Startup funding in China 2026
January to September 2026. Data as of 23 October 2026.
Release
Total
Startups in China raised $42.1B in 2,498 venture rounds from January to September 2026, 2nd of 119 countries, according to FundingWatcher.
Without rounds of $100M or more
97 rounds of $100M or more hold 58.2% of that money. Without them, China raised $17.6B, 2nd of 119 countries.
Largest round
The largest round was DeepSeek in Hangzhou: $7.4B, Series A, in June 2026.
Cities
Hangzhou startups raised $9.2B, 21.9% of the national total, ahead of Beijing with $6.2B.
Cities without rounds of $100M or more
Without its 6 rounds of $100M or more (led by DeepSeek and Micronano Core), Hangzhou falls behind Shanghai: $2.3B to $1.2B.
Early stage
Pre-seed, seed, angel and Series A rounds under $100M: 1,919 rounds, $10.1B.
Source
Source: FundingWatcher, startup funding by country and city 2026, https://fundingwatcher.com/research/startup-funding-by-country-2026/
Cities
| City | Rounds | Total | Under $100M | Rounds of $100M+ |
|---|---|---|---|---|
| Hangzhou | 209 | $9.2B | $1.2B | 6 |
| Beijing | 279 | $6.2B | $2.2B | 18 |
| Shanghai | 297 | $4.5B | $2.3B | 14 |
| Shenzhen | 333 | $4.2B | $1.9B | 14 |
| Haidian | 99 | $2.6B | $1.0B | 8 |
| Suzhou | 197 | $1.8B | $1.3B | 2 |
| Guangzhou | 49 | $1.7B | $262M | 5 |
| Hefei | 67 | $1.0B | $586M | 2 |
| Chengdu | 50 | $876M | $305M | 4 |
| Nanjing | 52 | $608M | $313M | 1 |
| Minhang | 32 | $530M | $383M | 1 |
| Xuhui | 14 | $506M | $286M | 1 |
Largest rounds
| Company | City | Round | Date | Amount |
|---|---|---|---|---|
| DeepSeek | Hangzhou | Series A | 2026-06-16 | $7.4B |
| XPENG Robotics | Guangzhou | Series A | 2026-08-24 | $900M |
| AI² Robotics | Beijing | Series C | 2026-06-29 | $736M |
| ModelBest | Haidian | Series C | 2026-07-15 | $591M |
| D-Robotics | Shenzhen | Series C | 2026-09-17 | $400M |
| Arrow Yuan Technology | Beijing | Series B | 2026-09-16 | $343M |
| NIO GeniTech | Hefei | Series A | 2026-02-26 | $330M |
| Evoken | Beijing | Series B | 2026-06-18 | $300M |
| EVAS Intelligence | Beijing | Series D | 2026-09-18 | $298M |
| AgicMicro | Beijing | Series B | 2026-08-14 | $297M |
Method
2,498 rounds in China in the FundingWatcher startup file: companies whose most recent round is a named stage, pre-seed and angel through Series J, dated January to September 2026. One round per company, the latest. Debt, grants, corporate rounds, private equity and secondary sales are not counted. 1178 of the 2,498 rounds carry an amount. Method and data files: startup funding by country and city, 2026.
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