MiraclePlus
| Company type | Private |
|---|---|
| Industry | Venture capital, Startup accelerator |
| Founded | 2018 |
| Headquarters | Beijing , China |
Key people | Lu Qi |
| Products | Startup acceleration, venture capital funding |
MiraclePlus () is a venture capital organization headquartered in Beijing, China, established in 2018. It originated as an autonomous operation after the shutdown of Y Combinator China and has grown to become one of the premier startup accelerators within the Chinese market.
Background
In 2018, Y Combinator (YC) introduced YC China, with leadership under Lu Qi, who previously held executive roles at Microsoft and Baidu. However, in November 2019, due to the ongoing China–United States trade war, YC decided to discontinue its China branch to concentrate efforts on companies based in Silicon Valley.
Before YC officially withdrew, Lu and his team had already initiated fundraising activities and launched an initial startup acceleration program domestically. Following their separation from YC, they rebranded as MiraclePlus, preserving a similar operational framework but adapting it to local market conditions.
By early 2020, MiraclePlus completed its second cohort of startup incubation under its own branding, implementing new requirements such as asking startups to articulate the "Why now?" aspect in their presentations. This iteration saw a 20% increase in applications compared to the inaugural batch.
MiraclePlus’ first fund amassed $55 million by October 2019, as reported by the U.S. Securities and Exchange Commission. After gaining independence, it attracted backing from investors like Sequoia Capital, individual contributors including Liu Qiangdong, and received support from the University of Michigan.
Lu has stated that MiraclePlus focuses on accelerating the achievement of product-market fit and enhancing the longevity of startups through its tailored incubation initiatives.