Web3's best-performing corporate venture arms (18.2x MOIC, 11x DPI¹). Earlier a partner at Qiming, backing BiliBili, Mobike, and Musical.ly. Began his career at Morgan Stanley.
As a globalist: Has spent time in 70+ countries and continues to operate across emerging markets, with 200+ companies backed as an angel investor across both developed and emerging markets.

¹ Huobi Labs track record, as of 09/30/2025, unaudited.

Limited Partners